Judicial Magistrate Vijayalaxmi Shivolkar granted bail to GCA president Chetan Dessai, secretary Vinod Phadke and treasurer Akbar Mulla.
All the three were arrested by the Economic Offences cell of Goa police for allegedly siphoning off Rs 3.13 crore of GCA's funds, most of it given by BCCI.
The court granted them bail in the sum of Rs 1 lakh each, with the condition that they would stay away from GCA office for 15 days and report to the investigating officer for four days.
A team had been sent to BCCI's office in Mumbai to get more information and it was difficult to believe that the crime was committed without the knowledge of the accused, she said.
"The funds sent by BCCI were collected through hosting of matches and other avenues where people had paid (for tickets, etc.,)," she said.
Dessai and others are accused of opening an account under a bogus name, depositing a cheque given by BCCI in the account and later withdrawing the money.
out serious irregularities due to which BCCI had stopped granting funds to GCA. Custody of the accused was required to find out the audit book and minutes of meeting and also to examine the immovable assets owned by them, she said.
Advocate Surendra Dessai, representing GCA President Chetan Dessai, said the court can grant an interim bail.
"It is not my case there's no fraud or offence is not committed but it is not by me (Chetan Dessai)," said the lawyer.
Advocate Vini Coutinho, representing the complainant Vilas Desai, opposed the bail saying that account was opened in Development Credit Bank when GCA has account in Federal Bank. Despite being in jail, all the accused were still handling the affairs of GCA, Coutinho alleged.
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