Madras HC grants Aarudhra manager bail with conditions
The petitioner was the Thiruvallur branch manager of Aarudhra and collected Rs142 crore from more than 12 thousand depositors with the promise of high returns and cheated their money.
CHENNAI: The Madras High Court granted conditional bail to S Sasikumar, one of the key accused in the humongous scam of Aarudhra gold trading, allegedly cheating Rs 2,438 crores from one lakh investors promising huge returns.
"Since the witnesses in the case are those who have invested amounts in the trading company and they would certainly be interested in ensuring that the charges against the main accused are proved," hence the accused cannot tamper with the witness if released on bail, held Justice CV Karthikeyan while granting bail to Sasikumar.
Furthermore, the accused has been suffering incarceration for more than one year and seven months and the investigation so far as his role is concerned has been completed, the judge granted the bail. The court directed Sasikumar to execute a bond for Rs 10,000 in Egmore Chief Metropolitan Magistrate and appear before the Economic Offences Wing, daily until further orders.
The petitioner was the Thiruvallur branch manager of Aarudhra and collected Rs142 crore from more than 12 thousand depositors with the promise of high returns and cheated their money. Further, the petitioner also transferred a huge amount to the tune of Rs 100 crore to the prime accused through his bank account.
He was arrayed as the 24th accused in the scam case and booked for charges under sections 201, 204, 34, 109, 420, 409, 120 (B) and 34 of IPC, section 5 of TNPID Act and sections 3, 5, 21 (1), 21 (2), 21 (3), 23 and 25 of BUDS Act, 2019.