Amitava Roy ORDER
1. Leave granted.
2. The Appellant, a charge-sheeted Accused in judicial custody in connection with the infamous "Chit Fund Scam" involving the Saradha Group of Companies (for short "Saradha Group") has impeached the rejection of her prayer for bail by the judgment and order impugned hereinabove and seeks her release pending further investigation by the Central Bureau of Investigation (hereafter also referred as " the CBI") into the said Ponzi scheme.
3. We have heard Mr. A. Sharan, learned senior Counsel for the Appellant and Mr. K. Raghavacharyulu, Special Public Prosecutor for the Respondent.
4. As the preface to this investigation had been laid by this Court in its verdict in Subroto Chattoraj v. Union of India and Ors. MANU/SC/0453/2014 : (2014) 8 SCC 768, allusion thereto is indispensable. This Court therein was seized with the issue of transfer of several cases registered in connection with the above scam and registered in different police stations in the State of Bengal and Odisha from the State police agency to the CBI. In traversing the recorded facts, this Court took note, inter alia, of the imputed modus operandi of the persons and the entities allegedly involved in the illicit operations to allure unsuspecting depositors to make investments in the scheme with the promise of awarding them with attractive rewards and returns, which was never intended and thereby swindle the gullible members of the public belonging to the middle class, lower middle class and the poorer Sections of the society. The interim report(s), taken note of by this Court, amongst others disclosed violation of the Securities and Exchange Board of India Act, 1992, The Companies Act, 1956, The Reserve Bank of India, 1934 and The Income Tax Act, 1961 and revealed as well fraudulent certification, non-compliance with accounting standards, material misstatements of facts and gross-negligence on the part of statutory auditors and divulged that the estimated collection made by the Saradha Group was of several thousand crores. The exercise undertaken by the Commission of Inquiry appointed by the Government of West Bengal, which received nearly 18 lakh complaints and claim petitions was also noted. Involvement of high dignitaries did not miss the attention of this Court as well. This Court noted with concern too, the failure of the Regulators like SEBI, Authorities under the Companies Act and the Reserve Bank of India. It was recorded that the scam had spread its roots in the States of West Bengal, Tripura, Assam and Odisha and had by then devoured Rs. 10,000 crores approximately from the public in general specially the weaker Sections of the society, having fallen prey to the temptations of handsome returns, extended by the companies involved. That the collection of such huge amounts from the depositors was neither legally permissible nor were such collections/deposits invested in any meaningful business activity to generate the high returns as promised to the depositors was noted. Having regard to the gravity of the situation and the inter-state ramifications of su........