Trinamool Congress leader and former West Bengal transport minister Madan Mitra was on Friday granted bail by an Alipore court in the Saradha scam case on bail bond of Rs 30 lakh.
The court delivered its verdict after having heard arguments from Mitra’s counsel and the CBI.
The tenth Additional District Judge, Alipore, Uttam Kumar Nandy on Thursday reserved his judgement after hearing the lawyers.
Mitra's counsel had appealed for his bail, claiming that the former minister was no more influential after losing this year's Assembly polls.
During the hearing, the CBI's counsel objected the bail plea, saying that Mitra still has access to the witnesses in the case and if granted bail he will try to influence them. Mitra was arrested on December 12, 2014.
Investigation into the ponzi scam, which came to light in 2013, revealed that the Saradha Group had allegedly cheated investors of Rs 1,200 crore in mainly rural areas, as per an official estimate.
Former Union minister Matang Sinh is among those arrested in the case, while several TMC functionaries, including Chief Minister Mamata Banerjee's close aide Mukul Roy, have been questioned.
The CBI took over the investigation in June 2014 on following an order of the Supreme Court.