Face2News/New Delhi
The Hon’ble Supreme Court on Wednesday has cancelled the bail granted by the Hon’ble High Court of Gauhati to Ranjit Kakoti, main accused in the TradingFX Scam of Dibrugarh Assam based on SLP filed by the CBI challenging the High Court’s bail order.
It may be recalled that the CBI had taken over the investigation of the case on October 14, 2024 from Assam Police on the State Govt. recommendation. The case involved allegations of a large-scale financial scam masterminded by Shri Ranjit Kakoty, which resulted in cheating and fraud amounting to over Rs. 250 Crore and affected approximately 1,50,000 victims. During investigation CBI invoked 409 IPC well within 60 days, thereby extending the default bail period to 90 days. Following a thorough investigation in the complex case, the CBI filed a charge sheet against Shri Ranjit Kakoty on November 28, 2024, before the designated CBI Court at Guwahati, well within the stipulated 90-day period from his arrest
Gauhati High Court granted default bail to the prime accused on November 4, 2024, holding that with the introduction of the Bharatiya Nyaya Samhita (BNS), the provisions of the IPC had ceased to be in effect and hence the period of default bail could not have been extended from 60 to 90 days by invoking section 409 IPC by CBI. Based on this interpretation, the High Court concluded that the accused was entitled to default bail as the CBI had not filed the charge sheet within 60 days.
The Hon’ble Supreme Court has further held that after addition, the offence under Section 409 of the IPC, which is equivalent to Section 316(5) of the BNS, the grant of bail on account of non-filing of the challan within 60 days is not justified and hence order of the Hon’ble Gauhati High Court granting bail to the prime accused Ranjit Kakoty has been set aside by the Hon’ble Supreme Court.
CBI had taken over investigation of 42 FIRs registered by Assam Police in different Police Stations pertaining to fraud punishable under BUDS Act. Investigation in most of the cases has been completed and multiple charge-sheets have been filed by CBI.
