In a recent judgement, the Supreme Court has granted bail to an individual accused of a cryptocurrency scam in Chhattisgarh’s Raipur district, with a substantial security deposit condition. The accused is required to deposit Rs 35 lakh with the trial court within six months as a condition for bail.
Justices J B Pardiwala and R Mahadevan, presiding over the bench, noted that the trial of this case would extend over a considerable period. The individual is implicated in an economic crime that reportedly defrauded approximately 2,000 investors. The total amount involved in the scam is estimated at around Rs 4 crore, with Rs 35 lakh directly attributed to the accused.
“We are convinced that the appellant deserves to be released on bail, subject to certain terms and conditions as may be imposed by the trial court,” the justices remarked. They emphasized the gravity of the crime but acknowledged the need to balance judicial discretion with the conditions of the bail.
The court’s directive aims to ensure compliance and responsibility from the accused during the trial period. “For the purpose of bail and in the peculiar facts and circumstances of the case, we direct the appellant – herein to deposit an amount of Rs 35 lakh with the trial court within a period of six months,” stated the judgement dated February 18.
However, the bench also issued a stern warning, underscoring the consequences of failing to meet the bail conditions. “If the amount isn’t deposited within the stipulated six months, bail will be automatically cancelled,” the court cautioned.
