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SC grants interim bail to Haryana-based company director accused in Ponzi scheme

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News Tech: The Supreme Court on Wednesday granted interim bail for four weeks to a director of Haryana-based company accused of cheating about 31 lakh investors by way of a Ponzi or fraud multi-level marketing scheme to take part in rituals following the death of his parents.

”Having regard to the reason set out for short term release on bail, we are of the opinion that the petitioner should be granted bail for a period of four weeks from today. The petitioner shall accordingly be released on bail for a period of four weeks, subject to certain conditions.

A bench headed by Justice D Y Chandrachud noted that the mother of the petitioner passed away on August 11, while his father passed away on August 18. The petitioner had sought release for a period of four weeks so as to complete the religious observances occasioned by the death of his parents.

”The petitioner shall remain confined to the District of Hisar, Haryana during the period of interim bail, save and except on those days where he may have to leave the District for the purpose of religious observance in which event prior notice shall be given to the SHO of the police station concerned,” the bench, also comprising Justices A S Bopanna and J B Pardiwala, said.

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