Authority: Supreme Court of India

Order Date: 24-07-2026

Case Overview

  • Petitioners: Basudeb Bagchi & Anr.
  • Respondent: Enforcement Directorate.
  • Petition Numbers: Special Leave to Appeal (Criminal) No. 7613/2026, arising from the impugned final judgment dated 15‑01‑2026 in CRM(M) No. 932/2025 of the Calcutta High Court.
  • Underlying Criminal Matter: Money‑Laundering Case No. 10 of 2024, originating from ECIR/KLZO‑I/15/2024 registered on 1 Aug 2024.
  • Statutory Basis: Offences under Sections 3 and 4 of the Prevention of Money‑Laundering Act, 2002.
  • Allegations: Siphoning and diversion of investors’ funds collected through Prayag Group investment schemes; the schemes were investigated as part of the Saradha Chit‑Fund Scam in West Bengal.
  • FIR History: Multiple FIRs registered with local police; on 9 May 2014 the Court transferred investigations to the Central Bureau of Investigation (CBI). The CBI registered regular cases and arrested the petitioners for transactions that occurred in Odisha. High Courts of Jharkhand and Assam also ordered transfer of similar FIRs to the CBI. The petitioners were arrested in the Assam CBI case (bail later granted) and remain unarrested in the Jharkhand CBI case.
  • Arrest & Custody Timeline: Petitioners arrested on 26 Nov 2024 following the ECIR registration; have remained incarcerated since that date. A prosecution complaint citing 29 witnesses and several thousand pages of documents was filed on 25 Jan 2025, but charges have not yet been framed.
  • Incarceration Duration: Approximately 33 months total, including more than 16 months in connection with the present ECIR.
  • Legal Arguments: Petitioners’ counsel, Sr. Adv. Siddharth Aggarwal, argued that the prolonged detention across multiple FIRs for essentially the same set of allegations amounts to double jeopardy, warranting bail. Respondent’s counsel, Additional Solicitor General Suryaprakash V. Raju, contended that the petitioners continued to engage in money‑laundering activities, but conceded that the alleged transactions are 8‑10 years old.

Court Reasoning & Order

1. The Court noted the significant incarceration already suffered by the petitioners for predicate offences dating back to 2013‑14.

2. It observed that the present ECIR concerns transactions that are almost a decade old and that there is no likelihood of an early conclusion of the trial.

3. Considering the above, the Court decided to enlarge the petitioners on bail.

4. Bail Conditions:

  • Petitioners must deposit their passports with the trial Court.
  • They shall not leave India during the pendency of the trial without prior permission of the trial Court.
  • They must continue to cooperate with the trial; any delay caused by them may lead to further orders by the Court.

5. The special leave petition and all pending applications are disposed of.

Final Outcome

  • The Supreme Court granted bail to Basudeb Bagchi and the co‑accused in ML Case No. 10 (2024) subject to passport surrender, travel restrictions, and cooperation with the trial court.

Topics: Money Laundering, Supreme Court Bail, Enforcement Directorate