New Delhi: The Supreme Court on Tuesday granted bail to Sudipta Sen, chairman and the managing director of the Saradha Group, in a criminal case registered by the Central Bureau of Investigation (CBI) in Assam.
Sudipta Sen is accused of masterminding the inter-state multi-crore scam known as Saradha chit fund scam and was arrested from Kashmir in April 2013.
The CBI case (CBI/SCB/Kolkata RC No. 62/S/2014), registered in connection with its probe into the alleged swindling of investors’ deposits by the Saradha Group, originated from Dispur Police Station Case No. 732/2013.
A Bench comprising Justice Sanjay Karol and Justice Augustine George Masih passed the order in the case, Sudipta Sen v. Central Bureau of Investigation, in SLP (Crl.) No. 10924 of 2026 / Criminal Appeal arising therefrom.
The Supreme Court took note of the fact that Sen had been in custody since December 30, 2016. After considering the totality of the circumstances, the Court found grounds to interfere with the order of the Gauhati High Court.
“Considering the totality of circumstances and also the fact that the appellant has been in custody since 30.12.2016, we are inclined to grant bail to the appellant on such terms as may be fixed by the Trial Court. Ordered accordingly,” the bench said.
The apex court consequently set aside the Gauhati High Court order dated January 20, 2025, allowed Sen’s appeal and directed that he be released on bail on terms and conditions to be fixed by the Trial Court.
The Court also directed that Sen be produced before the Trial Court forthwith for compliance with the bail order and ordered that the trial be expedited.
The matter was argued before the Supreme Court on behalf of Sudipta Sen by Advocate Saurabh Sharma. He was assisted by Advocates Puja Kumari Shaw and Ankit Kumar, while Advocate-on-Record Aniruddha Purushotham appeared for the petitioner.
The bail order comes after Sen spent nearly a decade in custody in connection with the criminal proceedings originating from the Assam case.
The CBI took over the case following a Supreme Court order directing the central agency to investigate the Saradha chit fund scam. The court also directed the state governments, including those of Assam, West Bengal and Odisha, to provide all necessary logistical assistance to the CBI teams conducting the probe.
The CBI subsequently constituted a Special Investigation Team (SIT) headed by then Joint Director Rajeev Singh to investigate the case, including the alleged role of regulatory bodies such as the Securities and Exchange Board of India (SEBI)and the Reserve Bank of India (RBI).
In August 2014, the CBI conducted searches at the residence of Himanta Biswa Sarma as part of its investigation into the alleged swindling of investors’ deposits by the Saradha Group.
Sarma was a powerful minister in Tarun Gogoi Cabinet since 2001 but was dropped in July 2014 by the Chief Minister after he spearheaded a campaign to dislodge Gogoi.
Sarma, who is now the Chief Minister of Assam, was accused by Sudipta Sen of receiving around Rs 3 crore in cash and vouchers. The allegations led to Sarma being questioned by the CBI in 2015, the same year he left the Congress and joined the BJP.