Supreme Court’s Condition For Bail In Crypto Scam: Deposit Rs 35 Lakh In Six Months

The Supreme Court has said granted bail to an accused in a crypto currency scam in Chhattisgarh's Raipur district on a security deposit of Rs 35 lakh within six months.

A bench of Justices J B Pardiwala and R Mahadevan said the case's trial would take a long time and observed the man was accused of an economic offence in which about 2,000 investors lost their money.

"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," it added.

The court observed that according to the man's counsel, the total amount involved in the alleged scam was approximately Rs 4 crore and of the total Rs 35 lakh was attributed to his client.

"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," the court said in a Feb. 18 judgment.

The bench felt "compelled" to impose such a condition in the nature of the case and said, "We are conscious of the fact that we have been condemning the high courts when they impose such conditions..."

The court however cautioned if the amount wasn't deposited within the stipulated six months, bail would be "automatically cancelled".