Orissa HC grants conditional bail to TMC MP Tapas Pal

Cuttack: The Orissa High Court today granted conditional bail to Trinamool Congress MP Tapas Pal who was arrested by the CBI on December 30, 2016 in connection with Rose Valley chit fund scam.

The court granted bail to Pal against a deposit of Rs 1 crore along with two sureties of Rs 2 lakh each. Besides, the parliamentarian was asked to surrender his passport to the Investigating Officer (IO).

Pal was arrested by the CBI from Kolkata on December 30, 2016 and was produced in a court in Bhubaneswar the following day.

The parliamentarian, while working as a director of the Rose Valley Group in 2010, had allegedly appointed his relatives to different positions in the Group.

Rose Valley had collected Rs 450 crore from its investors in Odisha, a chargesheet filed by the CBI in January 2017 had mentioned.

Another TMC MP Sudip Bandyopadhyay has also been arrested by the CBI in connection with the chit fund scam.