Gravity of Alleged ₹2,862 Crore Fraud, Proclaimed Offender Status and Untraced Funds Bar Grant of Bail under PMLA: Calcutta High Court
The Calcutta High Court has rejected the regular bail applications filed by Basudeb Bagchi and Avik Bagchi, directors of the Prayag Group, in a major money laundering case involving alleged cheating of thousands of investors amounting to more than ₹2,862 crore. The Court held that the gravity of the offence, the accused being proclaimed offenders, and the existence of massive untraced proceeds of crime disentitled them from any relief under…
