In Brief
The Supreme Court allowed the CBI's appeal against bail granted by the High Court to Ramendu Chattopadhyay, Chief Managing Director of Tower Infotech Ltd., in connection with a collective investment scheme fraud. The respondent allegedly conspired with others to collect over Rs. 255 crores from investors but misappropriated over Rs. 15 crores. Though granted interim bail to facilitate asset liquidation by a court-appointed committee, the respondent failed to cooperate and no assets were sold. The Court held that bail was wrongly granted in this serious economic offence affecting numerous innocent investors, and cancelled his bail bonds.
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