He was granted bail by the bench of Justice Subhro Kamal Mukherjee and Justice Indrajit Chatterjee.

Majumdar was arrested by the CBI last September for his alleged involvement in the scam.

Majumdar, who had worked as Director General (Armed Police) in West Bengal, was allegedly associated with Saradha Group which has been accused of duping thousands of investors with crore of rupees, official sources said.

Special judge of City Sessions Court Mumtaz Khan on Monday remanded Prashant Naskar, a Saradha agent, to Enforcement Directorate's (ED) custody till February 19, 2015.
Naskar was a key agent of the tainted ponzi scheme company in South 24 Parganas district and was arrested by the investigating agency which is probing the multi crore rupee- Saradha scam.
The prosecution counsel told the court that Naskar's further custodial detention was required for investigation as crime proceeds were involved and opposed the bail petition.
Defence counsel said Naskar be given conditional bail as there was no possibility of tampering of evidences by him or his absconding.

The Supreme Court had handed over the Saradha chit fund scam probe to CBI and asked the state governments to provide all logistical help to the agency's team investigating the matter.

CBI has formed a Special Investigating Team (SIT) headed by Joint Director Rajiv Singh to also probe the role of some officials of Securities Exchange Board of India (SEBI) and RBI.

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