Lagatar24 Desk
Ranchi: The Jharkhand High Court has reserved its verdict on the bail petition of Basudev Bagchi, owner of the Prayag Group, who is accused of defrauding thousands of investors in the North-Eastern states through chit fund schemes by promising high returns.
Hearing Concludes Before Justice Sujit Narayan Prasad
Justice Sujit Narayan Prasad’s bench reserved its order after hearing both sides. Senior advocate Amit Kumar Das and advocate Saurav Kumar appeared for the petitioner.
Rs 2,800 Crore Collected, Only Rs 700 Crore Returned, Alleged
Bagchi is accused of collecting Rs 2,800 crore from investors in the North-Eastern states by luring them with high returns, while returning only about Rs 700 crore. He has been lodged in a Kolkata jail since November 29, 2024.
