Supreme Court Reverses High Court Bail Decision in Assam's TradingFX Scam
The Supreme Court has overturned the Gauhati High Court's bail for Ranjit Kakoty, main accused in Dibrugarh's TradingFX Scam, following a CBI appeal. The decision reaffirms the applicability of the IPC, ensuring Kakoty remains held as the investigation continues into the Rs 250 crore fraud affecting 1,50,000 victims.
- Country:
- India
In a significant legal development, the Supreme Court has nullified a previous bail granted to Ranjit Kakoty, the principal suspect in Assam's notorious TradingFX Scam. The apex court's decision came on September 17, 2025, following a Special Leave Petition (SLP) from the Central Bureau of Investigation (CBI) challenging the Gauhati High Court's order.
The CBI had assumed charge of the investigation from the Assam Police on October 14, 2024, following state government recommendations, into allegations against Kakoty for orchestrating a large-scale financial fraud exceeding Rs 250 crore and impacting roughly 1,50,000 victims. A charge sheet was timely filed by the CBI within 90 days of Kakoty's arrest, meeting procedural requirements.
The Gauhati High Court had previously granted 'default bail' to Kakoty, arguing that under the Bharatiya Nyaya Samhita (BNS), IPC provisions were no longer applicable, and thus the investigation timeline defaulted to 60 days. Contradicting this interpretation, the Supreme Court ruled that IPC actions are valid under BNS, negating the High Court's decision and maintaining the 90-day indictment period.
(With inputs from agencies.)
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