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New Delhi, Sep 2 The Supreme Court on Thursday directed that a businessman, in the custody in connection with cases lodged in the alleged Rs 35,00 crore Bike Bot scam, be released on bail after depositing Rs 10 crore.A bench headed by Justice A.M. Khanwilkar said the accused should abide by the terms and conditions imposed upon him by the Allahabad High Court, which had granted him bail.In June, the high court had directed release of businessman Dinesh Pandey on bail after recording a clear finding that he was not named in the FIR nor was he a director or office bearer of the private firm, which launched the Bike Bot scheme, in which lakhs of investors were allegedly defrauded.Pandey's counsel contended before the top court that he has not been released, as the police had come up with new FIRs, which were not disclosed to him earlier.While granting interim relief, the bench, also comprising Justices Hrishikesh Roy and C.T. Ravikumar directed the Uttar Pradesh and Delhi Police to release Pandey on bail, on the terms and conditions specified by the high court.The bench said in future, if cases were to be registered against him, it should be done only after taking its prior permission.However, it added that the petitioner should deposit Rs 10 crore in its registry, which may remain invested in a fixed deposit receipt with a nationalised bank, until further orders. "That will be pre-condition for grant of bail," it said.In 2018, a Noida-registered company had come out with a multi-level marketing scheme 'Bike Bot'. The people involved in the scheme lured investors with a promise of double returns in a year. Pandey's counsel informed the top court that he was arrested in November last year on allegations that the money collected from the investors was diverted in the account of his company.The counsel contended the high court order has not been challenged by the state government, but due to new FIRs, he continues to languish in jail. The state's counsel argued there are several investors, defrauded by the scheme, and there are many complaints.The bench said the petitioner shall fully cooperate with further investigation. The top court will continue hearing the matter on October 1.Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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International :Deposit Rs 10 cr for release on bail, SC to Bike Bot scam accused

New Delhi, Sep 2 The Supreme Court on Thursday directed that a businessman, in the custody in connection ... ...