SC cancels bail to Assam trading scam accused

Guwahati: The Supreme Court on Wednesday cancelled bail granted by the Gauhati High Court to a trading scam accused from Dibrugarh. The CBI had challenged the bail given to the accused, Ranjit Kakoti, who is the main accused in the TradingFX scam.The CBI took over the investigation on Oct 14 last year from Assam Police on the state govt’s recommendation. The case involved allegations of a large-scale financial scam masterminded by Kakoti, which resulted in cheating and fraud amounting to over Rs 250 crore and affected approximately 1.5 lakh people. Following a thorough investigation into the case, the CBI filed a charge sheet against Kakoti on Nov 28 last year before the designated CBI court in Guwahati, well within the stipulated 90-day period from his arrest.However, the HC granted default bail to Kakoti on Nov 4 holding that with the introduction of the Bharatiya Nyaya Samhita (BNS), the provisions of the IPC ceased to be in effect. Hence, the period of default bail could not be extended from 60 to 90 days by invoking Section 409 of IPC by the CBI.