Archive · 22 Jan 2026
Calcutta High Court Denies Bail to Duo in Rs 2,862 Crore Scam
The Calcutta High Court recently decided not to grant bail to two men, Basudeb Bagchi and Avik Bagchi, who are accused of a big financial scam worth Rs 2,862 crore.
The court said that the freedom of these two individuals should not be more important than the interests of thousands of people who lost money in the scam.
The judges, Rajarshi Bharadwaj and Uday Kumar, believed that the accused have been trying to avoid the legal process, so they denied their request for bail.
The Calcutta High Court denied bail to Prayag Group promoters Basudeb Bagchi and Avik Bagchi in a Rs 2,862 crore money laundering case.
The court emphasized that individual liberty cannot be viewed in isolation from the collective interests of thousands of defrauded investors.
The bench of Justices Rajarshi Bharadwaj and Uday Kumar rejected the bail plea, citing the accused's history of evading non-bailable warrants.
The January 15 order highlighted the accused's propensity to circumvent the legal process.
The case involves allegations of defrauding thousands of investors.
- Who
- Basudeb Bagchi (68) and Avik Bagchi (42), promoters of Prayag Group
- What
- Denial of bail in a money laundering case involving Rs 2,862 crore
- When
- January 15
- Where
- Calcutta High Court
- Why
- The court considered the interests of thousands of defrauded investors and the accused's propensity to evade legal process
- Case Amount
- Rs 2,862 crore
- Accused
- Basudeb Bagchi (68) and Avik Bagchi (42)
- Company
- Prayag Group
- Court
- Calcutta High Court
- Judges
- Justices Rajarshi Bharadwaj and Uday Kumar
- Date of Order
- January 15