The Kolkata High Court on Wednesday granted anticipatory bail to businessman Pawan Ruia and his son Raghav Ruia and daughter Pallavi Ruia in a cryptocurrency fraud case involving approximately ₹315 crore. Justice Uday Kumar of the High Court’s vacation bench passed the order, providing relief to the three accused at the start of the new year.
However, the court imposed several conditions. The Ruias have been barred from travelling abroad and have been directed to deposit their passports with the Barrackpore subdivision court. Each of the three must furnish a government bond of ₹50,000 and personal bonds of ₹50 lakh each.
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Earlier, on December 22, the Barrackpore subdivision court had issued arrest warrants against the Ruias in connection with the case.
During the hearing, counsel appearing for Pawan Ruia submitted that the three accused are established businessmen with a three-generation history in the state. The lawyers claimed all their businesses are legal and that the Ruias have played an important role in the state’s industry and commerce. They pleaded for anticipatory bail on terms deemed appropriate by the court and also sought transfer of the investigation to the CBI.
The state government, represented by counsel Rudradipta Nandi, strongly opposed the bail plea. Questioning the claims made by the defence, Nandi questioned the legitimacy of the Ruia family's business and whether they have any intention to cooperate with the investigation or not. The state further alleged that all the accused are fugitives who have fled to Nepal.
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The state counsel also questioned their industrial credentials, alleging that the Ruias had taken over the Dunlop and Jessop factories and sold off machinery, forcing state intervention. Arguing for custodial interrogation, the state said that fresh information was emerging daily and the extent of the fraud is still unfolding.
The state informed the court that while the preliminary estimate of the alleged fraud stands at around ₹350 crore, the amount could rise to ₹700–800 crore. According to the prosecution, Pawan Ruia, his son Raghav, and daughter Pallavi are all involved in the cryptocurrency fraud, and a total of 1,379 complaints have been lodged with the police in the matter.
