Former vice-president of Calcutta Stock Exchange K K Daga was on Tuesday released on bail in connection with the Rs 120-crore (Rs 1.2 billion) scam at the bourse in March 2001.
Chief Metropolitan Magistrate S C Misra granted bail to Daga on two sureties of Rs 12,000 each after the Special Cell of Kolkata Police probing the scam failed to submit a chargesheet in the case after the lapse of 90 days.
The court asked Daga, arrested on October 17 last year, to surrender his passport and not to leave the city without permission.
Daga was the 4th accused released in the scam.
He was charged with delaying information passed on by IndusInd Bank in March 2001 in connection with the dishonour of cheques issued by CSE member brokers Harish Chandra Biyani and others.
A total of 19 persons, including Daga and former CSE president Dinesh Singania, former CEO and managing director of Stock Holding Corporation of India Limited B V Gaud and senior vice-president of IndusInd Bank S N Paul, were arrested in the case.Gaud and Paul were released on bail on January 7 while another was released on December 28.