The Supreme Court has overturned the bail granted to Ranjit Kakoti, the principal accused in the multi-crore TradingFX Scam of Dibrugarh, Assam. The CBI, which took over the investigation from Assam Police, challenged the Gauhati High Court’s decision to grant default bail. The high court had ruled that because the Bharatiya Nyaya Samhita (BNS) had replaced the Indian Penal Code (IPC), the CBI could not invoke Section 409 of the IPC to extend the default bail period from 60 to 90 days, as the charge sheet was not filed within the 60-day limit.
The Supreme Court, however, determined that actions taken under the IPC are considered valid under the corresponding BNS provisions, citing Section 358(3) of the BNS. The Court reasoned that invoking Section 409 of the IPC, which is equivalent to Section 316(5) of the BNS, justified the CBI’s 90-day period for filing the charge sheet. As the CBI had filed the charge sheet against Kakoti within this 90-day window, the Supreme Court ruled that the high court’s grant of bail was not justified and set aside the order. This decision reinstates charges against Kakoti in a scam that defrauded approximately 1,50,000 victims of over Rs. 250 crore.
Central Bureau of Investigation
Supreme Court cancels the bail of Main Accused in TradingFX Scam of Dibrugarh Assam
Dated: 18-09-2025
The Hon’ble Supreme Court on 17.09.2025 has cancelled the bail granted by the Hon’ble High Court of Gauhati to Ranjit Kakoti, main accused in the TradingFX Scam of Dibrugarh Assam based on SLP filed by the CBI challenging the High Court’s bail order.
It may be recalled that the CBI had taken over the investigation of the case on October 14, 2024 from Assam Police on the State Govt. recommendation. The case involved allegations of a large-scale financial scam masterminded by Shri Ranjit Kakoty, which resulted in cheating and fraud amounting to over Rs. 250 Crore and affected approximately 1,50,000 victims. During investigation CBI invoked 409 IPC well within 60 days, thereby extending the default bail period to 90 days. Following a thorough investigation in the complex case, the CBI filed a charge sheet against Shri Ranjit Kakoty on November 28, 2024, before the designated CBI Court at Guwahati, well within the stipulated 90-day period from his arrest.
However, Hon’ble Gauhati High Court granted default bail to the prime accused on November 4, 2024, holding that with the introduction of the Bharatiya Nyaya Samhita (BNS), the provisions of the IPC had ceased to be in effect and hence the period of default bail could not have been extended from 60 to 90 days by invoking section 409 IPC by CBI. Based on this interpretation, the High Court concluded that the accused was entitled to default bail as the CBI had not filed the charge sheet within 60 days. CBI had reasoned that 409 of IPC has been invoked well within time period and therefore the accused in not entitled for bail before 90 days from date of arrest. Which court did not appreciate.
The Hon’ble Supreme Court on CBI’s SLP held that as per the provisions of Section 358(3) of the BNS, anything done or any action taken under the IPC shall be deemed to have been done or taken under the corresponding provisions of the BNS. It is further to be noted that as per Section 187(3)(i) of the Bhartiya Nagarik Suraksha Sanhita (BNSS), the corresponding provision as of the IPC and Cr.P.C. has been as specified has to be reckoned after the commencement of new act. The Hon’ble Supreme Court has further held that after addition, the offence under Section 409 of the IPC, which is equivalent to Section 316(5) of the BNS, the grant of bail on account of non-filing of the challan within 60 days is not justified and hence order of the Hon’ble Gauhati High Court granting bail to the prime accused Ranjit Kakoty has been set aside by the Hon’ble Supreme Court.
CBI had taken over investigation of 42 FIRs registered by Assam Police in different Police Stations pertaining to fraud punishable under BUDS Act. Investigation in most of the cases has been completed and multiple charge-sheets have been filed by CBI.
