In a major win for the Central Bureau of Investigation (CBI), the Supreme Court has cancelled the bail of Ranjit Kakoti, the main accused in the massive TradingFX scam in Assam. This happened on September 17, 2025, after the CBI challenged the Gauhati High Court’s decision in a Special Leave Petition (SLP). The scam, based in Dibrugarh, duped around 1.5 lakh victims and involved fraud worth over Rs 250 crore.
Let’s rewind a bit. The CBI took over the probe from Assam Police on October 14, 2024, following a recommendation from the state government. They looked into 42 FIRs under the BUDS Act for financial cheating. Ranjit Kakoti, the alleged mastermind, got arrested soon after. The CBI quickly added charges under Section 409 of the Indian Penal Code (IPC) within 60 days, which extended the time to file the charge sheet to 90 days.
True to their word, the CBI submitted the charge sheet against Kakoti on November 28, 2024, right on time in the CBI court in Guwahati. But here’s where things got tricky. On November 4, 2024, the Gauhati High Court granted him default bail. The court argued that with the new Bharatiya Nyaya Sanhita (BNS) replacing the IPC, the old rules no longer applied. They said the charge sheet wasn’t filed within 60 days, so Kakoti deserved bail.
The CBI disagreed, pointing out that Section 409 IPC was invoked on time, pushing the deadline to 90 days. But the High Court didn’t buy it. That’s when the CBI approached the Supreme Court.
In its ruling, the top court clarified the law. Under Section 358(3) of the BNS, actions under the IPC count as if done under the new BNS rules. Plus, Section 187(3)(i) of the Bharatiya Nagarik Suraksha Sanhita (BNSS) – the updated CrPC – says equivalent provisions apply after the new laws kicked in. Section 409 IPC matches Section 316(5) of the BNS, so the 90-day extension was valid. The Supreme Court said the High Court’s bail order was wrong and set it aside, putting Kakoti back in custody.
The CBI has wrapped up investigations in most of these cases and filed several charge sheets already. This decision brings some relief to the victims hit hard by the TradingFX fraud in Assam.
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