The Bombay High Court on Monday granted bail to an elderly couple accused of orchestrating a ₹620.97 crore investment fraud through their firms, VGN Jewellers and Chit and Finance Company Private Limited.

Veerath Gopalan Nair, 80, and his wife Valsala, 76, were arrested in 2021 for allegedly defrauding thousands of investors by promising high returns in cash or gold. The case, registered at Kolsewadi Police Station in Thane, claims the couple misappropriated funds from 32,640 investors, many from economically weaker sections.

Justice Milind N Jadhav, while granting bail, noted that Nair had already spent over three years in jail, while Valsala had been incarcerated for nearly three years. The court found no direct evidence against Valsala and emphasized that the allegations pointed to cheating rather than a criminal breach of trust.

The couple must furnish a ₹50,000 bond, report to the investigating officer monthly for three months, and refrain from influencing witnesses. They are also barred from leaving Maharashtra without court permission. However Public Prosecutor Sukanta Karmakar opposed the bail, arguing that investors had been duped since 2006, with the couple siphoning funds for personal use, including mortgaging 66 kg of gold for ₹25 crore.

A forensic audit revealed financial mismanagement. However, the defense, represented by Advocate Abhishek Yende, argued that VGN Jewellers had operated legitimately for three decades but suffered financial strain due to the COVID-19 pandemic, leading to a surge in investor withdrawals. The defense also highlighted that investors received returns until 2020.

Therefore the bench concluded that given the couple’s advanced age, medical conditions, and the unlikely commencement of trial in the near future, further incarceration was unwarranted.