"The court has granted bail to C M Jha today," DGP P J P Hanaman told PTI.
While the hearing was going on in the court, the CID officials were busy raiding Jha's residence in the city from where they seized Rs 10,37,300 and USD 3,800.
During the search carried out under the supervision of the DIG H Marbaniang and SSP Claudia Lyngwa, police found several other incriminating evidences against Jha.
Jha founded the first self-financed university, the CMJ University, in Meghalaya in 2009. The varsity has awarded a record number of 434 PhD degrees between 2012 and 2013 apart from registering 490 more PhD scholars in violation of the UGC norms.