A division bench, after perusing the status report filed by the Additional Deputy Commissioner of CB-CID observed, "we are convinced about the progress shown in the investigation."
On September 21, the court had sought to know from the government whether it had implemented its earlier order to arrest Madhan.
Madhan was reported missing sinceMay 28, when he left Chennai leaving behind a 'suicide note' stating that he would kill himself in Varanasi.
Madhan had allegedly acknowledged receiving several crores of rupees from students and parents, promising them MBBS seats in the SRM group of institutions.
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On June 6, his mother filed a Habeas Corpus Petition after she suspected foul play in her son's disappearance.
Subsequently, the court had entrusted the probe regarding receipt of money by Madhan and his disappearance to Additional Deputy Commission of Central Crime Branch, Radhakrishnan.
The court today perused the status report filed by central crime branch police and said investigation had reached a particular stage andthe court was satisfied with it.
The court said it could issue directions to the investigation officer only if the probe was not progressing on right path.
SRM chairman T R Pachamuthu was also arrested earlier and he got bail after depositing Rs 75 crore in lower court.
Counsel for 11 students, who had paid money for MBBS seats and got neither the seats nor refund, said police had not even taken possession of the BMW car that Madhan had left at Chennai airport on May 26.
So far, police have arrested three persons who worked agents for collecting money from students and all them have got bail.
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