Rose Valley group chairman Gautam Kundu - arrested in 2015 for allegedly defrauding investors - moved a bail plea on Tuesday in the Calcutta High Court.
Kundu's lawyers reasoned that charges against him, if proved, would attract a maximum punishment of seven years, and that the Rose Valley group head should be granted bail, as he had already spent five years in custody.
The Enforcement Directorate (ED) will place its arguments before the court next Monday, when the matter will be taken up for hearing again.
The Rose Valley group allegedly mobilised more than Rs 12,000 crore from public through various dubious schemes. The ED had in March 2015 arrested Kundu and attached his assets worth Rs 2,300 crore, including hotels and resorts.
The group had reportedly floated 27 companies to run its chit fund operations.
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