The Ernakulam Principal and Sessions Court on Monday granted bail to Fayaz, the key accused in the Nedumbassery gold-smuggling case and suspected kingpin of a gold smuggling racket. The bail has been granted in the case being investigated by the Customs Department.
Though Fayaz received bail in the case, he will remain in judicial custody after the CBI Special Court denied him bail in another case, being probed by the CBI over Customs officials’ connections with Fayaz.
According to P Ubaid, Ernakulam Principal and Sessions Court judge, the accused was sufficiently interrogated in custody and there is no need to detain him in custody for the purpose of investigation. It would be unjust and inappropriate to detain him in custody till the other accused are identified, the court said. The Investigation Officer has already collected whatever material evidence was available from the accused and a thorough interrogation has been conducted. The court observed that it does not have any definite and satisfactory material to substantiate allegations of illicit import of gold on previous occasions, except the statement given by the accused.
The court ordered that the accused be released on bail after executing a bond of `30,000 with two sureties to the satisfaction of the Additional Chief Judicial Magistrate (Economic Offences). One of the sureties must be a relative of the accused, the court ruled.
The accused has been directed not to leave the state till the investigation is completed and final report is submitted. He is also barred from entering the premises of any international airport. He has been told to surrender his passport before the Additional CJM.However, Customs officials said though Fayaz has received bail, he can be detained again if the committee overseeing the Conservation of Foreign Exchange and Prevention of Smuggling Activities Act (COFEPOSA) recommends his detention under the Act.