A special NIA court on Monday granted default bail to a Rajkot-based financier and a co-accused — who were held in connection with the seizure of counterfeit currency of Rs 3.92 crore face value — after the probe agency failed to file a chargesheet in 90 days since the arrests.
The NIA had opposed the bail applications, saying the state government in 1976 amended Section 167 (2) of the Code of Criminal Procedure, extending the period of 90 days to 120 days for the offences punishable with death, imprisonment for life or imprisonment for a term not less than 10 years.
However, the special court, while reprimanding the agency, said this provision was repealed long ago.
The special court allowed the pleas of Ketan Dave and Parth Teraiya, who were arrested on February 27 after Rajkot police seized the fake currency notes, including some in the newly introduced Rs 2000 denomination.
Police had also arrested four others after which the Ministry of Home Affairs handed over the case to the NIA on March 21.