Inside Courtroom at the Calcutta High Court, the mood on Thursday was measured but tense. After hours of arguments, Justice Suvra Ghosh finally ruled on the bail plea of Viraj Suhas Patil, also known as Viraj Patil, an influencer accused in a sprawling forex-related money laundering case involving alleged transactions worth ₹77 crore. The Enforcement Directorate (ED) opposed bail tooth and nail, but the court wasn’t fully convinced.
Background
The case traces back to a complaint by Canara Bank in October 2022. The bank flagged unusually high transactions in newly opened accounts of two firms, later found to be operating from non-existent addresses. Kolkata Police registered an FIR alleging cheating and forgery.
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As the probe widened, ED stepped in under the Prevention of Money Laundering Act (PMLA). Patil’s name cropped up after investors claimed they were introduced to forex trading through training sessions linked to IX Global, where Patil allegedly acted as an influencer. Funds, the ED alleged, were routed through the TP Global FX platform, later declared illegal by the Reserve Bank of India.
Patil was arrested in December 2023 and has remained in custody since then, though he had already secured bail in the original police cases.
Court’s Observations
Justice Ghosh carefully separated suspicion from proof. The court noted that none of the investors stated that Patil forced or mandated them to invest. Importantly, there was no clear material showing he opened fake bank accounts or directly handled investor money.
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“The witnesses cited are all official witnesses,” the court observed, adding that the investors themselves are not listed as prosecution witnesses.
On ED’s heavy reliance on Patil’s statements recorded under Section 50 of PMLA, the court pointed out a key legal flaw. Since Patil was already in custody when those statements were recorded, they could not be treated as evidence against him. The bench remarked that such statements cannot be assumed to be made with a “free mind.”
While acknowledging that economic offences are serious, the court also stressed that bail cannot be denied mechanically. It recorded that investigation is complete, documents are already with the ED, and trial has not even begun. “Prolonged incarceration before being pronounced guilty should not amount to punitive detention,” the bench said, placing strong reliance on Article 21 and the right to personal liberty.
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Decision
Allowing the bail application, the court ordered Viraj Patil’s release on a bond of ₹10 lakh with strict conditions, including surrender of passport, restriction on travel, and mandatory court appearances. Any violation, the court warned, would invite immediate cancellation of bail.
The judge made it clear that these observations are limited to the bail stage and should not influence the trial. With that, the gavel came down-bringing temporary relief to the accused, while leaving the larger forex fraud case wide open for trial.
Case Title: Viraj Suhas Patil @ Viraj Patil vs Enforcement Directorate
Case No.: CRM (SB) 29 of 2025
Case Type: Bail Application under PMLA
Decision Date: 19 December 2025
