India, Jan. 26 -- The Bombay High Court on Saturday granted bail to former Member of the Legislative Council (MLC) Anil Bhosale, chairman of the Pune-based Shivajirao Bhosale Cooperative Bank, in a high-profile money laundering case. Bhosale is accused of orchestrating a conspiracy that resulted in the siphoning of Rs.494 crore from the bank between 2016 and 2019.

The court's decision to grant bail was primarily based on the grounds of prolonged incarceration, noting that Bhosale had served over half of the maximum sentence applicable under the Prevention of Money Laundering Act (PMLA), 2002. Justice Madhav Jamdar, in his detailed order dated January 24, stated, "The maximum punishment which can be imposed on the applicant is seven years...