India, March 4 -- The Bombay high court on Monday granted bail to an elderly couple, aged 80 and 76, arrested in connection with an alleged investment fraud of Rs.620 crore. The couple, directors of VGN Jewellers, were incarcerated for over 3 years and got relief from the court primarily in view of their age and medical conditions.

The court emphasised that their prolonged incarceration, coupled with their advanced age and health conditions, justified bail. While recording the gravity of the charges, it observed that the case largely pertained to cheating rather than criminal breach of trust.

Veerath Gopalan Nair (80) and his wife, Valsala Gopalan Nair (76), were directors of VGN Jewellery Private Limited and VGN Chit and Finance Compan...