India, April 25 -- The Bombay High Court on Wednesday granted bail to Ketan Kadam, CEO of Virgo Specialties Pvt Ltd, arrested in connection with the alleged Rs.65.54-crore fraud in the execution of contracts for desilting Mumbai's Mithi River. The court said the evidence on record does not appear to support the prosecution's allegations against him and ordered him to be released on a bail bond of Rs.30,000.

Kadam and his director Jay Joshi were among the 13 people booked by the Economic Offences Wing (EOW) of the Mumbai Police in May last year for their alleged role in the fraud. The accused include three civic officials, three intermediaries, five private contractors, and two company executives.

According to the police, the case involv...