MUMBAI, 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. According to the police, the case involved inflated tenders and financial irregularities, among other corrupt practices linked to the desilting contracts awarded between 2019 and 2024. Police found that several contractors had submitted false memoranda of understanding (MoUs) and certain properties were shown as designated dumping sites. The MOUs were found to be forged, which indicated that Kadam's company claimed to have provided the contractors with two machines for the desilting work, but the machines had not even been procured, and the bill amounts were claimed without any work, police said. Advocates for Kadam submitted that since no contract for the desilting work was allotted to Kadam, no misdeeds could be attributed to him. Additional public prosecutor AR Kapadnis opposed the bail plea, contending that Kadam worked with civic officials to frame tender conditions that compelled contractors to rent or purchase desilting machines only from Virgo Specialities. A single-judge bench of Justice RM Joshi, however, noted that the material on record did not support the allegations against Kadam....