Gaurav Jain, one of the co-accused in the Rs 400-crore Citibank fraud case, was granted bail by the Punjab and Haryana high court on Friday.
Jain is the first accused to be granted bail in the fraud case.
The bail pleas of the prime accused Shivraj Puri and his father Raghuraj Puri were rejected by the lower court.
Jain, who was working as a chartered accountant with Hero Corporate Services, was accused of taking commission of crores from Shivraj Puri and investing it in real estate business.
He was arrested on February 21 last year and since then has been in judicial custody.
Jain along with Sanjay Gupta, former associate vice-president of Hero Corporate Services and an accused in the Citibank fraud case, floated a firm G2S (Ganpat-Gaurav-Sanjay) with a third person named Ganpat Singh allegedly to invest the money fraudulently.
Shivraj, then a relationship manager with Citibank, along with his father Raghuraj Puri are accused of siphoning off more than R400 crore from the bank accounts of many investors by luring them in a non-existent high-return scheme.
The scam involved transfer of money from the bank accounts of Puri and his relatives to five brokerage companies — Normans Martin, Religare, Okaya Power Limited, Bonanza, BG and India Infoline.