The one person who might have led authorities to Manoj Kumar’s stashed Ponzi funds, has been granted bail.

Renu Sharma, wife of Manoj, was arrested by authorities last October. In January the EOW filed a chargesheet against Renu, accusing her of laundering over a hundred million USD.

Renu was a signatory and Director of Tulsiyat Tek Pvt Ltd, Tulsient Information Systems Pvt Ltd and Seven Rings Education Pvt Ltd, all of which were used to launder Speak Asia investor funds.

The EOW alleged that since 2003 the group along with another accused, Ramnivas Pal, and others were involved in floating different fraudulent schemes in Mumbai.

The agency said that the directors would receive money from investors, keep it in Tulsiyat’s bank account and later transfer it to SpeakAsia’s Singapore account.

The EOW claimed Renu was the authorized signatory and Rs 710 crore ($106,454,773 USD) was laundered from India to Singapore from a company in which she was a director.

In what is probably the second biggest facepalm ruling from Indian courts in the Speak Asia case, Renu Sharma was granted bail because she was working as a full-time teacher.

Despite the Sharma’s scamming going on since 2003, for some bizarre reason the court demanded the EOW product evidence Renu ‘was involved in her husband’s business affairs‘ from 2012.

To put that time-frame into perspective, authorities filed a First Information Report against Speak Asia in July of 2011. After yanking $104 million in stolen investor funds out of the country a few months later, Manoj Kumar and Harendar Kaur have been fugitives on the run since.

But uh yeah, way to ignore the period during which the fraud was actually committed, and hold the EOW to providing evidence during a time-frame after the fact.

The applicant being a (teacher) is supposed remain present at school.

Under such circumstances it is doubted that the applicant has taken personal interest in the business affairs

And what, being a teacher automatically excludes you from participation in financial fraud? How the hell does that work?

Renu Sharma was a signatory and director of Manoj Kumar’s various scam companies for almost a decade!

All in all, a special court released Renu Sharma on laughable $1499 bail.

That her husband and Speak Asia executives have a history of fleeing and hiding from authorities evidently wasn’t of significance.

Whether Renu Sharma sticks around remains to be seen. Took the EOW long enough to nab her, and now she’s free to disappear again.

Where to from here? Who knows… but the Indian courts certainly aren’t making it easy to wrap up one of the country’s largest and longest Ponzi scheme cases to date (six years and counting…).