Arrested by the Enforcement Directorate June 24, Ghosh, chairman of the now defunct Xenitis Group, was granted conditional bail after the agency failed to submit a charge sheet.
"Ghosh has been in custody for 63 days, and since we have not yet been able to submit the charge sheet as a large number of accused are involved, the court granted him conditional bail," said counsel for the ED.
Besides furnishing a personal bond of Rs.30,000, and two sureties of Rs.15,000 each, Ghosh has also been directed not to leave the country without the leave of the court.
Scam kingpin and Saradha promoter Sudipta Sen in his tell-all letter to the CBI had alleged that Ghosh forced him to buy his automobile company with "huge liabilities".
Meanwhile Sen's close aide and company director Debjani Mukherjee was remanded to judicial custody till Sep 6 by the court.
Arrested from Kashmir last year, Sen and Mukherjee are facing prosecution in a number of cases concerning the Saradha scam.