Rajat Gupta, who was the former director at Goldman Sachs and Procter & Gamble, has been released on a bail of $ 10 million in the US. The court in the US has set a date of April 9, 2012 for trail.

Rajat Gupta was freed after he pleaded not guilty to charges of securities fraud and that he passed insider information to his friend Raj Rajaratnam, who is a billionaire businessman.

Generally, the government lays insider-trading accusations against those people who profited directly from transactions based on tip offs of special information. However, the Justice Department and the Securities and Exchange Commission do not have evidence suggesting Rajat Gupta benefited from insider trading directly.

Gupta's lawyer, Gary Naftalis of Kramer Levin Naftalis & Frankel allege that he sometimes lost his entire investment in Rajaratnam's hedge fund. He was not involved in trading and he also did not tip of Rajaratnam, claimed Naftalis.

However, just proving that Gupta did not benefit directly from the trades will not be enough and the government only has to prove that he benefited in some way from passing along inside information in order to charge him.

Rajaratnam was sentenced to 11 years in prison and ordered to pay a $10 million fine earlier this month after he was proven guilty in what is described as the biggest hedge fund insider trading case ever in the US.

In India, Congress general secretary Digvijay Singh on Friday has hinted the judges looking into the case to align their judgment with the US court by granting bails under trials.