The Meghalaya High Court on Wednesday granted bail to Chandra Mohan Jha who was arrested after his CMJ University was found selling fake PhD degrees to thousands of students all over the country.

While the hearing was going on in the court, the CID officials were busy raiding Jha`s residence in the city from where they seized Rs 10,37,300 and USD 3,800.

During the search carried out under the supervision of the DIG H Marbaniang and SSP Claudia Lyngwa, police found several other incriminating evidences against Jha.

The search was made a day after a local court relieved Jha of the police attaching his property.

Jha founded the first self-financed university, the CMJ University, in Meghalaya in 2009. The varsity has awarded a record number of 434 PhD degrees between 2012 and 2013 apart from registering 490 more PhD scholars in violation of the UGC norms.