But the defendant, Tu Chin-shu, remained at the Tainan Detention Center, as he had yet to be able to raise the huge sum, the Central News Agency said.

Prosecutors in Tainan in June were able to receive court permission to detain Tu and two others, Ho Ming-hsien and Chen Jen-chin, on suspicion of swindling China Metal Products Co. and Prince Housing and Development Corp.

Ho, chairman of China Metal, and Chen, a president of Prince Housing, were released on bail.

But Tu, also a president of Prince Housing, remained in custody until the Tainan District Court decided yesterday he could be set free pending trial.