Bail has been set between R10,000 and R200,000 for the eight people accused of misappropriating funds meant for the Vrede Dairy Project set to benefit the black farmers in the Free State.

Accused number one, Mbana Peter Thabethe, who is the head of department in the Free State Agricultural Department, together with chief financial officer Sylvia Seipate Dlamini and former general manager District Services in the department  Dr Takisi Janki Masiteng were released on R10,000 bail.

Former Oakbay CEO Ashu Chawla, former Oakbay director Nazeem Howa, former Oakbay director Varun Gupta and Tegeta Resources director Ronica Ragavan were each granted bail of R200,000.

They all appeared in the Bloemfontein Magistrate's Court on Thursday, where they were ordered to surrender their travel documents and have report to the police at stipulated times.

The accused face serious charges including; corruption, theft, fraud, conspiracy to commit fraud and contravening the Public Finance Management Act.

Meanwhile reports doing the rounds suggest the Ajay Gupta is wanted by the police after he failed to hand himself over. Other reports said Atul Gupta's tried to leave the country, but was foiled by the pilot who refused to fly his private plane.

Former president Jacob Zuma's son, Duduzane, who is a business partner of the Gupta brothers, was also said to be a wanted man on the run. However the police have not confirmed any of the reports.