Shop owner charged in bike theft ring out on bail

A Toronto bicycle shop owner charged in a massive bicycle theft ring was released from jail Friday on $275,000 bail.

Igor Kenk, 49, was ordered to remain under house arrest and can only leave if he's accompanied by one of his three sureties.

A publication ban prevents disclosing details of evidence heard at the bail hearing.

Kenk was charged with theft after a series of police raids on various locations found about 2,700 stolen bicycles. He also faces 21 drug charges after police allegedly found marijuana, crack cocaine and cocaine powder at his home.

Only about 350 bicycles have been returned to their owners. Police say they've been hampered because most of the bikes don't have serial numbers registered.

Kenk is scheduled to appear in court again on Wednesday.