New Delhi, Jul 7 (ILNS) The Supreme Court today refused to grant bail to a man accused of duping innocent people and embezzling their funds totalling Rs 55 crore by assuring them of doubling their money within five years.
“This is (just) the tip of the iceberg, don’t know how many 100s of crores of rupees will be there, it’s a matter of investigation. Not known. We are not inclined to entertain, dismissed,” the Bench, led by Chief Justice NV Ramana, observed.
During the hearing today, Advocate Sarvam Ritam Khare, appearing for the applicant/accused, submitted that the High Court has rejected his fourth bail plea and he is languishing in jail since 2018.
“You have defrauded people & the bail was rightfully rejected,” said the bench, also comprising Justice AS Bopanna and Justice Hrishikesh Roy. The CJI asked how many crores were involved in this case.
The Court was hearing the application filed by a man accused of offences punishable under Sections 409 (Criminal Breach of Trust) and 420 (Cheating) of the Indian Penal Code and Section 6 of the Madhya Pradesh Nikshepakon ke Hiton ka Sanrakshan Adhiniyam, 2000.
The High Court had noted that the applicant was the Director and he took a share from the alleged amount and invested that money in immovable properties. Police also seized the documents of properties from his possession. The applicant has a criminal past. Similar offences were also registered against the applicant in other Districts.
The general allegations against applicant Ashish Gupta and co-accused persons, who were the General Manager, Director, Employee, and Agent of the BN Gold Real Estate & Allied India Ltd and BNG Global Private Co Ltd, were that they had collected Rs 55 crore from the complainant and other investors, assuring them to double their money within five years. However, they did not pay the money, even after the maturity period. They also closed down the company office and fled, cheating the innocent people. ILNS/KR/RJ