TaxTMI 
TaxTMI 
2021 (10) TMI 1070
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....licant had been taken to the MI Room but that all adequate medical treatment was being provided to the applicant and that his condition was stable. In these circumstances, vide order dated 28.09.2021, it was considered appropriate that the application is heard on merits. 3. The status report dated 24.09.2021 was submitted under the signatures of the ACP, EOW with a further additional status report having been filed on 05.10.2021. 4. The allegations levelled against the applicant as per the status report are to the effect that the applicant along with the co-accused Bharat Verma and other associates were running a Crypto Currency chit fund company and held various meetings at their office address of the firm named Pluto Exchange in Connaught Place, Delhi to explain their crypto currency business and also the alleged high rate of return being given to clients whereby they allegedly induced the complainants to invest in the crypto currency in their firm on the assurance of high return upto 20-30% per month. As per the said status report, the complainants were further allured on the assurance of extra commission, if more clients were brought for the investment in the said firm Pl....
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....and found that the office had shifted to Dubai from India and though attempts were made by the complainant to call Bharat Verma, his mobile was picked up by his office coordinator Yogesh Sabarwal who told him that Bharat Verma had shifted to Dubai and this Yogesh Sabarwal also stated that he knew nothing about the returns or money of the complainant. 6. The complainant further submitted through the FIR that he found that there were lots of people like him who invested their money in this company and that Mr.Bharat Verma had collected approximately 50 Crores in the name of crypto currency business and thus, he sought the registration of the FIR and legal action against the culprits. On the basis of this complaint, the FIR is indicated to have been registered under Sections 420/406/409/120B of the Indian Penal Code, 1860 after the preliminary inquiry conducted in the matter and on a consideration of the contents of the complaints and examination of documents, in as much as, there were 42 other complaints received by the EOW apart from the complaint of Mr.Jogender Kumar and the investigation had brought out that the complainant and 42 other investors had invested their hard earned ....
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.... accused persons had been obtained which indicated the deposit of some of the amounts given by the complainants as reflected through the bank statements of the alleged firm Pluto Exchange. In as much as, as per the investigation conducted, the applicant herein, Umesh Verma was reported to have already left India and was residing in Dubai and evading the investigation an LOC was got opened and on 30.12.2020, the applicant herein was apprehended at the IGI Airport, when he came from Dubai to India and was interrogated and arrested in the matter on 30.12.2020. 9. The said status report alleges the following evidence against the applicant:- "a) Accused Umesh Verma alongwith his associates has misrepresented the facts and induced & lured the victims to collect the money from victims on the promise of high return. b) He got registered the firm Pluto Exchange' for GST with Department of Trade and Taxes and the same was submitted in bank for opening of bank account. c) Accused Umesh Verma alongwith Bharat Verma has collected the money from the victims in cash and through bank transfer. d) He is the authorized signatory of the bank accounts of the ....
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....nt- Umesh Verma It is proprietorship firm operated by Umesh Verma having GST Regn. No. 07AADPV0975G1ZH. On examination of this A/C statement, It has been revealed that complainant Joginder Kumar deposited the following amount :- 1. Rs. 50000 on 08.02.18. 2. Rs. 5 lac on 09.02.18 3. Rs. 2 Lac on 15.02.18 2. 2010002288377 IndusInd Bank, Punjabi Bagh Branch, 21, West Avenue Ground floor, New Delhi 110026 M/s Pluto Exchange C/o- D-6, Vandana Building, Tolstoy Marg, Delhi. Authorised Signatory:- Umesh Verma Applicant- Umesh Verma It is proprietorship firm operated by Umesh Verma having GST Regn. No. 07AADPV0975G1ZH. On examination of this A/C statement, It has been revealed that complainant Ramesh Kumar deposited Rs.- 1,70,000 on 5.4.18 Ravi Kumar deposited Rs. 149,000 on 11.4.18 3. 50434656310 Allahabad Bank,Chandni Chowk Branch, New Delhi- 110026 M/s Pluto Exchange C/o- D-6, Vandana Building, Tolstoy Marg, Delhi. Authorised Signatory:- Umesh Verma Applicant- Umesh Verma It is proprietorship firm operated by Umesh Verma having GST Regn. No. 07AADPV0975G1ZH. On examinat....
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....dey R/o K-257, Indira Gali, Gautam Vihar, Delhi-110053 7,00,000 By Cash 9. Virender Singh S/o Tekram R/o H. No. 215, Urban State, Hisar, Haryana. (he did not join investigation, but investment is matched in the bank account by same name} 3,00,000 By bank Transfer (Rs. 3,00,000 dt.-5.3.18 in Canara Bank} 10. Ramanjaneya B. Veerana Shetty, R/o Ganari Market, Central Road, manu, District- Raichur, Karnataka (he did not join investigation, but investment is matched in the bank account by same name) 10,50,000 By Bank Transfer (In Canara bank on 11.6.18 by NEFT) 11. Uma Shankar Soni (he did not join investigation, but investment is matched in the bank account by same name) 1,30,000 By Bank Transfer (In Canara bank on 15.3.18) 12. Shamsad Hassan (he did not join investigation, but investment is matched in the bank account by same name) 2,00,000 By Bank Transfer (In Canara bank on 26.3.18) 13. Pravin Jadhav (he did not join investigation, but investment is matched in the bank account by same name) 4,00,000 By Bank Transfer (In Canara bank on 3.4.18) 14. Sh.Sushil Gupta (he did not join investigation, but in....
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....nt of Labour are indicated to have been utilized by the applicant for opening the bank account of the firm in which the amount of the victim was deposited. As per the charge sheet, the books of accounts of the firm were however not produced by the applicant during investigation nor found in the raid and search conducted at the premises of the firm. 15. Through the charge sheet, the Investigating Agency has submitted the role of the applicant as being to the effect:- • that he was the proprietor of the firm i.e Pluto exchange and had got registered the firm with Value Added Tax Deptt. and Deptt. of Labour. • that he used the registration documents/rent agreement in the opening of the bank account of the alleged firm Pluto Exchange. • that the applicant along with other associates took the property No. 6-D, 6th floor, Vandana Building, Tolstoy Marg, New Delhi on lease from the owner Ms. Nanni Datta. • that thereafter he prepared the Rent agreement for the property of 6-D, Vandana Building, Tolstoy Marg, New Delhi and signed the agreement from both sides i.e owner & tenant and submitted the same for opening of the bank account of ....
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....cer. The applicant has further submitted that the malafides of the prosecution are brought forth from the factum that the prosecution has contended that the complainants had not responded to the summons for joining the investigation because of the pandemic but that this was malafide, in as much as, the initial complaints were filed in the year 2018 and the remaining in the year 2019 which had been received by the prosecution. 19. The applicant has further submitted that the prosecution has put 37 complainants in the list of witnesses but that it has made no effort at all to probe the amount of money invested by the people into crypto currency or to what extent trading was done by them or as to whether or not losses were sustained by them. Inter alia the applicant submitted that there has been no proper investigation in the matter, in as much as, the prosecution has not placed any material on record to prove embezzlement of any funds by the applicant. The applicant has further submitted that there is no evidence in the entire charge sheet against the applicant which is based on the investment made by the complainants into the trade of crypto currency but who had instead put the b....
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.... gold which required him to visit Dubai every month and during the years 2018 and 2019 the applicant had made as many as 15 to 20 visits to Dubai which would be evident from his passport and on the last visit, he got stuck there on account of the Covid period which had caused all the international flights to be suspended but that he had communicated with the Investigating Officer and had also sent a reply e-mail dated 27/06/2020 to the e-mail dated 18/06/2020 received from the Investigating Officer, copies of which have been annexed and that he had also joined the investigation and visited the EOW office on 10-12 occasions in the year 2018 & 2019 qua which he has no record and though the applicant had made an effort to get the record of the visits of the applicant to the EOW office under the RTI Act for seeking information through the RTI application dated 27.07.2021, the same was denied to the applicant. The applicant thus, submitted that he had never run away to Dubai. 23. During the course of submissions made on the bail application, reliance was placed on behalf of the applicant on the averments in the charge sheet itself to contend to the effect that those persons mentioned....
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....e perused at Page No. 745 of the charge sheet. 6. 14. Sh. Sushil Gupta 3,50,000 In compliance of notice, he has sent his written statement through letter stating therein that I have invested Rs. 12,75,000 in the alleged firm Pluto Exchange and Umesh Verma along with his associates have cheated him on the pretext of investments. Detail response may be perused at Page No.644 of the charge sheet. 25. Without any observations on the merits or demerits of the trial that would take place, in as much as, the charge sheet has already been filed, the factum that the applicant indulged in the trade of crypto currency despite public notices dated 24.12.2013, 01.02.2017, 05.12.2017 issued by the RBI as also issued on 06.04.2018 cautioning users/holders and traders of virtual currency including bit coins regarding various risks associated in dealing with such virtual currencies with regulated entities already providing such services having been called upon to exit the relationship within three months from the date of the circular dated 06.04.2018 bearing DBR.No.BP.BC.104/08.13.102/2017-18, copy of which is annexed as Annexure-F to the present application, coupled also with the....