TaxTMI 
TaxTMI 
2021 (3) TMI 1446
X X X X Extracts X X X X
X X X X Extracts X X X X
....r Sections 409, 420, 467, 468, 471, 201, 120-B IPC, Police Station Dadri, district Gautam Budh Nagar. 3. Submission of the learned counsel for the applicant is that applicant is not named in the first information report. He was not the Director of the Company concerned and is not related in any way with M/s. Garvit Innovative Promoters Limited (in short "G.I.P.L."). Applicant never motivated any person to invest money in the Bike Boat Scheme. Motor cycle said to have been recovered in the matter could also not be connected with the applicant. F.I.R. is said to be lodged on 09.03.2019, applicant was arrested in this matter on 15.02.2020. Nothing was mentioned in the FIR to attract the offences levelled in the matter against the applicant. Applicant is one of the Director of Bhasin Infotech & Infrastructure Private Limited which is sister concern of Vinaamr Infrastructure Private Limited. Both the companies are duly incorporated companies under the Companies Act. One scheme had been launched by the aforesaid companies in the name of Grand Venezia Shopping Mall and Commercial Tower and for which a separate company was incorporated in the name of Grand Venezia Commercial Towers Priv....
X X X X Extracts X X X X
X X X X Extracts X X X X
.....I.P.L. and second, money said to have been paid by the G.I.P.L. to the informant's company. It is further argued that there is no evidence against the applicant to show that the applicant was involved in motivating the investors to invest the money in the Bike Boat Scheme. All the evidence collected during investigation to this extent were collected after due consultation and after thought to falsely implicate the applicant in the present matter. Referring to the facts of the present matter it is also argued that if entire prosecution case is taken into consideration then also applicant cannot be prosecuted in the present matter for the amount credited by M/s. G.I.P.L. in the account of schemes launched by the applicant company. Referring to the statement of the witnesses recorded during investigation by the Investigating Officer it is further argued that they are pocket witnesses and were procured through investigation to connect the applicant with the present matter. Arrest of the applicant is illegal. Company to which applicant belongs has not been made accused, therefore, on this ground also the present prosecution cannot continue against the applicant. Applicant has co-op....
X X X X Extracts X X X X
X X X X Extracts X X X X
....hows that the present applicant is not entitled for bail. It was next contended that there is no necessity to array the company as an accused as act said to have been committed by the applicant was done to defraud the investors of Bike Boat Scheme. There is sufficient incriminating material against the applicant in the case diary itself. Witnesses interrogated by the Investigating Officer have supported the prosecution case. Referring to the details of the accounts maintained by the applicant company and M/s. G.I.P.L. annexed with the application it was further argued that huge amount belonging to the investors of Bike Boat Scheme has been diverted in the companies of the applicant. There is no written agreement between the two companies to invest the amount in the company of the applicant. Thus, this fact reveal that transactions were only for defrauding the investors of the Bike Boat Scheme. 6. It was further argued that bail granted by the Hon'ble Supreme Court in the matter initiated by the investors of the scheme launched by the applicant's company will not be a ground to release the applicant in the present matter as facts of the present matter are entirely differe....
X X X X Extracts X X X X
X X X X Extracts X X X X
....hough allegation against the applicant is that investors' amount of the Bike Boat Scheme launched by M/s. G.I.P.L. was diverted to the applicant's company and application said to have been moved by the applicant's company does not bear the signature of the person moving it and said person had resigned from the post of Director prior to the date of moving the application yet commercial space has been allotted in the scheme launched by the applicant in favour of M/s. G.I.P.L. and its sister concern and possession over the commercial space has also been taken. The said allotted land is reported to be attached by the Enforcement Directorate in the proceedings started against main accused but accounts of the applicant's company have not been attached. Thus, keeping in view the facts and circumstances of the case, role assigned to the applicant to connect him with the present matter, comparing the same with the ingredients of the offences levelled against him in the FIRs in the present matters and also taking into consideration the settled principles of law for granting bail, without expressing any opinion on the merits of the case, the court is of the view that it is a f....