TaxTMI 
TaxTMI 
2022 (5) TMI 1649
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....68/2021 and FIR No. 296/2017 in Bail Application 2476/2021 under sections 409/420/477A/120B IPC registered at P.S. - R.K. Puram. 2. Briefly stated, the facts of the case are that the present FIR's were registered on the complaint of one Raju Dudani in Bail Application 1768/2021 and Ravinder Kumar Ngapal in Bail Application 2476/2021 that 2 persons Sitaram and Abhishek of M/S Amrapali Aadya Trading and Investment Pvt. Ltd. (herein referred to as "the company") approached the complainants in the month of February 2015 (to Raju Dudani in Bail Application 1768/2021) and in September 2016 (to Ravinder Kumar Ngapal in Bail Application 2476/2021) for opening a Demat account with the company having their offices at Somdatt Chambers 1, UG-29 Bhikaj....
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....ely. 3. Thereafter, both the complainants requested the above said persons to give the duly verified and stamped copy of the complete set of documents but the documents received by complainants were incomplete which were neither signed nor authenticated by any official of the company. Moreover the copy of the power of attorney and other relevant documents were not supplied to the complainants despite repeated reminders but instead both the person repeatedly assured the complainants that the dealings were absolutely transparent and honest and the shares are kept in the Demat account in the safe custody of CDSL. Unsuspectingly the complainants started trade transactions with the company in respective trading accounts. After few months the co....
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.... APP for state, learned counsel for complainants, perused the status report and have also perused the records of the case. 6. It is submitted by learned senior counsel for the petitioner that petitioner is in judicial custody since 17.08.2018. It is further submitted by him that even after 30 months of filing of charge sheet the charges have not been framed. It is further submitted by him that complainants themselves admitted that they opened a Trading account and Demat account by providing their KYC details, filling the application form, nomination form and also signed the Power of Attorney in favour of the company. It is further submitted by him that it was on the basis of the Power of Attorney that the shares of the Demat account have b....
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....ments. It is further submitted that SEBI passed an ex-parte ad-interim order because the NSE and BSE were receiving various complaints against the company. It is further submitted that though the chargesheet stands filed but the cognizance has not been taken by the learned Trial Court and learned Trail Court has allowed the application under Section 173(8) Cr.P.C. and directed the further investigation in the matter. It is further submitted that other directors of the company are not joining the investigation and absconded without leaving any address and on this ground the learned Trial Court has rejected the bail of the petitioner. It is further submitted that the petitioner has misappropriated more than Rs.200 Crores with the same modus o....
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....Court has not taken the cognizance and has directed further investigation in the matter looking into its magnitude. Moreover, SEBI has also passed an order against the company of the petitioner. The cheated amount misappropriated which is more than Rs.200 Crores belongs to gullible public. In Nimmagadda Prasad Vs. Central Bureau of Investigation, 2013 (V) AD SC 549, in which Supreme Court has observed that bail shall be granted by taking into consideration the facts and circumstances with gravity of offence. Relevant paras are as follows: "26) Unfortunately, in the last few years, the country has been seeing an alarming rise in white-collar crimes, which has affected the fiber of the country's economic structure. Incontrovertibly, eco....
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....s. It has also to be kept in mind that for the purpose of granting bail, the Legislature has used the words "reasonable grounds for believing" instead of "the evidence" which means the Court dealing with the grant of bail can only satisfy it as to whether there is a genuine case against the accused and that the prosecution will be able to produce prima facie evidence in support of the charge. It is not expected, at this stage, to have the evidence establishing the guilt of the accused beyond reasonable doubt. 28) Economic offences constitute a class apart and need to be visited with a different approach in the matter of bail. The economic offence having deep rooted conspiracies and involving huge loss of public funds needs to be viewed s....