9911796707
TMI Blog2021 (2) TMI 244X X X X Extracts X X X X X X X X Extracts X X X X ..... d as 'Company'), having its Head Office at D.S.S. 45, Red Square Market, Hisar (Haryana), duped large number of persons to the tune of more than Rs. 2956 crores. Above FIR was registered on the basis of written complaint made by one Anil Sihag to the effect that Company has appointed various agents throughout country for selling its products and collected crores of rupees in cash by inducing innocent persons, thereby causing loss of tax to the Government running into crores of rupees. Innocent persons are persuaded to invest with this Chit Fund Company and instead of investing the collected amount, the Company indulges in illegal business activities worth crores of rupees on daily basis. The Company is neither having any product; nor any manufacturing unit; rather it has tie-up with other Companies and it does not purchase any goods. The transactions are limited only to papers, which are totally bogus and frivolous. Company receives approximately Rs. 10 crores in cash daily from its agents at Hisar Office without issuing any receipt and throughout the country, approximately Rs. 40 crores are collected daily by the Company. Upon receipt of cash amount from its agents, Company issue ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rom the ill-gotten money. Further submitted that as a matter of fact, Company is having no product and only running the Chit Fund activities throughout the country leading to the evasion of income-tax running into crores of rupees and an amount of Rs. 398 Crores is due on account of non-payment of the Goods and Services Tax (for short 'GST'). Again submitted that investigation in the matter is still going on and out of total 31 accused, 10 are evading the arrest despite non-bailable warrants. Lastly submitted that prosecution is making its best efforts for bringing all the accused to justice and in case petitioner is released on bail, he is most likely to hamper the ongoing investigation. Learned Counsel for the complainant supported the pleas raised on behalf of the State while submitting that petitioner has played an active role in the commission of present fraud against the large number of victims throughout the country. Also submitted that co-accused, who are yet to be arrested, openly expressing solidarity with the petitioner as well as other arrested co-accused through social media including Whatsapp and bent upon to hamper the ongoing investigation and misguiding the deposi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oter and common ID No. FM110621 is issued to him as well as co-accused Pardeep Kumar. Police have also recovered one Notice published in the Times of India newspaper on 27-8-2019 for inducing the general public which is as under :- LIFE turning opportunity to earn income 20k to 10 lakhs/month. For further details please call 9052402767/8919140099 There is sufficient material with the police including the statement of Pranjil Batra, Software Engineer of the Company recorded under Section 161 of Cr.P.C. to the effect that within a period of three years, the Company collected an amount of Rs. 29,56,91,96,250/- from the depositors and out of that, Rs. 1904 Crores have been verified as per their record, but remaining amount of Rs. 1053 Crores are yet to be accounted for. Undisputedly, Company did not obtain any license from the Reserve Bank of India or Financial Regulator for getting the deposits of such a huge amount and thus, could be a big threat to the financial market of the country. Even online selling of various products at the instance of the Company was verified by the prosecution from the list of Direct Selling Entities, maintained by the Ministry of Consumer Affairs and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ving his booty under the garb of commission. As on today, investigation is pending with the SIT, which is headed by an IPS Officer and out of total 31 accused, 21 have been arrested so far. During the course of hearing, this Court was apprised that despite repeated non-bailable warrants, remaining 10 co-accused are evading the arrest, but again their warrants of arrest have been issued for 25-9-2020 and Investigating Agency is making best efforts to apprehend them amidst Covid-19 pandemic. Since investigation in the matter is being delayed by the co-accused and that is the prime reason that charges could not be framed in the matter, thus, prosecution is not blameworthy for the delay, if any and the petitioner cannot take any benefit of the same. Consequently, the argument that incarceration of the petitioner is being unnecessarily prolonged by the prosecution is without any basis and liable to be rejected. Police-papers reveal that petitioner received an amount of more than Rs. 1.25 Crores from the Company through different bank accounts and purchased immovable properties, thus, played an active role as planner as well as chief ID promoter for this financial fraud and as such, t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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