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TMI Blog2021 (10) TMI 1070X X X X Extracts X X X X X X X X Extracts X X X X ..... he RBI would not deal in VCs or provide services for facilitating any person or entity in dealing with or settling VCs and that such services included maintaining accounts, registering, trading, settling, clearing, giving loans against virtual tokens, accepting them as collateral, opening accounts of exchanges dealing with them and transferring/receipt of money in accounts relating to purchase/ sale of VCs with the transactions entered into by the applicant, coupled with the aspect that apart from the investments received by the applicant prior to the circular dated 06.04.2018, the applicant continued to take investments even after the RBI s circular dated 06.04.2018 as per the statement of amount invested by complainants along with receipts as submitted by the applicant. Coupled with the factum that after allegedly inducing the complainants to give their hard earned money for investment in the firm Pluto Exchange, the assured returns were not given to the investors with the applicant having closed his office of the Pluto Exchange firm at Connaught Place and having gone away to Dubai apparently admittedly even as per averments made in his application though he has submitted that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 Pluto Exchange. It is averred through the status report that on the assurance and inducement of the accused persons, the complainants gave their hard earned money for investment in the firm Pluto Exchange but thereafter did not receive return on their respective investments as assured by the alleged persons and later on, it was learnt that the accused persons including the present applicant closed the office of their firm at Connaught Place and fled to Dubai, without returning the amount of the co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 money i.e. a total consideration of ₹ 2,25,02,000/- in the crypto currency scheme, operated by the proprietors of the said alleged firm situated at 6D, 6th Floor, Vandana Building, Tollstoy Marg, Connaught Place, New Delhi. 7. As per the status report dated 24.09.2021 submitted by the EOW, the total number of complaints received till then were 47 with similar allegations against the accused persons and a total of ₹ 2.5 Crores being the amount allegedly involved. The said statu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bai 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 alleged firm Pluto Exchange in which the amount of the victims has been collected. e) He submitted the Rent agreement for the property of 6D, Vandana Building, Tolstoy Marg, New Delhi in the bank account for opening of the account of the accused firm Pluto Exchange. f) He closed the office of the alleged firm and fled away to Dubai, without informing or returning the invested money of the victims. g) He had embezzled the investors' money for his personal use and also diverted the c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3. ₹ 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 ₹ 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 examination of this A/C statement, It has been revealed that complainant Vinod Kumar deposited ₹ 35,000/- on 19.4.20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... id Mian R/o G-43A, Krishan Vihar,Sultan Puri, New Masjid, Delhi 2,90,000 By cash 6. Ramesh Kumar S/o lt lado Ram R/o A-13, 4th Floor, Shakur Pur, Anandwas, New Delhi 1,70,000 30,000 Bank Transfer ₹ 170,000 on 05.4.18 (Indusind Bank) Cash 7. Manoj Kumar R/o E-258A, Jagseet Nagar, 3rd Pusta, Usman Pur, Delhi- 110053 3,50,000 By Cash 8. Anil Pandey 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 (₹ 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 inves ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ement is indicated to have been terminated by Ms.Nanni Datta on 15.05.2018, in view of late payments towards rent. 14. The charge sheet indicates to the effect that as per the investigation conducted, the applicant herein was indicated to have submitted a copy of the GST Form REG-06 bearing No.07AADPV0975G1ZH for opening of a bank account and it was found that the firm Pluto Exchange was registered as a proprietorship firm for the GST and the name of the proprietor as per the GST portal is Umesh Verma (applicant herein) S/o Om Parkash with its principal place of business being D-6, Vandana Building, Tolstoy Marg, New Delhi-110001 and the applicant is also indicated to have sent the copy of the registration certificate of the Department of Labour in the bank for opening of the account in the name of Pluto Exchange. The said firm was also found registered under the Delhi Shops Establishment Act, 1954 vide registration No.2018010658. The registration slips of the Value Added Tax Department And Department 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... acie case of cheating made out and that it is thus the prosecution s case based on statements of complainants who have allegedly made investments and done trading in crypto currency through website of the applicant. It is further submitted on behalf of the applicant that the complainants have also annexed through their complaints, the copy of print outs of their trading accounts clearly showing the trade of crypto currency in their accounts but this aspect has been brushed aside by the Sessions Court whilst rejecting the prayer made by the applicant seeking the grant of bail. 18. The applicant has submitted further that the learned Sessions Court took into account the submission of the prosecution that there were 45 complaints against the applicant received through posts but did not take into account the aspect that 37 complainants failed to join the investigation despite being summoned by the Investigation Officer. 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 w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... use of the market conditions. 21. Inter alia the applicant has submitted that the charge sheet lacks the necessary ingredients of the offences of cheating, misappropriation and breach of trust against the applicant and that in order to attract the offence of cheating, the complainant itself has to put forth an allegation of existence of the presence of an intention to cheat the complainant on the inception of the transaction or at the time when any valuable consideration or money is paid by the complainant or extracted from the complaint by the accused. 22. The applicant has reiterated throughout his application that the investors were aware of the fluctuating market of cryptocurrency and the non-certainty of returns and thus, having indulged in a speculative market, cannot level allegations of cheating against the applicant. Inter alia the applicant had submitted to the effect that he has also been doing the business of 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Response of complainant 1. 9. Virender Singh 3,00,000 In compliance of notice, he has sent his written statement through letter stating therein that I have invested ₹ 750,000 in the alleged firm Pluto Exchange and Umesh Verma alongwith have cheated him on the pretext of investments. Detail response may be perused at Page No. 657 of the charge sheet 2. 10. Ramanjaneya B. Veerana Shetty, 10,50,000 Not received 3. 11. Uma Shankar Soni 1,30,000 Not received 4. 12. Shamsad Hassan 2,00,000 In compliance of notice, he has sent the copy of his bank statements by post. Detail response may read at Page No. 717- 721 of the charge sheet 5. 13. Pravin Jadhav 4,00,000 In compliance of notice, he has sent his written sta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mplainants along with receipts as submitted by the applicant vide documents dated 27.09.2021 filed vide diary No.797160 to the effect:- S. No. Name of Investor Date Amount Bank Name 58. Dipam 7/4/2018 40950 CANERA BANK 59. Sushil Gupta 21/4/2018 350000 CANERA BANK 60. Dilip Vasudev 30/4/2018 45500 CANERA BANK 61. Sunita 1/5/2018 50000 CANERA BANK 62. Thongam 9/5/2018 10500 CANERA BANK 63. Funga Loden 9/5/2018 10500s CANERA BANK 64. A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Lisham Amar 25/4/2018 10400 IndusInd Bank 15. Dipam 1/5/2018 10400 IndusInd Bank coupled with the factum that after allegedly inducing the complainants to give their hard earned money for investment in the firm Pluto Exchange, the assured returns were not given to the investors with the applicant having closed his office of the Pluto Exchange firm at Connaught Place and having gone away to Dubai apparently admittedly even as per averments made in his application though he has submitted that he was running a gold business, the factum that despite running a gold business, the applicant did not return the amounts due to the complainants, cannot be overlooked and thus, taking into account the allegations levelled against the applicant of he with his associates having duped the complainants allegedly to the tune of ₹ 2.5 Crores in the instant case which relates to an alleged commission of an economic offence, which offences corrode the fabric of democracy and are committed with total disregard to the righ ..... 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