TMI Blog2024 (4) TMI 114X X X X Extracts X X X X X X X X Extracts X X X X ..... dated 01.12.2018 was to install a production and manufacturing unit for production of e-bikes but no e-bikes was supplied. The investigation in the matter has concluded and charge sheet has been submitted which also shows the implication of the applicant in the matter. Looking to the facts and circumstances of the case, the nature of offence, the gravity of incident, the magnitude of money involved, the applicant being a beneficiary of the money collected through cheating, the criminal antecedents of the applicant and the rejection of bail of coaccused by this Court and the Apex Court, this Court does not find it to be a fit case for bail. Bail application dismissed. - Hon'ble Samit Gopal, J. For the Applicant : Jyoti Kumar Singh,Sr. Advocate,Vishakha Pande,Yashaswin Venugopal Bajpai For the Opposite Party : G.A. ORDER HON'BLE SAMIT GOPAL, J. 1. Heard Sri Rakesh Pandey, learned Senior Advocate assisted by Sri Yashaswin Venugopal Bajpai and Ms. Vishakha Pande, learned counsels for the applicant, Sri Rupak Chaubey, learned AGA for the State and perused the records. 2. This bail application under Section 439 of Code of Criminal Procedure has been filed by the applicant Badr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any if he wants to earn. Apart from 51 bikes only 26 bikes have been sent to the informant. The informant has came to know that the owner of the company Sanjay Bhati has appointed another CEO of the company, grabbed money of everyone and has cheated everyone. The company is not providing any bike taxi services rather it is rotating money as chit fund company. The company has promised to pay Rs. 75 lakhs from of investment of Rs. 34 lakhs. The company has done fraud with many people, the bank accounts of the company be seized and his report be lodged. 4. Learned counsel for the applicant argued as follows:- i) The applicant is the Director of M/s Mars Envirotech Limited and M/s Accord Hydraulics Private Limited, para 10 and 13 of the affidavit have been placed before the Court. ii) The applicant is not named in the FIR. His implication has surfaced in the matter during investigation. iii) The applicant has been granted bail in a case initiated against him under Section of the Prevention of Money Laundering Act, 2002 with regards to the same incident vide order dated 22.08.2023 passed in Criminal Misc. Bail Application No. 3817 of 2023 [Badri Narayan Tiwari Vs. Directorate of Enforce ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Misc. Bail Application No. 10775 of 2022 (Badri Narayan Tiwari Vs. CBI, Lucknow), (annexure 10) to the affidavit as has been stated therein in para 5 of the said order which is being taken from the said order and argued that there are four other cases after the said order of involvement of the applicant and as such he is involved in a total of 59 criminal cases. The applicant further has been involved in one case under the Gangsters Act. xi) The applicant is in jail since 26.02.2021. 5. Per contra, learned counsel for the State vehemently opposed the prayer for bail and argued as follows: i) Para 12 to 21 of the counter affidavit clearly show the role of the applicant and his involvement. While placing para 18 of the said affidavit it is argued that as per the bank details Rs. 20.55 crores have been transferred from different bank accounts of GIPL and its sister companies to the bank account of M/s Mars Envirotech Ltd. And M/s Accord Hydraulic Pvt. Ltd. from 11.12.2018 to 22.02.2019. ii) The applicant is one of the beneficiaries of the money collected by GIPL through cheating and forgery. iii) The bail application of the matter under the Money Laundering Act only considered the as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nature and gravity of offence. 6. After having heard learned counsels for the parties and perusing the records, it is evident that the applicant is the Director of M/s Mars Envirotech Limited and M/s Accord Hydraulics Private Limited. Preferential shares were purchased by ITV, PTPL and PBPL the sister concern of GIPL by transferring huge amount. The applicant was also made an Investment Advisor in Pental Technologies Private Limited, sister concern of GIPL with full authority and financial powers. The properties of the applicant have been attached by the Enforcement Directorate which would go to show that there has been money laundering and a money trail was found showing his complicity and criminality. The applicant was one of the beneficiaries of the money collected by GIPL from the investors on the pretext of supplying e-bikes to them. M/s Accord Hydraulic Private Limited as per an agreement dated 01.12.2018 was to install a production and manufacturing unit for production of e-bikes but no e-bikes was supplied. The investigation in the matter has concluded and charge sheet has been submitted which also shows the implication of the applicant in the matter. The bail of co-accuse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ank but he received only Rs. 66,000/- from the company and since the last two months neither he nor anyone has received any money. The company has no bike online booking app. The informant many times visited the company but the officials told him that they only keep bikes for showing while the company earns by making people join the company and he should also pursue people to join the company if he wants to earn. Apart from 51 bikes only 26 bikes have been sent to the informant. The informant has came to know that the owner of the company Sanjay Bhati has appointed another CEO of the company, grabbed money of everyone and has cheated everyone. The company is not providing any bike taxi services rather it is rotating money as chit fund company. The company has promised to pay Rs. 75 lakhs from of investment of Rs. 34 lakhs. The company has done fraud with many people, the bank accounts of the company be seized and his report be lodged. 4. Learned counsel for the applicant argued that the applicant is not named in the first information report. It is argued that the implication of the applicant has surfaced in the matter after two years of lodging of the first information report. It i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ph 4 to 8 of the supplementary affidavit dated 28.08.2023 the applicant is involved in 05 other cases and 07 cases pertaining to Bike Bot scam. It is argued that the Memorandum of Understanding dated 19.09.2018 shows the acquisition price of the target company is approximately Rs. 09 lakhs. It is argued that it was further stated that the parties shall enter into separate share purchase agreement for each of the target companies. It is argued that perusal of paragraph 69 of the affidavit in support of the bail application goes to show that the transfer of funds were much earlier to the company of the applicant from the date of lodging of the first information report. It is further argued that there has been siphoning of funds by transferring the funds collected in the scam under the garb of the applicant for purchase of flats. It is argued that attachment of the said properties by the Enforcement Directorate is after their satisfaction of money being laundered and after they have satisfied with the misuse of funds through money trail. It is argued that the said money was transferred to the company of the applicant just to legalize it. It is further argued that the applicant is a be ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
