The Punjab and Haryana High Court has recently denied bail to the accused in Winmoney Scam on Telegram for alleged conversion of defrauded amount to the tune of Rs. 156.22 Crore to USDT (Tether), a cryptocurrency, with value always equal to 1 US Dollar. Such cryptocurrencies are known as stable coins.
This petition has been filed by the petitioner, Akash Sharma under Section 439 Cr.P.C. seeking regular bail in cases registered under the Indian Penal Code and the Prize Chits and Money Circulation Schemes (Banning) Act.
Allegedly, the accused persons by calling the complainant on telegram fraudulently induced him by saying that they have an app. namely WinMoney which is an Android app, approved by the Government of India. It deals in chit fund schemes and numerous persons have invested their money in this scheme.
The complainant fell in the trap and he made four IDs as mentioned in the FIR. He deposited a sum of Rs.12 to Rs.15 lacs in the said IDs from different bank accounts.
R.S. Mamli for the petitioner submitted that the petitioner has been falsely implicated in the case whereas he was not involved in the alleged commission of offense. Petitioner was neither named in the FIR nor any role has been attributed to him. He has been implicated during the course of investigation.
He further submitted on behalf of the petitioner that, “He further disclosed that accused Sayyed Ali is prime accused in the case and an amount of Rs.10 lacs was deposited in the account of the petitioner by said Sayyed Ali. The petitioner converted the same in USDT coins and deposited the same in the account of said Sayyed Ali.”
On the contrary, Vikrant Pamboo, DAG, Haryana opposed the prayer for grant of regular bail to the petitioner and submitted that a huge amount is involved in the present case. He further submits that the petitioner has converted approximately Rs.156 crore 22 lakh 55 thousand 109 rupees into USDT coins through various accounts managed through Binance Trading Application.
The Single Bench of Justice Namit Kumar, in consideration of rival submissions made on behalf of either side and the stand taken by the State in the status report put forth and keeping in view seriousness of allegations and gravity of offense committed by the petitioner and attribution of role to the petitioner, denied regular bail to the accused.
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