The Delhi High Court refused to grant bail to a person alleged of fraudulently inducing People to invest in CryptoCurrency chit fund.
The allegations levelled against the applicant, Umesh Verma as per the status report are to the effect that the applicant along with the co-accused Bharat Verma and other associates were running a Cryptocurrency chit fund company and held various meetings at their office address of the firm named Pluto Exchange in Connaught Place, Delhi to explain their cryptocurrency business and also the alleged high rate of return being given to clients whereby they allegedly induced the complainants to invest in the cryptocurrency 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 complainants.
The single judge bench of Justice Anu Malhothra while refusing to grant bail observed that 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 Rs.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 rights and interest of the nation and are committed by breach of trust and faith and are against the national economy and national interest, whereby a large number of innocent investors have been duped of their hard-earned money, it is not considered appropriate to release the applicant on bail.
Subscribe Taxscan Premium to view the JudgmentSupport our journalism by subscribing to Taxscan AdFree. Follow us on Telegram for quick updates.
