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Punjab & Haryana HC denies bail to person involved with syndicate for running the affairs of Company leading to alleged Fraud of more than Rs.2956 cr [Read Order]

bail - syndicate - Company - Taxscan

The Punjab and Haryana High Court denied the bail to a person involved with the syndicate for running the affairs of the Company leading to alleged fraud of more than Rs.2956 crores.

The allegations against the petitioner, Mukesh Tanwar are that he was one of the main Promoters as well as Planner through his wife-Neelam of Future Maker Life Care Pvt. Ltd. duped a large number of persons to the tune of more than Rs.2956 Crores.

The FIR was registered on the basis of a written complaint made by one Anil Sihag to the effect that the Company has appointed various agents throughout the 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 a 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.

The 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 a cash amount from its agents, the Company issues bills for the products after taking IDs, but no product is supplied to them and only the profit is passed on to the agents on the basis of fictitious bills.

The Company, after receiving the amount in cash from agents, issues the bill of its products at the rate of Rs.7500 per ID and remits the money into their bank accounts as commission.

It is contended on behalf of the petitioner that the petitioner is in custody since April 16, 2019, and after investigation in the matter, challan qua him has already been presented, but charges are yet to be framed. Further contends that the petitioner is only an investor and he is neither the promoter; nor Director of the Company; rather himself a victim and falsely implicated by the prosecution on the allegation of being a promoter.

However, the state Counsel opposed the prayer and submitted that petitioner being the main Promoter through his wife-Neelam of the Company in conspiracy with other co-accused induced the innocent public at large for making the deposit of more than Rs.2956 Crores without obtaining any requisite license from the Reserve Bank of India. Also submitted that there are a total of 28 FIRs registered against the Company in different States and the petitioner actively participated in the scam as a facilitator; received huge amounts in his bank accounts and purchased immovable properties in his name from the ill-gotten money.

Moreover, the state counsel also contended that investigation in the matter is still going on and out of a total of 31 accused, 10 are evading the arrest despite non-bailable warrants issued against them. Lastly, that prosecution is making best efforts to bring all the accused to justice and in case the petitioner is released on bail, he is most likely to hamper the pending investigation.

The single-judge bench of Justice Mahavir Singh Sindhu refused to grant bail on the grounds that the release of the petitioner on bail at this stage would be detrimental to the pending investigation and likely to cause serious prejudice to the case of prosecution.

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