Supreme Court Refuses Anticipatory Bail for Accused Involved in Fraudulent Financial Transactions Worth Several Crores of Rupees [Read Judgement]
The Supreme Court refused anticipatory bail in a cheating and breach of trust case involving financial transactions worth several crores.
Anticipatory - bail - Taxscan
Anticipatory - bail - Taxscan
In a recent ruling, the Supreme Court of India dismissed a plea seeking anticipatory bail filed by Harsh Verma, who is accused of being involved in fraudulent financial transactions running into several crores of rupees.
The case arose from a special leave petition challenging the order dated 20 December 2024 passed by the Madhya Pradesh High Court in MCRC No. 49671/2024, which had rejected his request for anticipatory bail in connection with FIR No. 385/2023, registered at Police Station Maharana Pratap Nagar, District Bhopal Shehari, under Sections 406 and 420 of the IndianPenal Code.
The petitioner’s counsel argued for protection from arrest, but the State opposed the plea, pointing to multiple large transactions in the petitioner’s account and ongoing investigation into the source and ownership of the funds.
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The Bench comprising Justice Rajesh Bindal and Justice Manmohan observed that transactions worth several crores were under investigation and that there were allegations and counter-allegations regarding ownership of the money.
Considering the seriousness and magnitude of the financial dealings, the Court found no ground to grant anticipatory bail. The Supreme Court further directed the investigating agency to inform the local Income Tax Department about the transactions to enable further scrutiny of possible tax violations.
Finding no merit in the plea, the Court dismissed the special leave petition along with all pending applications.
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