India News | Court Denies Bail to Financial Firm Directors in Fraud Case
Get latest articles and stories on India at LatestLY. A court here has rejected the anticipatory bail plea of two directors of a financial establishment, who were booked for cheating 85 investors to the tune of Rs 22 crore.
Mumbai, Jun 13 (PTI) A court here has rejected the anticipatory bail plea of two directors of a financial establishment, who were booked for cheating 85 investors to the tune of Rs 22 crore.
The court on Thursday rejected the bail plea of Kunal and Sakshi Jiwarjka, directors of JSK Private Limited, stating that the duo had committed a "grave economic offence".
According to the prosecution, the duo and other directors of the firm had lured investors with the promise of high returns and later defaulted payments.
Following a complaint lodged by one of the investors, the Economic Offences Wing last month booked the accused under sections 420 (cheating), 465 (forgery) and other relevant provisions of the Indian Penal Code.
As per the FIR, 85 people have invested about Rs 22 crore in the firm and were promised a return of 18 to 20 per cent on the investment.
Rejecting their plea, the judge said the accused had committed a "grave economic offence" and their custodial interrogation was necessary to ascertain the money trail. PTI
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)