India News | Court Rejects Bail Plea of Man Who Enticed Victim to Invest in Fraud Ponzi Scheme
Get latest articles and stories on India at LatestLY. A court here has dismissed the anticipatory bail plea of a man accused of enticing a person to invest in a company involved in Ponzi fraud.
New Delhi, Dec 21 (PTI) A court here has dismissed the anticipatory bail plea of a man accused of enticing a person to invest in a company involved in Ponzi fraud.
While passing the order, the court observed that already 48 FIRs were registered against the company across India.
The court was hearing the bail application of accused Ajay Nagpal, who allegedly presented himself as a company representative of Future Maker Life Care Pvt. Ltd. and cheated the complainant Tanuj Gupta.
“I am not inclined to grant bail to the accused. Accordingly, the present anticipatory bail application…on behalf of the accused stands dismissed,” Additional Sessions Judge Amitabh Rawat said in an order passed on Monday.
The court noted that in the present case, Gupta was allegedly cheated by Nagpal and others into investing in the company and it was the accused who introduced the complainant to the other co-accused.
The accused showed a “rosy picture” to innocent people including Gupta and induced them to invest their hard-earned money, thus committing fraud, the court said.
It said an investigation was being conducted in the present case and Nagpal was accused of cheating around Rs 70 lakh.
“Moreover, there are already 48 FIRs in respect of Future Maker Life Care Pvt. Ltd. nationwide,” the court said.
The Farsh Bazar police station had registered the FIR against Nagapal under sections 420 (cheating and dishonestly inducing delivery of property) and 34(common intention) of the Indian Penal Code.
Earlier in January 2021, the Enforcement Directorate had filed a charge sheet against Hisar-based Future Maker Lifecare Pvt Ltd and its two directors Radhe Shyam and Bansi Lal under various sections of the Prevention of Money Laundering Act (PMLA).
The accused cheated around 31 lakh investors through a Ponzi or fraud multi-level marketing scheme, the ED said.
(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)