India News | Maha: Court Acquits Couple in a Case of Defrauding Investors

Thane, Jan 2 (PTI) A special court in Maharashtra's Thane acquitted a couple in a case registered under the Maharashtra Protection of Interest of Depositors (MPID) Act for allegedly defrauding investors.

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Special judge P S Vithalani on Saturday noted that the prosecution had not made out a case against the accused who owned J M Freight Services.

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The Thane police's economic offences wing (EOW) had registered a case against the duo in 2009 for allegedly duping investors.

The prosecution had alleged that the couple had accepted investments, but never paid their investors the principal amount or the returns.

The judge in his order directed that the designated officer appointed under the MPID make equitable distribution of Rs 29,40,000 cash and proceeds from the auction of six buses, which were seized during the course of the investigation.

The distribution should be done within four months and a compliance report should be submitted to the court, the order stated.

Appearing for the alleged accused, advocate Makarand Abhyankar argued that no offence was committed by the duo, as they had never refused to pay the investors nor was there any lapse of payment or dues.

Based on the argument, the court agreed to the submissions of the counsel and acquitted the couple in the case.

(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)