The Supreme Court today refused to grant bail to a man accused of duping innocent people and embezzling their funds totalling Rs 55 crore by assuring them of doubling their money within five years. (Ashish Gupta Vs The State of Madhya Pradesh)
A bench led by Chief Justice of India N.V. Ramana today refused to entertain his plea by stating, “This is the tip of the iceberg, don’t know how many 100s of crores will be there, it’s a matter of investigation.”
During the hearing today, advocate Dr Sarvam Ritam Khare, appearing for the applicant/accused, submitted that the High Court has rejected his fourth bail plea and he is languishing in jail since 2018.
“You have defrauded people & the bail was rightfully rejected,” said the bench which also comprises Justices A.S. Bopanna & Hrishikesh Roy.
CJI Ramana asked how many crores were involved in this case.
Counsel replied Rs 55 crore.
CJI Ramana said, “This is the tip of the iceberg, don’t know how many 100s of crore will be there, it’s a matter of investigation. Not known.”
“We are not inclined to entertain, dismissed,” said the bench.
The Court was hearing the application filed by a man accused of the offences punishable under sections 409 (Criminal Breach of Trust) & 420 (Cheating) of the Indian Penal Code and Section 6 of the Madhya Pradesh Nikshepakon ke Hiton ka Sanrakshan Adhiniyam, 2000.
The High Court had noted that the applicant was the Director and he took a share from the alleged amount and invested that money in immovable properties. Police also seized the documents of the properties from his possession. The applicant has a criminal past. Similar offenses are also registered against the applicant in other Districts.
The High Court had held that “looking to the enormity of the fraud and the fact that the applicant cheated many innocent people and embezzled their amount to the tune of Rs 55 crore in connivance with other co-accused, this Court is not inclined to grant bail to the applicant. Hence, the bail application is hereby rejected.”
The general allegations against applicant Ashish Gupta and co-accused persons, who were the General Manager, Director, Employee, and Agent of the B.N. Gold Real Estate and Allied India Ltd. And B.N.G. Global Private Co. Ltd., are that they had collected Rs 55 crore from the complainant and other investors assuring them to double their money within five years. However, they did not pay the money even after the maturity period. On the other hand, they closed down the company office and fled away and thus cheated the innocent people. The specific allegations against the applicant is that he was the Director of the company and involved in the crime with the other co-accused.