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Supreme Court asks man accused in ponzi scam to wait 6 months for charge sheet before filing for bail

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New Delhi (ILNS): The Supreme Court allows former Director of Lemon Entertainment Limited Mohammed Arif accused in Ponzi scam to withdraw his bail plea with a liberty to approach court again after 6 months. 

Senior Counsel Salman Khurshid appearing for Arif says that he is not the main accused in the scam and has been lying in custody for a year.

The lawyer has permission from the bench of Chief Justice SA Bobde, Justices As Bopanna and V Ramasubramanian to file again when the charge sheet is filed against Arif, in six months.

Mohammed Arif, a man accused of embezzling Rs 35 crore through his Ponzi firm Fine Indisales Private Limited from gullible people in and around Bhubaneswar had filed the bail plea before Court.

Arif was arrested by the Enforcement Directorate. Arif is the former director of Lemon Entertainment Limited. The allegation is that the money collected from thousands of people in the name of Fine Indisales, was reportedly invested in the film Shadow, which was produced by Mohammad Naseer alias Naseer Khan.

It has been alleged that Fine Indisales had collected Rs 578 crore from several gullible investors across the country.

Read Also: Allahabad High Court directs state govt to fill up vacancies in Revenue Council in 15 days

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