NEW DELHI (INDIA): The Delhi High Court has denied bail to two Pearls Group directors who along with their CMD N S Bhangoo are accused of swindling Rs 45,000 crore from over five crore investors.
Justice Mukta Gupta rejected the bail pleas of Gurmeet Singh, Executive Director-Finance, and Subrata Bhattacharya, Executive Director, saying the allegations against them were serious and there was an apprehension that they could obstruct further investigation in the case.
“Considering the nature of serious allegations against the petitioners (Singh and Bhattacharya), the magnitude and severity of the offence allegedly impacting lakhs of investors and there being a genuine apprehension of causing obstruction in further investigation and tampering with the evidence, this court does not find it to be a fit case for grant of bail,” the judge said.
The court also said the CBI’s apprehension that the two arelikely to hinder further investigation, was based on credible material as while in custody they had tried to dispose of the property of the company.
Singh and Bhattacharya along with Bhangoo and several other promoters and directors of Pearl Agrotech Corporation Ltd (PACL), are facing charges of criminal conspiracy, cheating and forgery under the IPC for which the punishments range between seven years jail term to life imprisonment.
All three were arrested by CBI on January 8 last year and are in custody since then. The FIR against them was lodged in February 2014.
The trial court had rejected the bail pleas of Singh and Bhattacharya on April 18, 2016, against which they had moved the high court.
The lawyers for the two accused had contended that all the documents and records required for the trial are already in the custody of CBI and the petitioners are not required to participate in any further investigation.
They also argued that since all the documents and necessary material have been collected by CBI, there need not be any apprehension that evidence can be tampered with.
The CBI, represented by advocate Rajdipa Behura, had opposed the bail pleas saying they had participated in the major decisions and signed the relevant documents, even those where major funds have been diverted to commission agents or other sister concerns.
It had contended that during the course of investigation it was revealed that more than Rs 3,400 crore was obtained from investors of PACL and around 5,500 properties were purchased from the money.
Source: Press Trust of India