Economic offences pose serious threat to country’s financial health: Delhi court

A Delhi court has denied bail to a man accused of cheating people by inducing them to invest money in different schemes promising exceptionally high returns, saying economic offences were “posing serious threat to the financial health of the country”.

Vacation Judge Pawan Kumar dismissed the bail application of Priyesh Kumar Sinha and said the allegations against him were “grave and serious in nature”. The judge said there was “strong” apprehension that he may influence or hamper the trial.

According to the prosecution, Sinha was one of the directors of Bluefox Motion Pictures Pvt. Ltd. and used to cheat people by persuading them to invest money in different schemes with the promise of exponential returns on their investment.

More than 200 complainants have come forward so far, it said.

“The accused being the director of the company cheated a large number of people who invested small amounts of money in different schemes to the tune of Rs 8 crore… The allegations and accusation against the accused are grave and serious in nature,” the judge said it an order passed on June 19.

He said economic offences needed to be viewed seriously and considered as “grave offences”.

“An economic offence involves deep rooted conspiracy… these should be viewed seriously and be considered as grave offences affecting the economy of the country as a whole and posing serious threat to the financial health of the country,” the judge said.

The accused had moved a bail application, claiming he had resigned from the company in December 2017 and had no role to play in running its affairs.

The application said since the charge sheet in the case has already been filed, no purpose would be served in keeping him behind bars.

The prosecution opposed the application citing the seriousness of the allegations against him.

It claimed the accused was not only a director of the company but also its authorised signatory. He received around Rs 32 lakh in his bank account even after his resignation, it alleged.

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The FIR was registered on the complaint of one of the investors Lakshay Kumar. He had invested a sum of around Rs 2 lakh and was assured a return of Rs 5 lakh after 12 months.

The prosecution alleged the accused persons disappeared after some time.

The prosecution had filed a charge sheet under sections 420 (cheating), 406 (criminal breach of trust) and 120-B (criminal conspiracy) of the IPC and the relevant sections of Prize Chits & Money Circulations Schemes (Banning) Act.

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