VIJAY KUMAR SHARMA Vs. DY COMMISSIONER OF POLICE

JUDGEMENT

(1.) This writ petition under Article 226 of the Constitution of India has been filed with the following prayers:

(2.) Notice was issued on 04.06.2021. Status Report has been filed. As per the Status Report, a number of complaints were received against one Sanjay Bhati and others of M/s Garvit Innovative Promoters Limited, having its registered office at Plot No.1, Chiti, Dadri, District Gautam Budh Nagar, Uttar Pradesh, regarding cheating of approximately Rs.42 thousand crores. The Status Report reveals that the accused induced gullible victims to invest in a bike and receive monthly pay back, including principle and rental income on that bike for one year under the scheme. It is stated that being lured by the said scheme a number of persons invested money. It is stated that the accused absconded with the money and, on the basis of the allegation and inquiry conducted, FIR No.123/2019 dated 06.07.2019, was registered at Police Station Economic Offences Wing for offences under Sections 420/406/120B IPC. Investigation was carried out. During investigation it was found that M/s Garvit Innovative Promoters Limited, was not registered as a NBFC with the RBI and hence it was not authorized to initiate any collective investment scheme. Total 1544 complaints have been received from multiple victims till the filing of the Status Report. The role of the petitioner has been stated in the Status Report and the same reads as under:

(3.) Material on record indicates that the proceedings under the Prevention of Money Laundering Act, 2002 (hereinafter referred to as 'The PMLA') have been initiated against the petitioner. An application under Section 17(4) of the PMLA was made by the petitioner on 23.03.2021 for retention of the seized records and properties. Show cause notices have been issued to the petitioner. The material on record indicates that proceedings under Section 5 of the PMLA have been initiated against the accused persons, including the petitioner herein, attaching various movable and immovable properties. Show cause notices have also been issued against the accused persons including the petitioner herein, under Section 5(5) of the PMLA stating as to why the properties attached on 20.07.2020 should not be confirmed. The petitioner approached this Court by filing W.P.(C) 3565/2021 with the following prayers: