TARUN KUMAR Vs. STATE OF NCT OF DELHI

JUDGEMENT

(1.) This is a petition filed by the petitioner under Sec. 439 Cr.P.C. seeking regular bail in case FIR No. 123/2019 under Ss. 420/406/120B IPC and 4/5/6 of Prize Chits and Money circulation Schemes (Banning) Act, 1978 registered at Police Station EOW, Delhi.

(2.) In brief the facts of the case are that a number of victims have filed complaint against accused Tarun Kumar (petitioner herein), Sanjay Bhati and ors. of M/s Garvit Innovative Promoters Limited having its registered office at Plot No.-l, Chiti, Dadri, Distt. Gautam Budh Nagar, Uttar Pradesh regarding cheating of Rupees forty-two thousand crores approximately. It is alleged that accused persons induced the victims to invest Rs.62,000.00 for a bike and were assured that they will receive Rs.9,500.00 monthly including principal and rental income on a bike for one year. Due to lucrative offers floated by the accused persons, number of victims invested their hard-earned money in huge sums into this scheme. In January 2019, accused company launched Electric-Bike scheme and offered to investors that they can deposit Rs.1,24,000.00 for a bike and assured that they will receive Rs.17,000.00 per month till one year. Initially, accused company repaid the assured amount but after winning confidence of the investors, they absconded. On the basis of allegations leveled and enquiry conducted, the instant FIR was lodged.

(3.) I have heard the learned counsel for the petitioner and the learned APP for the state and perused the status report filed by the state.