UMESH VERMA Vs. STATE

JUDGEMENT

(1.) The accused/applicant seeks regular bail in case FIR No. 132/2020 of PS Economic Offences Wing (EOW) for offences under Sec. 406/409/420/467/120B IPC. Earlier, the accused/applicant had filed Bail Application No.3500/2021 for grant of regular bail in the same case FIR, but that application was dismissed by a coordinate bench of this court vide judgment dtd. 26/10/2021.

(2.) Broadly speaking, the circumstances relevant for the present purposes are that one Joginder Kumar lodged a complaint with the DCP, EOW against a crypto currency company namely Pluto Exchange and its owners including the present accused/applicant, alleging as follows. The accused/applicant and the remaining accused persons were engaged in the business of gold and diamond in Karol Bagh, and they told him about their Dubai Company under the name Bharat Umesh General Trading LLC, Dubai, dealing in crypto currency. The accused persons allured him to invest in crypto currency, assuring returns up to 20% to 30% per month. The accused persons also told him that they were giving high returns to their clients and if he brought more clients, he would be paid commission as well. After getting himself registered at the websites namely www.plutoexchange.com and www.f2poolmining.com, the complainant de facto, invested a sum of Rs.5,00,000.00 in the company of the accused persons. On receiving no returns after one month, the complainant de facto visited office of the accused persons, but was told that due to fall in rates of bitcoin and seizure of account they were unable to return the amount through bank, so he should wait for a few months. On not receiving any money for long time, the complainant de facto visited office of the accused persons, but found that the accused persons had shifted their office to Dubai. Despite repeated efforts, the complainant de facto could not contact the accused/applicant over phone, nor did he receive his money. Later, the complainant de facto came to know that a number of persons had invested in the company of the accused persons, money to the tune of about Rs.50,00,00,000.00 in the name of crypto currency business. The said complaint of the complainant de facto was registered by the EOW and investigation commenced.

(3.) The accused/applicant was arrested on 30/12/2020 and after dismissal of his bail application from the Court of Sessions, he filed the present bail application before this High Court on 16/12/2022.