CHANDSO ILAI KAZI Vs. STATE OF MAHARASHTRA

JUDGEMENT

(1.) Apprehending arrest in connection with C.R. No.917 of 2022 registered on 25/11/2022 at Shahupuri Police Station for offences punishable under Sec. 406, 420 read with Sec. 34 of the Indian Penal Code, 1860 and Sec. 3 and 4 of the Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act, 1999, the applicants are seeking relief under sec. 438 of the Criminal Procedure Code, 1973.

(2.) According to the prosecution, accused No.9 called the informant to invest in the share market through companies [(i) A.S. Traders and Developers LLP; (ii) Tradewings Solution Ltd.]. He was called to a seminar attended by around 1000 to 1200 people. All accused persons were present in the seminar portraying themselves as either the directors of a company or persons authorized on behalf of the companies. In the said seminar, it was revealed that the companies had a cash-back plan of 36 months, and thereafter, the entire principal amount shall be returned. The second plan was the payment of Rs.30,000.00 on investment of Rs.10.00 Lakh for 36 months, and thereafter, the entire principal amount shall be returned.

(3.) Additionally, foreign trips were promised on investment of various amounts. Sri Lanka tour for investment of Rs.2,50,000.00; Singapore tour for investment of Rs.5,00,000.00; Sri Lanka tour for two persons, Singapore tour for one person and Activa vehicle on an investment of Rs.7,00,000.00; Sri Lanka tour for six persons, Singapore tour for three persons and four wheeler car upto Rs.6.00lakh for investment of Rs.16,00,000.00; Sri Lanka tour for ten persons, Singapore tour for five persons, and four wheeler vehicle upto Rs.10.00 lakh for investment of Rs.27,00,000.00; Sri Lanka tour for twenty persons, Singapore tour for ten persons and four wheeler car upto Rs.20.00 lakh for investment of Rs.54,00,000.00. Dubai tour, Thailand tour and Mumbai to Goa trip by Jalesh Cruise were also promised. A person investing Rs.10,00,000.00 was promised one guntha plot at Shahuwadi. Moreover, if an individual investor gets two more investors, the investor shall get a fixed commission. According to the plan, the invested amount shall not be returned before 36 months. The investors were called upon to invest by cash, cheque or RTGS. Persons investing in their company were promised a receipt, login ID, and Password. Believing in the promise made on behalf of aforesaid two companies, the informant invested Rs.25,00,000.00 on 6 th June 2019 by cheque and NEFT. Accused No.24 and Accused No.11 in May 2022 called the investors to inform them of the cash-back plan and to send invested persons to Dubai. Accordingly, three thousand investors invested an amount of Rs.35,05,000.00 to Rs.60,00,000.00 in A.S. Token Cryptocurrency Plan, and 3000 people were promised a trip to Dubai. It was told that the aforesaid two companies had ten more sister companies named in the report.