MAJOR SANJEEV BHATIA Vs. UNION TERRITORY OF CHANDIGARH

JUDGEMENT

(1.) Petitioner seeks grant of regular bail under Section 439 Cr.P.C in case bearing FIR No.99 dated 27.10.2020, registered under Sections 420/468/471/120-B IPC at Police Station North, Chandigarh.

(2.) The FIR was registered at the instance of complainantMrs. Adarsh Manocha w/o Sh. Jasbir S. Manocha with the allegations that the petitioner and Anup Nargas approached her and her husband. They asked them to invest in the Company namely YAR GUN ENTERPRISES PRIVATE LIMITED (YEPL) which is a logistic company dealing with the storage of frozen meat for the supply to Army Command Stations. The accused also told the complainant that other firm namely MEDIAIDS provides for cold rooms to YEPL. The accused allured the complainant and her husband by projecting that they would receive 12% return on the investment on monthly basis. The complainant was also given promise that she would be made one of the Directors in the said Company. The accused also increased the rate of shares of YEPL from Rs.10 per share to Rs.55 per share as per projection report i.e. Valuation certificate dated 21.02.2017 allegedly issued by Kamini Sehgal, CA. On the basis of aforesaid assurance, a written Memorandum of Understanding (MOU) was executed on 21.05.2017 between the accused, complainant and other investors. The complainant invested a sum of Rs.50 lakhs in YEPL.

(3.) Precise allegations against the accused are that they have embezzled an amount of Rs.344.57 lakhs and on the basis of forged valuation certificate allegedly issued by Kamini Sehgal, CA on 21.02.2017, the accused increased the price of share of the Company from Rs.10 to Rs.55 thereby alluring all the new investors to invest their money on the assurance that they would get more benefits. The MOU was executed on the basis of such assurance that the complainant was to be given a post as per clause 9 of the said MOU, but she was not given the said position, neither she was made Director in the Company, nor was paid money as per promise. The investors have not been paid anything till date and the accused persons have cheated the complainant and the investors in a huge sum f Rs.344.57 lakhs. The money has been transferred from the accounts of the Company.