MANU PRASHANT WIG Vs. STATE OF PUNJAB

JUDGEMENT

(1.) Prayer in this petition is for quashing of FIR No.130 dated 5.10.2018 under Sections 406, 420, 465, 467, 468, 471, 120-B IPC, registered at Police Station Phase 11, S.A.S. Nagar, Mohali as well as quashing of charge sheet and all the consequential proceedings emanating therefrom.

(2.) Brief facts of the case are that the petitioner is one of the Director of Bluefox Motion Pictures Private Limited (for short 'the Company'). In order to raise capital, the Company invited investments from the financers and in this regard entered into various agreements with the investors. In pursuance thereof, the Company collected more than Rs.125 crores. Later on, the complainants got the impugned FIR registered against petitioner-Manu Prashant Wig, Ashok Wig, Harjit Singh, Pankaj Goyal and Priyesh Sinha with the allegations that all the accused persons published through various publications alluring the innocent persons to invest their money in the Company run by the petitioner, i.e. Bluefox Motion Pictures Private Limited. It is further stated in the FIR that the accused persons, gave an impression that they will be making films, T.V. serials and organizing events in India and abroad and if a person invests Rs.One lac, the same will be returned as Rs.2.50 lacs within 11 months and if a person makes more investment, he will be given more incentives. Not only this, the accused persons conducted various events in the hotels across the country, including in Panchkula and Zirakpur by showing a rosy picture that if they invest their money in the Company they will get huge returns. The complainants/victims have given the details of the investments made by them from September, 2017 on wards. Later on, the accused declared that the Company has launched a new crypto-currency, namely, BFX coin, which is approved by the Government of India and the investors were asked to purchase the worthless crypto-coins to show their money transferred in e-wallets, in case they wanted their money to be refunded. It is further stated in the FIR that there is no such approval from the Government of India regarding the aforesaid crypto- currency and the accused persons by preparing forged documents for the purpose of cheating and by forging the valuable security, further forged the electronic record has cheated innocent persons, like the complainants. The complainants have also given the details how they have made the investments. Finding that the accused persons have failed to return the amount, the complainants have been cheated in a calculated manner, the present FIR was registered with the allegations that a huge amount of Rs.125 crores is misappropriated by the petitioner and the other accused persons.

(3.) Counsel for the petitioner also relied upon certain advertisements to show that the Company was working for the promotion of certain TV serials/regional movies. The counsel has further argued that as per the agreement entered into between the Company and the accused persons, it was clarified that there is a risk clause and since the Company has suffered losses, the same could not be returned.