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The high court granted bail to the applicants after they submitted before the court that they had no objection if their properties were attached by the MPID Court.
A single judge bench of the Bombay High Court comprising Justice MS Karnik has recently granted bail to two people who were booked for duping 276 investors after promising them foreign trips if they become members of the company.
The applicants were booked under the Indian Penal Code, Negotiable Instrument Act, and Maharashtra Protection of Interest of Depositors
The high court was hearing a bail plea of the two directors of the company who were the beneficiaries. It was alleged that 276 investors had deposited a sum of Rs. 2.55 crores.
Both the applicants filed an affidavit submitting that they would deposit Rs.15 Lakh and 5 Lakh respectively. The counsel for the applicant also submitted that the applicant had no objection if any of the properties belonging to them are attached by the MPID Court.
Court observed that the most severe penalty for the crime of cheating as per the Indian Penal Code (IPC) is a prison term of seven years, and under the Maharashtra Protection of Interest of Depositors (MPID) Act, the maximum sentence is six years of imprisonment. The court also took note of the fact that the accused were apprehended on December 21, 2020, and have been in detention for almost two years and two months.
The court while granting bail to the applicants noted that the investigation was complete and a chargesheet had been filed. "The investigation is complete and the charge sheet has been filed. There is no possibility of the trial concluding anytime soon. There are no criminal antecedents reported against the applicants. There is nothing to indicate that the applicants are a flight risk and they will avoid attending the trial," the court stated.
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