Case Law Details
Praveen Kumar Agarwal Vs Central Bureau of Investigation (Delhi High Court)
Bail granted on the basis that there is no substantial allegation that the accused failed to comply with any such notices during the period of investigation. No material has been placed on record to establish any change of circumstances on the basis of which their arrest could have been considered
Facts-
The FIR was registered against two companies, namely PGF Limited [“PGF”] and PACL Limited [“PACL”], and their officers. The FIR was registered pursuant to the directions of the Supreme Court in PGF Limited and Others vs. Union of India and Another, which revealed that the aforesaid companies were carrying out a collective investment scheme [“CIS”] in the garb of sale and development of agricultural land.
The alleged modus operandi of the accused was to seek investment in land without the companies having ownership of the land. Sample checking of the land allotted by PGF to its customers revealed that the land was held, not in the name of the company, but in the name of other individuals.
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