Telephonic conversation, vague statements and uncorroborated allegations insufficient to establish criminal conspiracy

Prakash Industries Ltd & Anr Vs Directorate Of Enforcement & Anr (Delhi High Court) Delhi High Court held that the allegations against the petitioners are based on telephonic conversations, vague statements, and uncorroborated allegations which are insufficient to establish a criminal conspiracy or wrongful conduct. Accordingly, all proceedings arising out of FIR are quashed. Facts- M/s. Prakash Industries Ltd. is a company incorporated and is engaged in the business of coal mines, iron and steel, power and wind energy. Mr. Vipul Agarwal, is a Chartered Accountant and has been working ...