Umesh Verma Vs State (Delhi High Court)
Conclusion: Grant of bail was refused as applicant did not return the amounts due to the complainants and there was a breach of trust and faith and was against the national economy and national interest, whereby a large number of innocent investors had been duped of their hard-earned money.
Held: The allegations levelled against assessee as per the status report were to the effect that assessee along with the co-accused Bharat Verma and other associates were running a Crypto Currency chit fund company and held various meetings at their office address of the firm named Pluto Exchange in Connaught Place, Delhi to explain their crypto currency business and also the alleged high rate of return being given to clients whereby they allegedly induced the complainants to invest in the crypto currency in their firm on the assurance of high return upto 20-30% per month. As per the said status report, the complainants were further allured on the assurance of extra commission, if more clients were brought for the investment in the said firm Pluto Exchange. It was averred through the status report that on the assurance and inducement of the accused persons, the complainants gave their hard earned money for investment in the firm Pluto Exchange but thereafter did not receive return on their respective investments as assured by the alleged persons and later on, it was learnt that the accused persons including the present applicant closed the office of their firm at Connaught Place and fled to Dubai, without returning the amount of the complainants. It was held grant of bail was refused as applicant did not return the amounts due to the complainants and thus, taking into account the allegations levelled against the applicant of he with his associates having duped the complainants allegedly to the tune of Rs.2.5 Crores in the instant case which related to an alleged commission of an economic offence, which offences corrode the fabric of democracy and were committed with total disregard to the rights and interest of the nation and were committed by breach of trust and faith and were against the national economy and national interest, whereby a large number of innocent investors had been duped of their hard-earned money, it was not considered appropriate to release the applicant on bail.
