Yesterday, Delhi court has rejected the bail to a man accused of cheating people by inducing them to invest money in different schemes promising exceptionally high returns, saying economic offences were “posing serious threat to the financial health of the country”.
Vacation Judge Pawan Kumar rejected the bail application of Priyesh Kumar Sinha.
The Court said the allegations against him were “grave and serious in nature”. The judge said there was “strong” apprehension that he may influence or hamper the trial.
According to the prosecution, Sinha was one of the directors of Bluefox Motion Pictures Pvt. Ltd. and used to cheat people by persuading them to invest money in different schemes with the promise of exponential returns on their investment.
“An economic offence involves deep rooted conspiracy… these should be viewed seriously and be considered as grave offences affecting the economy of the country as a whole and posing serious threat to the financial health of the country,” the judge said.
The accused had moved a bail application, claiming he had resigned from the company in December 2017 and had no role to play in running its affairs.
The application said since the charge sheet in the case has already been filed, no purpose would be served in keeping him behind bars.
The prosecution opposed the application citing the seriousness of the allegations against him.
It claimed the accused was not only a director of the company but also its authorised signatory. He received around Rs 32 lakh in his bank account even after his resignation, it alleged.
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