Multi-crore fraud: Anticipatory bail plea of 5 accused dismissed

Tribune News Service

Chandigarh, August 13

The Court of Additional District and Sessions Judge, Najar Singh, today dismissed the anticipatory bail plea of five accused in a multi-crore fraud case registered on the complaint of Premium Acres Infratech P Limited.

The UT police had registered a case of cheating in June 2014 against five persons for an alleged fraud of Rs 17 crore on the complaint of Premium Acres Infratech P Limited Director Parminder Singh Sehgal.

The accused Sanjay Jain, his wife Shamita Jain, Sanjay’s brother Amit Jain, his brother-in-law Sachin Garg and Naveen Chaturvedi, all residents of Chandigarh, had been booked. All the accused barring Amit Jain are former employees of Premium Acres Infratech P Limited.

While dismissing the anticipatory bail plea, the court observed, “There is no ground to grant the discretionary relief of anticipatory bail to the petitioners.” 

“The present case is a case involving a conspiracy leading to misappropriation of multi-crore funds of the company and after registration of the case, it is transpired that the petitioners had purchased numerous properties in their personal capacity, from the funds of the company. Admittedly, thee petitioners are involved in the business of the company and they had misappropriated the company funds for their personal use.

The order says, “Even, petitioner Sanjay Jain has refused to hand over the car of the company. The investigation is still at the initial stage and to unearth the true facts, the custodial interrogation of the petitioners is required. Some of the record was taken into police possession during the investigation relating to the sale and purchase of the properties and these properties were never shown in the name of the company and have been shown in the personal capacity of the petitioners. It is also revealed that the embezzlement is of about Rs 17 crore. Thus, keeping in view the serious allegations and facts that the custodial interrogation of the petitioners is required to complete the chain of investigation, which is going in the right direction and it will be scuttled, if the petitioners are released on anticipatory bail, especially, when the case involves money of crores of rupees.”

Police Investigations had revealed that Sanjay Jain and his associate allegedly siphoned off around Rs 17 crore on the pretext of purchasing land for the company, which he claimed was being bought for the company and needed time to get them registered in the firm’s name.

However, he allegedly started selling them and misappropriating the money or got them registered in the name of third persons or in his own name, it is alleged.

The plice today conducted raids at various places to arrest the accused.