Hisar court’s firm stand signals need for crackdown on financial frauds

A Hisar court has delivered a sharp message to those involved in large-scale financial crimes, making strong observations while denying bail to two accused in a Rs 54-crore tax evasion case — who are also allegedly linked to a sprawling Rs 3,000-crore fraud network.

Additional Sessions Judge Dr Gagandeep Mittal, rejecting the bail pleas of Radhey Shyam and Bansi Lal, CMD and MD of M/s Future Maker Life Care Private Limited, noted: “Evasion of tax running into several crores of rupees is a serious economic offence. Such conduct strikes at the financial fabric of the nation and constitutes a fraud on the economy itself. Granting bail in such circumstances would not only embolden like-minded persons but also send a wrong and undesirable message to society at large. Economic offences have consistently been treated by the courts as a distinct class requiring stricter consideration.”

Surprisingly, Radhey Shyam — who earlier secured bail in Telangana where the Cyberabad police had unearthed his fraud — had dropped out of school. He has since reinvented himself as a spiritual preacher in Hisar, now seen clad in saffron robes.

The case is among several instances of financial fraud and cyber-enabled scams emerging from the region, echoing the pattern of Jamtara-style operations that have spread across Haryana. Jamtara in Jharkhand gained notoriety for phishing scams; similarly, these fraud networks are not only draining the savings of unsuspecting citizens but also siphoning off government funds intended for welfare schemes.

In another incident, a Hisar resident, Rammehar, was arrested in Sirsa for running a fake government office under the name Samadhan Gramin Welfare and Employment Service Limited. He allegedly promised regular jobs, collected Rs 1 lakh to Rs 1.5 lakh from youths hired as temporary staff, charged Rs 1,100 for lifetime membership, and offered bogus schemes such as Kanyadan benefits and accident claims.

This region had earlier hit headlines for a GST scam exceeding Rs 300 crore, where the Central GST department unearthed multiple shell companies claiming huge turnovers only on paper. These entities fraudulently availed Input Tax Credit (ITC) by submitting fabricated invoices worth crores.

Financial irregularities under the PM Kaushal Vikas Yojana and Haryana Skill Development Mission have also been rampant. In one such case, a Fatehabad resident approached the Anti-Corruption Bureau, leading to the arrest of IAS officer Vijay Dahiya two years ago for alleged bribery linked to training centre payments.

Though DGP OP Singh has launched Operation Trackdown to curb crime in Haryana, police insiders admit that targeting white-collar criminals is equally crucial. A senior police officer said, “These fraudsters act as suppliers of blood to the veins of gangsters. The entire illicit network of criminal gangs survives on money supplied by financial fraudsters, who need protection and operate as partners in crime.”

Supreme Court advocate Seema Sindhu warned that economic crimes are rising at an alarming pace.

“Recently, the Supreme Court took suo motu cognisance of digital arrests, another method of extortion. The court has asked the Centre, states and CBI to submit reports on such crimes,” she said, adding that granting easy bail in such cases amounts to “rewarding criminals who loot public money and walk free.”