New Delhi: A Delhi court has denied bail to nine men accused of defrauding over five crore investors across the country with a Ponzi scheme. The court said the case was “a financial napalm bomb, more explosive, incendiary and more devastating as it may have eaten up the entire life savings, invested with blood, sweat and tears of a poor labourer, pensioner, sick and poor, in the process shattering the dreams and aspirations oftheir dependent ones.”
Special Judge Sanjeev Aggarwal, however, noted that after filing the main chargesheet, the agency filed a supplementary chargesheet after a gap of six years. “It is trite that financial scams of such magnitude would require days, hours, years of investigations to get to the bottom of the frauds ocean, for this investigative agency cannot be derided, rather needs to be complimented,” the court said in its order on February 9.
The case was registered by the CBI in 2014 following directions of the Supreme Court. As per the prosecution, the Promoters and Directors of M/s. PGF Limited and M/s. PACL Limited were accused of operating investment schemes to induce the investors to part with their funds with a view to cheat them.
The probe agency stated that the accused persons collected funds from investors under the promise of allotment of agricultural land, which was not owned by the company.
The counsels for the accused had submitted that no purpose would be served by keeping the accused in judicial custody as the trial in…
Special Judge Sanjeev Aggarwal, however, noted that after filing the main chargesheet, the agency filed a supplementary chargesheet after a gap of six years. “It is trite that financial scams of such magnitude would require days, hours, years of investigations to get to the bottom of the frauds ocean, for this investigative agency cannot be derided, rather needs to be complimented,” the court said in its order on February 9.
The case was registered by the CBI in 2014 following directions of the Supreme Court. As per the prosecution, the Promoters and Directors of M/s. PGF Limited and M/s. PACL Limited were accused of operating investment schemes to induce the investors to part with their funds with a view to cheat them.
The probe agency stated that the accused persons collected funds from investors under the promise of allotment of agricultural land, which was not owned by the company.
The counsels for the accused had submitted that no purpose would be served by keeping the accused in judicial custody as the trial in…
