A magistrate court has last week refused to grant bail to Pujit Aggarwal, managing director and chief executive officer of developer firm Orbit developers. While rejecting bail, the court observed that if granted bail, Aggarwal will tamper with the investigation.
Aggrawal was arrested in September on the complaint of Ashok Aggarwal senior vice-president of Capri Global Capital Limited (CGCL). The Azad Maidan police had booked the builder as he failed to hand over possession of a property bought by Ashok. After the first case registered with Azad Maidan police station, the developer was arrested in many other cases.
Recently Aggarwal had filed bail plea in two cases. One of them was registered with Azad maidan police station. Second was the case registered with EOW on the complaint of FIR filed by Capri Global Advisory Services, a promoter group company of financial institution Capri Global Capital Ltd for cheating.
Pujit alleged that both the cases were purely business transactions and investigation in both the cases is over. It was contended that the police has already seized records and examined accounts and agreements. Hence he deserves to be released on bail. The prosecution however, objected the bail plea.
The prosecution argued that the case is an economic offence and accused may hamper the process of investigation if released on bail. The additional chief metropolitan magistrate AP Kulkarni, considered the apprehension of prosecution and rejected the bail plea.