E-Paper
Judge denies bail to Pune resident accused of misappropriating Rs 1.64cr in family biz dealings
According to prosecution Vali Mohammad Memon and six other accused cheated the complainant assuring him that he will get good returns from the investment
The district sessions court on January 6 rejected the bail plea of Anis Vali Mohammad Memon, accused in a misappropriation of funds case involving the sum of Rs 1.64 crore
Memon was booked along with Ravindra Rajvir Singh, Singh’s wife Sonia, Manisha Ratnakar Pawar, Prakash Ravindra Laddha, Ratnakar Dnyandeo Pawar and Ashok Parshuramm Ahire at Kondhwa police station in October 2019, under Section 406 ( criminal breach of trust ), 420 ( cheating ) and 120 ( conspiracy ) B, r/w section 34 ( Common Intention ) of the Indian Penal Code (IPC) after a complaint was lodged against them by Mohaddis Farukh Bakhla.
District additional sessions judge SM Agarkar, in his order dated January 5 stated, “Looking at the nature and gravity of the offences and the manner in which it was committed, I found substantial force in the argument advanced by the District Government Pleader (DGP) that, custodial interrogation of the applicant is necessary for detailed investigation and recovery of money. No case is seen to exercise judicial discretion to pass the following order. The application is hereby rejected.”
According to the prosecution, Memon and six other accused cheated the complainant assuring him that he will get good returns from the investment made in their Girna Infra Project and Vibhave Infra, which undertakes the bid on tenders issued by the military.
Memon borrowed Rs 50 lakh from Bakhla for a bank guarantee in his name stating that the said bank guarantee is necessary to revive a project.
However, Memon, instead of taking the bank guarantee in the name of Bakhla obtained the same in his own name.
Therefore, Bakhla insisted that Memon return the amount of Rs 50 lakh which he had given to him from the account of Bakhla International Travels Company run by his father.
Memon transferred Rs 20.25 lakh to Bakhla’s father’s account.
In regards to repayment of the remaining amount, Memon told Bakhla that he would return the same to him in 4 to 5 days. However, Memon failed to follow through on his promise.
Memon contended that he has not committed any offence and was engaged in business in the name ‘ Builders, Promoters and Developers ’.
According to Memon, Bakhla is his nearest relative and requested to join the proprietor of Girna Infrastructure Project in order to undertake the construction of a project for a defence site in Pune and Lonavla. Bakhla agreed to invest Rs 50 lakh and accordingly transferred the said amount to Memon’s account. Memon also invested Rs 50 lakh in the same project and refunded Rs 50 lakh to Bakhla.
Earlier, the additional sessions court had rejected the pre-arrest bail application of Ravindra Singh and wife Sonia on December 16. Prakash Laddha was arrested and subsequently released on bail.
