New Delhi: The Delhi High Court has refused bail to an accused involved in a massive financial fraud exceeding ₹40 crore through a fake trading application, carried out under the guise of stock market investments. The court noted that frauds of this magnitude severely impact the nation’s economy.
Not Just a Case of Transactional Fraud:
While hearing the bail plea of Rohit Gagerna, Justice Girish Kathpalia emphasized that the lack of objections from investigative authorities regarding the operation of bank accounts does not diminish the accused’s role in the crime. The court observed that this case goes beyond mere transactional fraud and involves a complex web of money laundering, which is currently under investigation.
Case Details:
The accused had approached the court seeking bail in connection with an FIR lodged last year at the Cyber Central Police Station under the BNS Act for fraud and deception. According to the prosecution, Manish Tandon filed a complaint alleging that the accused used a fake trading application to commit a fraud of ₹23,75,437 in the name of stock market investments, prompting police action.
Investigation Findings:
Police investigations revealed that within just six months, the total financial movement amounted to approximately ₹43.33 crore, indicating large-scale circular fund movement. This pattern suggests attempts to conceal, layer, and launder money obtained from criminal activities. Additionally, the accused was found to be a close relative of a co-accused in one of the companies through which money was transferred to his account without disclosure.
The High Court’s decision ensures that the accused remains in custody while further investigations and proceedings continue.
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