A Court here in Maharashtra has rejected the Bail plea of 2 owners of Goodwin Jewellers, arrested in connection with a multi-crore cheating case involving thousands of investors.
District & Sessions Judge (special cases) R V Tamhanekar in his order on Saturday said the accused, A M Sudheerkumar & A M Sunilkumar, both brothers & owners of the fraud-hit jewellery chain originally hailing from Kerala, didn't deserve bail at this stage.
Hence, their plea was being rejected, he said.
The duo surrendered to a Thane Court on Dec 14, 2019.
They were subsequently arrested by the city police's Economic Offences Wing which is probing the cheating case.
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The jewellery firm had shut its outlets in Thane, Palghar, Mumbai & other parts of Maharashtra a couple of days before Diwali last year, leaving hundreds of people, who invested in its gold & fixed deposit schemes, in the lurch.
The 2 accused were booked under various Indian Penal Code sections, including 420 (cheating), 406 (criminal breach of trust), 34 (common intention) & also provisions of the Maharashtra Protection of Interests of Depositors in Financial Establishments (MPID) Act & the Banning of Unregulated Deposit Schemes Act.
The Judge in his order said, "After perusal of the say filed by investigating officer, it is clear that totally 11 crimes have been registered against the accused under the MPID Act & the defrauded amount is Rs 1,76,96,83,413.
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He sadi that " The accused are also booked under provisions of the IPC & the amount of cheating is Rs 13,61,78,787".
So, when such kind of huge amount is involved, unless the interest of all investors is secured, the accused persons cannot be released on bail, the Judge said.
Earlier, Additional Public Prosecutor Vivek Kadu said the amount & investors whom the duo cheated was very large.
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Hence, they shouldn't be released on bail, he told the Court.
It is alleged that the accused persons accepted crores of rupees in cash & by way of cheques from various investors & transferred the amount in 14 accounts of different banks in the name of Goodwin Jewellers.
The accused allegedly failed to return the amount or gold of investors & thereby, cheated them, according to the prosecution.
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