HC rejects bail to two members of gang that duped 15,810 of ₹113.10 cr

MUMBAI: The Bombay high court (HC) on Monday rejected bail applications filed by two members of a gang that duped about 15,810 investors of over ₹113.10 crore after luring them to invest in several schemes relating to a cryptocurrency money trade coins (MTC).

Both the accused, Sachin Shelar, 43 from Dombivli and Taha Kazi, 26, from Kausa in Mumbra, had moved HC for bail claiming that they were ordinary employees of the firms floated by prime accused, Amit Lakhanpal and had acted as per his instructions. They claimed that there was, no evidence to suggest that they were beneficiaries of the fraud.

Justice Sandeep Shinde rejected the claims after noticing that evidence collected by police suggested that both of them were active at all stages of the fraud, right from floating schemes, developing websites, monitoring the rate of cryptocurrency, activating and blocking investor accounts and collection of cash from different parts of the country and its appropriation.

HC said though a forensic audit of the group’s bank accounts were yet to be concluded to trace the money trail, today it could not be said that the two were not beneficiaries of the fraud. In fact, looking at their role in the entire process, it was unlikely that they were not beneficiaries of the fraud, the court added.

The fraud came to light after an investor, Pravin Agarwal, lodged a complaint with Chitalsar police station at Thane in 2018. He came in touch with the group when he attended a seminar organised by Lakhanpal 2017 at a hotel in New Delhi, where the main accused posed as an officer of the Union finance ministry and lured the attendees to invest cryptocurrency launched by Flinstone Group, promising high returns.