Supreme Court docket requested the businessman to deposit Rs 10 crore as a pre-condition for bail
New Delhi:
The Supreme Court docket Thursday directed {that a} businessman, who’s in custody in reference to the alleged Rs 3,500 crore Bike Bot rip-off, be launched on bail and requested him to deposit Rs 10 crore as a “pre-condition” for the reduction.
The highest court docket famous that the Allahabad Excessive Court docket had in June this yr directed the discharge of businessman Dinesh Pandey on bail after recording a transparent discovering that he was not named within the FIR and that he wasn’t a director, workplace bearer or supervisor of the non-public agency which had launched the Bike Bot scheme which allegedly defrauded lakhs.
Dinesh Pandey’s counsel stated he has not been launched because the police stored developing with new FIRs that had not been disclosed to him earlier.
The Uttar Pradesh police had earlier stated {that a} Noida-registered firm had in 2018 hatched a multi-level advertising and marketing scheme ‘Bike Bot’ and lured traders with the promise of doubled returns in a yr.
Whereas granting interim reduction to Mr Pandey, a bench headed by Justice AM Khanwilkar stated that the businessman must abide by the phrases and situations imposed upon him by the excessive court docket that granted him bail.
“Accordingly, for the explanations talked about within the order dated July 6, 2021 of this court docket… we direct the respondents (state of Uttar Pradesh and Delhi) to launch the petitioner on bail forthwith on the phrases and situations specified within the bail order handed by the Excessive Court docket of Judicature at Allahabad in respect of the involved instances and for that matter even future instances to be registered, which shall be achieved solely after taking prior permission of this court docket,” stated the bench, additionally comprising Justice Hrishikesh Roy and Justice CT Ravikumar.
“The petitioner shall abide by the phrases and situations said by the excessive court docket. As well as, he shall deposit a sum of Rs 10 crores within the registry of this court docket which can stay invested in a Fastened Deposit Receipt with a nationalized financial institution, till additional orders. That can be pre-condition for grant of bail,” the bench stated in its order.
In the course of the arguments, Mr Pandey’s counsel advised the bench that his consumer was arrested in November 2020 and the excessive court docket had granted him bail this June.
The state has not challenged the excessive court docket order granting bail, the counsel stated, including that the police got here up with new FIRs that weren’t disclosed to his consumer earlier.
The lawyer showing for the state stated there are a number of traders who’ve been defrauded by the scheme and there’s a sequence of complaints.
“You need to have suggested the state to problem the excessive court docket order,” the bench noticed.
Mr Pandey’s lawyer stated his consumer has nothing to do with the Bike Bot scheme and the allegations that cash collected from the traders had been diverted into the account of his firm.
“Even within the current case, it’s seen that a number of FIRs/complaints have been filed and in respect of which the petitioner is being taken into custody in succession,” the bench stated.
It stated in case the state intends to proceed towards the petitioner in reference to every other unbiased offence in regards to the topic venture, it should take prior permission of the highest court docket.
The bench stated the petitioner must totally cooperate with additional investigation, as and when referred to as upon by the investigating officer.
The bench stated that it’ll hear the functions filed within the matter on October 1.
