The HC said the investigation was 'biased, mala fide' and in ‘gross abuse of process of law' and it was a fit case to quash the proceedings against the petitioners.
The court held that "prima facie a safe inference can be drawn that the police machinery is protecting the accused persons (of Karam Infrastructure Pvt Ltd) for reasons best known to them.”
The Bench queried whether organizations which publish such crowdfunding ads for treatment of diseases retain any amount out of the funds or donations received.
‘Fake Crypto currency’ case, HC denies bail to duo
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‘Fake Crypto currency’ case, HC denies bail to duo
Swati Deshpande / TNN / Feb 10, 2021, 23:47 IST
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MUMBAI: Bombay high court on Monday rejected the bail applications of two accused in a 2018 ‘fake crypto currency’ case that involved duping of 15800 investors of over Rs 113 crore through schemes such as ‘cryptozanania’ they and absconding aides allegedly floated.
“Evidence also suggests, money invested…has been diverted in the companies established in countries say Poland, England, Harju County, Dubai-UAE, Switzerland,’’ said the HC observing that key accused is yet to be traced and their release may hamper further probe.