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2017 (3) TMI 1834 - HC - Indian LawsGrant of Bail - alleged fraud of huge amounts - forged and fabricated sale deeds - diversion of funds in the name of fictitious land development on the basis of forged invoices - non-compliance of relevant provisions while initiating collective investment scheme by the company - HELD THAT:- The important fact to be noted in the present case is that in the FIR, the investigation is being carried out where lakhs of investors have been cheated, their money misappropriated and forged documents prepared. In the decision of Narinderjit Singh Sahni & Anr. Vs. Union of India & Ors. the Hon'ble Supreme Court [2001 (10) TMI 999 - SUPREME COURT] held that each transaction of cheating and fraud with every individual investor is a separate cause of action wherein separate FIR could have been registered. Thus, though the CBI consolidated the case in relation to the offences committed qua all investors in one FIR, it would have been within its jurisdiction to have lodged separate FIRs on the complaint of each investor. Considering from that angle, the magnitude and severity of the offence in the present case is not only in relation to the quantum of money involved but also that offences have been committed against lakhs of investors. The apprehension of the CBI that the petitioners are likely to hinder the further investigation being carried out and temper with the evidence is based on credible material as while in custody also efforts have been made to dispose of the property of the company - Considering the nature of serious allegations against the petitioners, the magnitude and severity of the offence allged impacting lakhs of investors and there being a genuine apprehension of causing obstruction in further investigation and tampering with the evidence, this Court does not find it to be a fit case for grant of bail to the petitioners. Petition dismissed.
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