TMI Blog2019 (12) TMI 220X X X X Extracts X X X X X X X X Extracts X X X X ..... ences having a deeprooted conspiracy and involving a huge loss of investors money seriously. Though further investigation is going on, as of now, the investigation discloses that the Respondent played a key role in the promotion of the chit fund scam described, thereby cheating a large number of innocent depositors and misappropriating their hardearned money. Thus, if the Respondent continues on bail, there is little chance of realising any amount by selling the properties of the Tower Group of companies, since he may use unlawful tactics to keep prospective buyers away. Moreover, it is relevant to note that the investigating agency has not yet assessed the exact total amount invested by the people of Orissa in the accused company, so a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4.06.2014, against one Tower Infotech Ltd. ( the accused company ), and several persons in connection with the affairs of the company, including the Respondent Ramendu Chattopadhyay, the Chief Managing Director of the accused company, treating Baliapal PS (Dist. Balasore, Orissa) Case No. 85/2013 dated 15.05.2013 as the base FIR. The case of the CBI revolves around the allegation that all the accused conspired amongst themselves to run collective investment schemes in the name of the accused company; and by inducing the public to invest under these schemes with the allure of high returns, collected funds amounting to ₹ 255,91,00,541/, but did not repay the amount to the tune of ₹ 15,69,35,003/, thereby cheating the investors of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ting with the investigation agencies and the OneMan Committee. 5. The records prima facie reveal that the Respondent was the founding director of the accused company. He was a key decisionmaking authority of the company, and used to sign certificates issued to the investors and other important documents. He was also an authorised signatory of all bank accounts of the company and used to conduct agents meetings. As per the allegations, he used to mislead the agents by stating that the company had necessary permissions from the regulatory authorities to collect funds, and also used to project in the meetings that the returns paid by the accused company to its investors were higher than any other agency. As per the chargesheet, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of this Court that the Respondent, with the dishonest intention of deceiving and alluring investors, as well as agents and business developers, had got brochures of the Tower Group of companies published. In the aforesaid brochures, a letter was published in the name of Smt. Sheela Bhide, IAS, Chairman and Managing Director, India Trade Promotion Organisation. On the basis of this purported letter, it prima facie appears that the accused tried to falsely impress upon the public that the accused company was doing lawful business and also gaining huge profits. Though Smt. Sheela Bhide was also named as an accused in the FIR, during investigation, she denied having issued this letter. 8. This Court is conscious of the need to view s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ION (CRIMINAL) NO. 462 OF 2019) Leave granted. 2. This appeal by special leave has been filed by the CBI questioning the order of the High Court of Orissa at Cuttack granting bail to the Respondent herein in BLAPL No. 1451 of 2017. 3. Since the facts emerging in this appeal are the same as in the criminal appeal arising out of S.L.P. (Crl.) No. 120 of 2019, they have not been referred to again for the sake of brevity. 4. It is submitted by the CBI as regards the role of the Respondent that he was a director in various companies under the Tower Group, and was also a key decisionmaking authority therein. It is alleged that the accused company used to receive cash so that the directors, including the R ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
