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TMI Blog2022 (11) TMI 1354X X X X Extracts X X X X X X X X Extracts X X X X ..... Information Report No.ECIR/LKZO/05/2019 under Section 3/4 PMLA, Police Station Directorate of Enforcement, Lucknow. 2. The accused-applicant has approached this Court after his bail application got rejected by the learned Sessions Judge/Special Court, PMLA, Lucknow vide order dated 03.10.2022. 3. Several FIRs got registered on the basis of complaints from various individuals in respect of alleged offence of fraud and forgery of valuable securities, etc. by accused-Sanjay Bhati, promoter of M/s Garvit Innovative Promoters Ltd., and other Directors of the said company namely, Mr. Rajesh Bharadwaj, Mr. Karan Pal Singh, Mr. Sachin Bhati (accused-applicant), Vinod Kumar and various other associates and related persons. 4. Charge-sheets/final ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rking space of the bikes. 7. The Company initially paid some amount as promised but stopped the monthly returns/payments since December, 2018 and when the investors approached the company, they were threatened with dire consequences and refused to refund any money. The Company issued post dated cheques drawn on Noble Co-operative Bank to the investors but such cheques were returned unpaid on account of insufficient balance in the account of the Company i.e. M/s Garvit Innovative Promoters Ltd. The accused allured the public on the promise of false returns and misappropriated their hard earned money in the scheme. M/s Garvit Innovative Promoters Ltd. and related persons had collected several thousands of crores from the investors and had ch ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y 2019. The company had also collected cash in November, 2018 and December, 2018 from its investors. 11. Investigation would reveal that M/s Garvit Innovative Promoters Ltd. and its promoters/directors and related persons of the company embezzled the public money received as investment in the bike taxi scheme floated in the name and style of BIKEBOT and siphoned off the same for personal gains, creation of assets and various other purposes hitherto unknown. 12. Out of proceeds of crime received by M/s. Garvit Innovative Promoters Ltd., Sanjay Bhati and the accused-applicant acquired shareholding in few companies namely, M/s. Independent TV Ltd., M/s. Pimex Plastics, M/s. Pimex Broadcast Ltd., M/s.Prerna Services Ltd. etc. and other relate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ences. Present complaint was filed against him without taking him in custody by the Enforcement Directorate. The accused-applicant was produced in the PMLA court on 21.07.2022 in pursuance to the production warrant issued against him after PMLA took cognizance on the complaint on 28.05.2022. Learned counsel for the accused-applicant submits that since the accused was not arrested by the Directorate of Enforcement before filing the complaint and his statement recorded under Section 50 of PMLA was not recorded since the investigation is complete, the accused-applicant may be enlarged on bail. 15. On the other hand, Mr.Kuldeep Srivastava, learned counsel for the Directorate of Enforcement opposing the petition has submitted that the accused-a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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