SC extends interim bail of director of Haryana-based company accused in Ponzi scheme
India

SC extends interim bail of director of Haryana-based company accused in Ponzi scheme

New Delhi, Sep 20 (PTI)The Supreme Court on Tuesday extended by a week interim bail granted to a director of a Haryana-based company accused of cheating about 31 lakh investors by way of a Ponzi or fraud multi-level marketing scheme. A bench headed by Justice D Y Chandrachud noted that the wife of the petitioner […]

   

New Delhi, Sep 20 (PTI)The Supreme Court on Tuesday extended by a week interim bail granted to a director of a Haryana-based company accused of cheating about 31 lakh investors by way of a Ponzi or fraud multi-level marketing scheme.

A bench headed by Justice D Y Chandrachud noted that the wife of the petitioner was admitted to the hospital and would be discharged in a week.

The top court directed accused Radhey Shyam to surrender immediately after the expiry of one week.

“In view of the medical prescription of the doctor at Max hospital at Saket, implicating ill health of the spouse of the applicant, we extend the interim bail by a week,” the bench also comprising Justice Hima Kohli said.

The top court on August 24 granted interim bail to the accused to take part in rituals following the death of his parents.

The petitioner had sought release for four weeks to complete the religious observances occasioned by the death of his parents.

“Having regard to the reason set out for short-term release on bail, we are of the opinion that the petitioner should be granted bail for a period of four weeks from today. The petitioner shall accordingly be released on bail for a period of four weeks, subject to certain conditions.

“The petitioner shall remain confined to the District of Hisar, Haryana during the period of interim bail, save and except on those days where he may have to leave the District for the purpose of religious observance in which event prior notice shall be given to the SHO of the police station concerned,” the bench had said.

The top court had said the restraint on the petitioner leaving Hisar shall not apply where the presence of the petitioner is necessitated to comply with a production warrant issued by a competent court.

“The petitioner shall apprise the SHO in advance of the date on which he is to leave Hisar for the above purpose. The passport of the petitioner shall be deposited with the investigating officer unless it has already been deposited prior to the date of this order and the petitioner shall immediately surrender after the period of interim bail comes to an end,” the bench had said.

The Haryana Police had slapped charges of cheating and conspiracy under various sections of the IPC and those under the prize chit and money circulation banning Act of 1978 read with the Haryana protection of interest of deposits in Financial Establishment Act of 2013 against the accused. PTI PKS RKS RKS

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