Advocates:
['SUBIR LAL', '', 'SWETASHWA AGARWAL', 'G A']

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Reserved on : 12.2.2021

Delivered on : 04.3.2021

Case :- CRIMINAL MISC. BAIL APPLICATION No. - 17761 of 2020

Applicant :- Sanjay Goel

Opposite Party :- State of U.P.

Counsel for Applicant :- Subir Lal,Swetashwa Agarwal

Counsel for Opposite Party :- G.A.

Hon'ble Om Prakash-VII,J.

Exemption application is allowed.

This Criminal Misc. Bail Application has been moved on

behalf of the accused-applicant Sanjay Goel involved in case crime

no.389 of 2019 under sections 420, 467, 468, 471, 409, 201, 120-B

IPC pertaining to Police Station Dadri, District Gautam Budh

Nagar.

Heard Sri Swetashwa Agarwal, learned counsel for the

applicant and Sri Manish Goyal, learned Additional Advocate

General as well as Sri Syed Ali Murtaza, learned A.G.A. for the

State on the present bail application as well as on the connected

applications.

In short, prosecution version is that the Directors of the

company running in the name and style of M/s. Garvit Innovative

Promoters Limited having its registered office at Gautam Budh

Nagar launched a Scheme to invest in it on the inducement of

good / assured return to the investors in this ponzy 'Bike Boat

Scheme.' Due to the lucrative offer made in the Scheme, large

number of people invested a huge amount in it. The accused

initially paid the assured amount to the investors to win their trust,

but later on defaulted on payments and absconded. They did not

return the amount of a large number of investors who invested their

hard-earned money in this Scheme. A number of persons had filed

police complaints / F.I.R.s against them.

Allegation is that the informant, who is one of the investors,

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has suffered a huge financial loss in the aforesaid Scheme of the

alleged Company whose director has been implicated as accused

in the F.I.R. Informant claims to have defrauded by investing his

hard-earned money in the forged Scheme.

It was submitted by learned counsel for the applicant that

applicant has no concern with the present matter. He was simply an

investor in the Bike Boat Scheme launched by the company

concerned. He was the director only for a period of 23 days. As

soon as he came to the knowledge that investors are not being paid

the due profit by the company, he resigned immediately from the

post. It was further submitted that recovery is false and planted and

cannot be read against the applicant because same was not

recovered on the pointing out of the applicant. It was next

contended that applicant has no share at all in the company

concerned. No vicarious liability can be fastened against the

applicant. At this stage, learned counsel for the applicant referred to

the F.I.R.s lodged against the applicant and further argued that if

entire prosecution case is taken into consideration, then also main

accused are the persons who are share holders in the company

concerned. Applicant is languishing in jail since last one year two

months. He was not named in the F.I.R. He never signed any

agreement entered into between the investors and the company.

Amount credited in the account of the applicant has been returned

as profit in the Bike Boat Scheme in lieu of investment made by the

applicant. No F.I.R. was lodged on part of the investors against the

applicant. Accused in the identical F.I.R.s have been enlarged on

bail lodged by some of the investors. At this stage, learned counsel

referred to the bail orders passed by this Court in respect of the

applicant relating to similar offence in case crime no.361 of 2019,

357 of 2019, 362 of 2019, 354 of 2019 and 353 of 2019. Copies of

the bail orders have been appended with the bail application. It was

next argued that applicant was implicated in this matter only being

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an Additional Director of the Company, but it was not clear that

how the applicant was involved in diverting the amount invested in

the concerned Company to the Sister concern company. Applicant

is languis