Rs 53 Cr Fraud: Ganderbal Court Denies Bail To 4 Of Family

(MENAFN- Kashmir Observer) Srinagar- A court in Ganderbal district on Wednesday rejected bail plea of four members of a family accused of large-scale economic offence involving over Rs 53. 21 crores public money.

The accused persons-Rumaisa Jan, his father Ghulam Nabi Shah and brother Shahnawaz Ahmad Shah, residents of Kangan Ganderbal and Aamir Bashir Magray of Bonizal Haripora Kangan Ganderbal had filed the bail plea, contending that they have not done any offence and their reputation will be maligned as they all belong to the same family.

On the other hand, prosecution said that poor and innocent individuals were dishonestly induced to invest their money with false promises of high returns, including claims of doubling their investments. The accused, by running an organized online scheme, collected crores of rupees in their bank accounts and subsequently withdrew the entire amount, the prosecution said.

While the organized financial fraud caused significant economic harm to the victims, the prosecution said section 4 of PMLA Act has been invoked in the case in view of rank details of huge transactions, ramifications and huge money trail in crores.

“There is extensive and meticulous efforts by the investigating agency to unearth the nexus between the accused persons and other with respect to financial misconduct,” Principal Sessions Judge Ganderbal Abdul Nasir said, adding,“there is chance of emerging evidence to see whether the accused are involved in the commission of Money Laundering offences or not, and if it is so established against the accused, it may have a very serious and severe effect on the society and national interest as well.”

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The court said that it has been found from the record submitted by the police that the accused have indulged in monetary transactions amounting to Rs. 53,21,72,049 and the investigating agency has resorted to inclusion of offences u/s 4 P.M.L.A.

While rejecting their bail plea, the court said that the evidence on record including the financial transactions requires a very deep scrutiny regarding the financial transactions of the accused and the status of their business.

“So the release of the accused at this stage may result in affecting the quality of ongoing investigation and the haze in granting bail to the accused may result inconsequences which may pose a grave risk to the society at large and may prejudice the ongoing investigation,” the court said.

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