Madurai

HC grants bail to accused in Parivar Dairies financial fraud case 

The Madurai Bench of the Madras High Court has granted bail to an accused in the Parivar Dairies financial fraud case.

Justice K. Murali Shankar granted bail to Basant Lal Sharma, the third accused in the case. Sharma was arrested and remanded in judicial custody in November, 2021. The CBI had conducted an investigation in the case.

The other accused were holding key positions in the company and some were involved in the management of the company.

The case of the prosecution was that the petitioner and other accused entered into a criminal conspiracy in Gwalior and other places for the purpose of getting wrongful gain for themselves by cheating the public by way of collecting deposits or investments from them.

They obtained the deposits dishonestly and fraudulently, without obtaining any approval or registration from the Reserve Bank of India (RBI) or the Securities and Exchange Board of India (SEBI) and with a false promise to pay high returns on the deposits or investments.

It is said that the accused had collected ₹49.76 crore from 17,379 depositors. Instead of returning the deposit amount on maturity, the accused misappropriated the amount for their personal gain.

It was submitted that the investigation in the case was completed and the charge sheet filed. It was also submitted that two other accused had been granted bail. The petitioner undertook to deposit the amount as directed by the court to the other accused in the case.

The court, considering the fact that two other accused in the case had been granted bail and the undertaking of the petitioner, granted bail to the accused. He was directed to deposit ₹1.25 crore with the trial court and appear before it at 10.30 a.m. every Monday.


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Printable version | Aug 12, 2022 8:30:40 am | https://www.thehindu.com/news/cities/Madurai/hc-grants-bail-to-accused-in-parivar-dairies-financial-fraud-case/article65586877.ece