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HC rejects bail plea of fraud developer

The bail plea of a city based developer, arrested for allegedly duping thousands of investors worth crores of rupees in a township project, has been rejected by the Delhi High Court.

Dismissing the plea of Sanjay Gambhir, the Director of M/s D D Infrastructure, for regular bail, Justice M L Mehta noted that the offences he had been accused of were of ‘high magnitude of mass public fraud and cheating’ and such offences were on a rise in the city.

It also observed that his bona fides were ‘extremely dishonest and deceitful’. ‘...the number of complainants/investors rising on every following day and the amount of their investments considerably rising and the fact that all the complainants/investors have been raising hue and cry for having been duped of their hard earned money. And the prosecutor as also the investigating agency pressing for custodial interrogation for the investigation of the FDI amount of about 230 crores, which had been received by the petitioner and his co-accused persons as valuable consideration towards the transfer of their rights in the projects, and the bona fides of the petitioner not being honest, but extremely dishonest and deceitful, the petitioner is not entitled to be enlarged on bail,’ the court said.

Taking serious note of Gambhir’s conduct, it said the accused was granted interim bail by this court with certain conditions including refunding of money to some complainants but he had failed to comply with the conditions.

‘The offences which have been committed by the petitioner [Gambhir] with other co-accused [wife and son] are of high magnitude of mass public fraud and cheating and such offences being on high rise in the city, the petitioner does not deserve any indulgence of this court. In view of all this, the petition has no merit and is hereby dismissed,’ the court said.

Gambhir was on interim bail till 22 December last year but after he failed to comply with the conditions including refund of money with interest to the investors, the court cancelled the interim protection given to him in December last year and since then he has been in custody.
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