Alleged mastermind of Future Digital Asset scheme fraud Rakesh Garg gets bail from special MPID court
The special MPID court granted bail to Rakesh Garg, a company director described as the alleged mastermind of the multi-crore Nagpur scam, with conditions.
A special MPID court has granted bail to Rakesh Garg, director of the company, in the alleged multi-crore Future Digital Asset scheme scam in Nagpur district. Garg has been described as the alleged mastermind of the case.
Special Judge A.A. Ayachit imposed certain conditions while granting bail. Garg must cooperate with the investigation and appear before the investigating officer whenever summoned. He cannot travel abroad without the court's permission. The court has also asked him to submit details of his passport.
According to the complaint, investors were lured with the promise that a deposit of Rs 9,000 would bring Rs 12,500 into their online wallets within a month. They were also told that anyone who brought in 25 investors would receive a heavy commission and merchant coins. After depositing their money, the investors allegedly did not receive the returns promised.
On the same complaint, a case was registered against Rakesh Garg and Mehul Dixit, an agent in Nagpur district, under the BNS, the MPID Act and the IT Act.
Advocates Kamal Satuja, Kailash Dodani and Hitesh Khandwani argued for bail on behalf of Garg. They said the allegation of explaining the scheme to investors and taking money from them lies mainly against Mehul Dixit. The defence also told the court that no investor's money was deposited in Garg's personal account. No investor has said in the chargesheet that Garg induced them to invest.
The defence said the investigation was complete and the chargesheet had been filed. According to them, the bank accounts of Garg and his companies are already frozen and hold more than Rs 2.28 crore. The chargesheet puts the alleged embezzled amount so far at about Rs 5.40 lakh. The defence said Garg has no objection if any amount needs to be recovered being adjusted from the frozen accounts.
Advocate Girish Dubey opposed the bail on behalf of the prosecution. After hearing both sides, the court granted bail to Rakesh Garg.
