Mumbai, May 18: A sessions court has refused to grant anticipatory bail to city-based businessman Rahul Shah, who is alleged to have received proceeds of crime siphoned off by the main accused through
fake cheques in March.
Police probe fake cheque transfers
According to the prosecution case registered with the MRA Marg Police, key accused Vivek Galugade deposited fake cheques into an account belonging to Sundaram Home Finance, Chennai, at the HDFC Bank Fort Branch in Mumbai and succeeded in transferring funds.
The investigation has revealed that Galugade was involved in the withdrawal of funds amounting to Rs 98.30 lakh. The agency claimed that Shah received a total amount of Rs 10.88 lakh from Galugade in his account.
Shah, however, claimed that he was innocent and not involved in the fraud. His lawyer assured the court that he would cooperate with the investigation.
Court cites seriousness of economic offence
The court, however, refused to accept his contention and held that, “Prima facie investigation papers show the Investigating Officer found involvement of Galugade in withdrawing an amount of Rs 98.30 lakh from the account of Sundaram Home Finance and transferring the same in favour of accounts of different persons, including Rahul, and thereafter withdrawing the said amount.”
“Prima facie investigation papers show the applicant is beneficiary of Rs 4 lakh related to the amount received through the account of Sundaram Home Finance. Prima facie record also shows that between March 20 and March 30, a total amount of Rs 10.88 lakh was credited to the account of the applicant,” the court added.
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Custodial interrogation necessary, court says
“There is no explanation on behalf of the applicant with regard to the same. Therefore, considering the seriousness of the alleged economic offence, the role played by the applicant/accused along with Vivek Galugade and its consequences, according to me, custodial interrogation of the applicant is essential,” the court said while refusing to grant anticipatory bail to Shah.
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