MARGAO
The South Goa Sessions Court on Monday dismissed the bail applications of the four accused persons arrested in the alleged Rs 9.3 crore Rangeeta Enterprises investment fraud.
Sessions Judge, Irshad Agha dismissed the bail plea filed by the four accused persons, including main accused Gohil Jay Kumar on Monday.
The Economic Offences Cell had prayed to the court for the rejection of the bail applications of the four accused persons on the ground that more time is required for search and seizure of documents and electronic devices if any since the accused person had collected huge deposits from the investors.
EOC investigation officer, PI Razashad Shaikh had also asked for more time to find out the trail of money of the investors, parked by the proprietor and its agents.
During hearings of the four bail applications, the EOC had made startling revelations saying that the company under the name of proprietors of RANGGEETA ENTERPRISES which had accepted huge investments from depositors, running into crores of rupees is not registered with the Registrar of Companies.
That’s not all. The prosecution had submitted that the company had allegedly accepted a huge sum of money from the investors on the pretext of investing in crypto and Share Market. The prosecution had further submitted that the main accused had also opened a current account in his name and was giving returns of investment to the investors from his current account itself.
PI Shaikh submitted to the court that during the course of the investigation, letters were sent to the Registrar of Companies, Reserve Bank of India and the Securities Exchange Board of India (SEBI) requesting to inform whether any permission was obtained for accepting non-banking financial transactions in the name of "RANGGEETA ENTERPRISES".
It was further submitted that letters were also sent to all the Sub Registrars in Goa, requesting to give information/documents.
