PANAJI
The High Court of Bombay at Goa has granted regular bail to businessman Ashutosh Naik, arrested last month by the Economic Offences Cell (EOC) in an alleged forex and cryptocurrency scam. Naik, 41, in judicial custody, challenged the August 25 North Goa Sessions Court order rejecting his bail plea.
Booked over investments in Botbro, Botalpha, QFX Trade Ltd, Yorker Capital Markets, Crossmarkets and Minecrypto, Naik claimed he was only a retail investor who invested his savings and had no operational, managerial or directorial role, or received salary, commission or profit-sharing.
He denied being a promoter or mastermind. He said he was among the first to approach authorities, complaining to the SP, North Goa, on March 9 and the EOC on April 8, seeking an FIR against the alleged masterminds.
Naik said he cooperated with the probe and appeared before the EOC several times.
He also challenged the July 8 Look Out Circular, noting he returned from Sharjah on June 26 to join the investigation.
The plea cited no criminal antecedents, frozen bank accounts and collapse of his oil lubricant business, and argued custodial interrogation was unnecessary.
