MARGAO
V G Costa after Adv Antonio Clovis da Costa, representing the intervenors, drew attention of the judge to the Supreme Court order in the infamous Sahara case wherein the accused was directed to deposit a specific amount in the court as a condition precedent before granting him bail.Public Prosecutor V G Costa later told Economic Offences Cell investigating officer, PI Shivram Vaingankar to work out the figure taking into account the assets and properties owned by the acccsued so that the same is placed before the court on June 27 when the court is expected to pronounce its verdict on the bail plea.Adv Anacleto Viegas, Adv Jeffery Martins and Adv Antonio Clovis da Costa, representing the depositors as intervenors, vehemently opposed the bail plea of the accused, saying the accused has misappropriated and cheated around 570 depositors in the case. While the principal amount works out around `17.5 crore, the maturity amount is pegged at a whopping `55.70 crore.Adv Viegas and Adv Martins submitted before the court that investigations in the case remains incomplete, arguing that the police has so far investigated into only one complaint when a total of 569 depositors have lodged complaints with the police. Adv Jeffery Martins pointed out that while the investigating agency has received hundreds of complaints, the agency has registered a single offence when the complainants are different and the transactions have taken place at different point of time.Adv Viegas did not agree with the arguments advanced by defence lawyer Adv Rajiv Gomes that the accused should be released on bail if he has to return the money to the depositors. “Similar argument was advanced by the accused in the Sahara scam and the Supreme Court had made it clear that the accused should first deposit the money of the depositors before the court before granting bail,” Adv Viegas said.On the other hand, Adv Rajiv Gomes, appearing for accused Raikar, argued that the accused has not misappropriated the money of the depositors, saying he had invested the depositors money in the market and lost. Pleading for bail, Adv Gomes said the court can impose conditions on the accused while releasing him on bail. The CJM will pronounce the verdict on the bail plea on June 27.
