HC dismisses bail plea in economic offence case

Economic offences are considered grave crimes as they affect the economy of the country. Such offences are to be viewed seriously. This was held by the Himachal Pradesh High Court, while dismissing the bail plea of a person, who is allegedly involved in fraudulent activities related to cryptocurrency. He enticed people to invest substantial amount(s), promising

high returns.

Dismissing the bail plea, Justice Sushil Kukreja observed: “When the gravity of the offence alleged is severe, mere long incarceration in jail as undertrial is not sufficient ground to enlarge an accused on bail if facts and circumstances of the case and interest of society do not warrant for enlarging the accused-applicant on bail. The present is an economic offence. In such type of offences, while granting bail, the court has to keep in mind, inter alia, the larger interest of the public and the State. The nature and seriousness of an economic offence and its impact on society are always important considerations in such cases.”

As per the prosecution story a case was registered at the Palampur police station on the basis of written complaint filed on September, 24, 2023. It was alleged in the said complaint that a group of individuals, including bail petitioner, engaged in fraudulent activities related to cryptocurrency.

It was further alleged that thousands of investors had fallen victims to the fraudulent scheme. More than 80,000 investors had contributed over the past four years. There was a loss of crores of rupees of investors. The investigation, prima facie, revealed that the petitioner was the close associate of the main accused and was one of the top liners in the chain. The main accused had absconded and moved out of India.

It was further alleged that the modus operandi of the alleged fraud involved alluring individuals with promise of high returns on cryptocurrency investments, creating a network of investors, who recruited others, manipulating cryptocurrency prices and ultimately caused financial loss to victims.

Himachal Tribune