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Mumbai: Rs 300-crore scam: Yash Birla seeks bail

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Mumbai: Industrialist Yash Birla on Monday appeared before a special Maharashtra Protection of Interest of Depositors (MPID) Act court seeking bail in the alleged scam running into several crores. The special court however deferred the hearing on the same till December 21.

The special court has also granted last chance to the Economic Offences Wing (EOW) of the Mumbai Police to file its reply in response to Birla’s bail plea.

The Yash Birla led Birla Power Solutions Private Limited (BPSL) firm has been accused of duping nearly Rs 300 crores of at least 150 investors. The EOW’s case against Birla and several others is that BPSL along with its group entities and their directors offered attractive interest on fixed deposits and collected investment to the tune of approximately Rs 300 crores.


In his bail plea, Birla has stated that he had never approached any of the investors and also he never represented the BPSL firm as he had resigned from the Non-Executive Director position in December 2012. He further stated that he was not concerned with the day-to-day affairs of BPSL and also not a signatory of the account.

Citing several High Court and Supreme Court orders in similar case, the bail plea said that Birla has always cooperated with the investigating agency and has made ‘sincere efforts’ to settle dues of the investors.

Urging the court to grant him bail, Birla’s plea states, “The evidence involved in the case at hand is voluminous in nature and the witness involved are also numerous. There is no question of the petitioner (Birla) to tamper the evidence.”

Earlier, in October the EOW had filed chargesheet against BPSL and YP Trivedi (senior Supreme Court lawyer, former Rajya Sabha MP and director of finance) Ashish Mahindakar (signing authority), Tushar Dey (legal head of the group), MS Arora (director), Anant Vardhan and Upkar Singh Trivedi. They have been charged under sections 406 (criminal breach of trust) and 420 (cheating) of the IPC and relevant sections of the MPID Act.

Meanwhile, the Home Department of Maharashtra government issued a notification last week directing the EOW to attach 10 properties owned by Yash Birla. The list of properties includes the Birla House, one of the most expensiveheritage properties in the city. Other properties include three immovable properties and six bank accounts.