Court Rejects Discharge Plea Of 65-Year-Old CA In Fraud Case

Mumbai: The special MPID court has refused to discharge Deepak Jain, a 65-year-old chartered accountant booked in connection with an alleged investment fraud, noting that he was equally involved in advising his son, who is the key accused, in managing the funds invested by people in his company.

Investment fraud case

As per the case registered by the Property Cell of Mumbai Crime Branch, Jain's son, Ankit, had established a financial establishment firm -- A J Enterprises. The firm had lured around 900 investors through various modes, including social media platforms, by promising a lucrative 15% profit on investments.

The investigation revealed that Ankit's firm had transferred proceeds of crime of Rs 1.52 crore to the account of Deepak's firm between August 2024 and June 2025. Subsequently, Deepak had transferred an amount of Rs 1.72 crore back to Ankit's firm's account.

Court rejects discharge plea

Deepak's lawyer, while seeking discharge for him, contended that he had no concern with his son's business and none of the depositors had transferred any amount into his account.

The prosecution, on the other hand, said that Deepak had played an important role in suggesting co-accused for accepting investments from the depositors and the business of his son's firm. He had abetted Ankit in introducing the scheme of investment.

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The court, considering the objections raised by the prosecution, said, "The applicant had received huge money of Rs 1.52 crore of the deposits collected from the depositors and Rs 1.72 crore was transferred from the account of the applicant to the account of the FE. This shows that the applicant was involved with co-accused in collection of the money under Ponzi scheme and helped accused in diverting money of the depositors."

The court noted that "the amount of depositors was time being diverted into the account of applicant’s Chartered Accountant firm, instead of investing the said amount in the business of the FE."

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