Mumbai: Habitual offender, said court while refusing protection from arrest to businessman

The businessman had claimed relief stating that he had not induced any depositors and though there are allegations of cheating 170 persons, he has already complied with the amounts of 105 of them.

Staff ReporterUpdated: Tuesday, July 19, 2022, 11:47 PM IST
article-image
Mumbai: Habitual offender, said court while refusing protection from arrest to businessman | File Image

A sessions court considered two similar earlier crimes a businessman was booked for and said that he is ‘habitual’ in committing similar crimes, while denying protection from arrest to businessman Siddharth Pilani, who was arrested by the Economic Offences Wing (EOW) recently.

He had been booked for luring 170 depositors by offering a high-interest rate on their invested amounts and had managed to collect Rs. 21.22 crores from them. He had allegedly told them that the amounts will be used for share trading through his firm M/s. Capital Berg.

Additional Sessions Judge AM Tapkire said in the order that there is substance and force in the contention of an affected depositor who had opposed relief to the businessman, that Pilani is habitual in committing similar offences. It said the most material fact against the businessman is that there are two crimes of a similar nature - one registered in 2019 in Nagpur and another with the EOW in 2019. The court said that it appears the investigation in these offences were still pending when the present crime was registered against the businessman.

The court also pointed out the amount of Rs. 30 crores and said that when the amount is to such a tune, certainly it is a serious and cognizable offence. Without custodial interrogation, the investigating agency will not get the opportunity to detect most material facts in view of the serious charges raised against him, it said.

The businessman had claimed relief stating that he had not induced any depositors and though there are allegations of cheating 170 persons, he has already complied with the amounts of 105 of them.

(To receive our E-paper on whatsapp daily, please click here. To receive it on Telegram, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

RECENT STORIES

Mumbai: SC to hear petitions today on tree cutting in Aarey forest

Mumbai: SC to hear petitions today on tree cutting in Aarey forest

Mumbai updates: Supreme Court to hear petitions on Aarey forest tree cutting today

Mumbai updates: Supreme Court to hear petitions on Aarey forest tree cutting today

SAD leader Bikram Singh Majithia gets bail in Punjab NDPS case

SAD leader Bikram Singh Majithia gets bail in Punjab NDPS case

Watch: IED weighing 25 to 30 Kgs in Pulwama defused by police and security forces

Watch: IED weighing 25 to 30 Kgs in Pulwama defused by police and security forces

Sensex, Nifty start day on tepid note; ICICI Bank, RIL rise

Sensex, Nifty start day on tepid note; ICICI Bank, RIL rise