Mumbai: The sessions court has refused to grant bail to a 68-year-old man from Delhi, Hemant Gupta, booked in connection with a cheating case registered with Bandra police station. The court noted that he was actively involved in the crime.
Ex-Director Arrested for ₹1.78 Crore Cheating Case
Gupta was arrested on September 23, for being an ex-director of Astitva Capital Market Pvt Ltd, which is accused of cheating the complainant – Sajid Malik, executive director of Genesis International Corp Ltd – and his mother to the tune of Rs1.78 crore. The court said Gupta allegedly received Rs1.20 crore in his account.
Malik had claimed he came in contact with one Rohit Arora in June 2019, who introduced him to Argent Finvest Pvt Ltd, for loan to start share trading. Arora mentioned that a few of the directors of Argent Finvest were also directors of Astitva Capital Market, a share brokerage firm. The offices of both the firms were located in Delhi.
Malik was told that if trading was carried out through Astitva Capital via Argent Finvest, he would be provided 50% collateral margin. Arora further introduced Malik to Yadvendra Sharma, a director of Astitva Capital Market. Promising good profits, Sharma lured Malik in September 2019 to transfer all his shares worth Rs1.78 crores to Astitva Capital Market.
Investor Alleges Misappropriation of 70,000 Shares
Later, Malik instructed Sharma to purchase 70,000 shares of Rushil Decor Ltd but despite repeated reminders he wasn’t given access to operate his Demat account. On October 5, 2021, Malik filed the complaint with SEBI, which informed him no purchase or sale had taken place for Rushil Decor. Malik claimed his shares were allegedly misappropriated.
While seeking bail, Gupta claimed he was merely a nonexecutive director from August 16, 2019 till September 11, 2020, and was not involved in day to day affairs. He claimed Malik invested only after his retirement from Astitva Capital. He also sought bail on health grounds, claiming he suffered a heart attack before his arrest, which the court rejected, saying that he is being treated at JJ Hospital.
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