Mumbai: The sessions court has rejected the anticipatory bail of Harshawardhan Sabale, promoter of Streamcast Technologies Holding Limited (STHL), who has been booked for cheating Rolta Infotech Limited to the tune of Rs 15 crore.
About The Case
STHL entered into a definitive Restructuring Services Agreement with Rolta India in 2019. It was claimed that STHL and Rolta entered into a share purchase agreement on November 12, 2018, for purchase of 10% equity shares of STHL for valuable consideration of $1.5 million. However, in its complaint to the Economic Offences Wing, Rolta alleged that it was induced to make an investment of $1.5 million in STHL based on false promises.
The applicant created a fake e-mail ID of AfrAsia Bank, Mauritius, sent numerous emails from it, and provided forged SWIFT MT 103 documents of different banks giving false assurances, it alleged. The complainant claimed after an investment of $1.5 million, in late 2019, it was discovered that STHL had been dissolved and that Rolta Infotech Ltd, which was a shareholder of said company, was not given notice of dissolution which shows that the applicant dishonestly induced complainant and his firm Rolta Group to make investment of $1.5 million.
Court Rejects Sabale's Plea
The court rejected Sabale’s plea, observing, “It appears that the complainant invested $1.5 million in the company of accused with no returns. The investment was made only with the sole intention of earning more profits. If no profits are earned, at least what complainant thought is a return of his principal investment amount.”
“This court is of the opinion that prima facie complainant was defrauded and cheated of his hard-earned money."
