Merely because a stock broker was in touch with the prime accused in a stockbroking scam and exchanged WhatsApp messages, it cannot be claimed that he has a major role to play in duping the shareholders (victims), the Bombay High Court has observed.
The HC has granted bail to a stock broker Manish Shah, 60, who was arrested on February 3, by the Kasturba Marg police station for cheating.
An FIR was registered on November 27 last year by the police on a complaint by an employee of JM Financial Services Ltd alleging unknown persons siphoned off the money by creating fake Demat accounts of shareholders whose shares were lying dormant. Such shares were disposed of and the proceeds were misappropriated to the tune of Rs14,11,66,524.
Three persons were arrested, including Shah. One Arvind Goyal is alleged to be the mastermind. The chargesheet was filed on March 20, 2024.
Advocates Sujay Kantawala and Prasad Borkar submitted that except for certain WhatsApp chats exchanged between Shah and Goyal, there is no other material to connect the former with the alleged offence. Shah, being a stockbroker, forwarded details of certain shares and this gave rise to suspicion about his involvement in the present case,” Kantawalla argued.
The judge remarked that Shah has made out a case that there is “scant material” to directly link him with the alleged scam and there is no material on record to show that he, in any manner, was a beneficiary of the alleged activities. Hence, the court directed his release on bail on furnishing a personal bond of Rs1 lakh.
