Mumbai, April 21: The special court hearing the Torres fraud case has refused to grant bail to alleged 58-year-old hawala operator Lallan Singh, booked for his alleged role in helping the accused siphon off the proceeds of crime.
Defence claims false implication
Singh’s lawyer Manish Singh had contended that the applicant has been falsely implicated in the present case. He has not committed the alleged offences.
On the other hand, he himself is the victim in the present case as he has invested money in M/s Platinum Hern Pvt. Ltd. by borrowing money from banks as well as from his friends and relatives. He is not connected with the accused company in any way.
Prosecution opposes bail plea
The plea was, however, opposed by the prosecution, contending that the accused, with a preplan, induced 15,018 investors to invest their money to the tune of Rs. 149.66 crores. There was criminal conspiracy amongst the accused, and all the accused are involved in the commission of the offence.
Alleged role in money siphoning
The agency claimed that Singh was involved in the conspiracy with the other accused in the commission of the offence. The agency claimed that Singh accepted the misappropriated amount from M/s Platinum Hern Pvt. Ltd. company, which was deposited by the investors through his companies Astrozen Pharmaceutical Pvt. Ltd., Miracle Pvt. Ltd., Mulund Online Services, Prisah Advisory Pvt. Ltd., and Prisah FMS and Security Services Pvt. Limited. The firms later transferred the amount back to Platinum Herns. The firms were thus involved in transfer of a total sum of Rs. 13.45 crores.
Court cites antecedents, denies bail
The court noted that according to the prosecution, CA Abhishek Gupta as well as accused Taushif Riyaz have given statements in respect of involvement of the applicant in accepting huge cash amounts and helping the accused to siphon off the proceeds of crime. It appears that there are six other offences registered against the applicant in various police stations.
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“It appears that the applicant has criminal antecedents and similar types of offences are registered against him. There are also allegations in respect of manipulation of the documents by the applicant. From the copies of Investment Agreements, it cannot be said that the applicant is merely an investor in the companies. The applicant has not explained the source of the amount received in the account of his companies,” the court said while refusing to grant bail to Singh.
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