A Delhi Court on Wednesday granted bail to Rajesh Ambwani, accused in multiple FIRs for duping investors with crores of rupees.
Dr Pankaj Sharma, Chief Metropolitan Magistrate (CMM) of Patiala House Court on Wednesday while granting bail to Ambwani also imposed the condition that the accused shall always share his location with the Investigating officer by dropping a google pin on google map.
Court also directed that accused's release will not interdict with the fair and proper investigation in any manner given his conduct and the stage of the investigation. Also, the evidence qua accused is in possession of the department, said court.
It was alleged that Ambwani represented himself as a scholar and alumni of IIT, Delhi with Masters in M.Tech. and Business Management and a highly reputed professor/mentor in IIT, Delhi.
He also represented himself to be a financial advisor of great repute who was making substantial profits in trading of equities shares and had generated huge returns on investments for his clients who have invested with him and running a very successful stock trading coming to M/s Hedge Stack.
Initially, it was alleged that Ambwani induced the victims to invest their money and ensured the return of 4 per cent per month on their investment, later on, 9 more victims have been added to the FIR, having similar allegations.
Moreover, it has also been alleged that Ambwani has not only cheated the investors but has also forged the signatures of the investors on the KYC document to make a wrongful gain of their investments.
Advocate Vijay Aggarwal along with Advocate Yugant Sharma appearing for Ambwani argued that the FIR is ex facie absurd, lack bonafide and has been filed with malafide as the FIR has been filed with the unreasonable delay of 3 years, hence the same is not credible as no money was ever given to Ambwani as it was straight away credited and debited in the trading accused of the Investor which was with M/s Edelweiss Broking Ltd.
Advocate Aggarwal also argued that the complainants knew that their money would be invested in the share market and share markets are prone to ups and downs as per the market fluctuations and one fails to understand how the complainants were convinced that the invested amount gives a return of 4 per cent per month.
Adv. Aggarwal also stated that no complaint was filed when the investors admittedly earned profits but filed a Complaint when they incurred loss in trading.
Additional Public Prosecutor (APP) which was being assisted by Counsel for 9 victims, who were also present in Court, vehemently opposed the Bail Application of Ambwani and argued that Ambwani allured that he would get a minimum 4 per cent return per month on investment.
In addition to this, Complaints from other complainants have been received alleging the same modus operandi. It is submitted that the accused used to obtain a password of his client in good faith and used to speculate in highly volatile stocks and currency.
Ambwani used to give false information about the profits in the client account. Although there were losses in the said account. He gave instructions to broker Edelweiss Derivatives Trading for transferring the amount from the customer trading account to the link bank account. Ambwani charged a fake bill for the same showing it to be profitable.
( With inputs from ANI )
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