Legal Dictation from Original Judgment

During the course of investigation, as per the submissions and the status report of the State, it was revealed that the money collected from the investors/complainants were credited into the bank accounts of the accused company and these amounts were diverted to different accounts Highway. It is alleged that the money received from the investors was not used for the completion of the ND Project and that huge amounts were withdrawn from the accounts of the accused company, whereas the construction work at the project site had been done only 10 to 15%. It is further stated through the said status report that there were more complaints received against the accused company for the same project which were clubbed with the present case and the same and their invested amount was Rs.19 Crores with it having been submitted through the status report that the number of complainants were increasing every day.

As per the submissions made through the said status report, during investigation, it was revealed that the accused company was also indulging in selling of one flat to two customers. It was revealed that Directors in the accused company and that they were the authorized signatories in the bank accounts of the accused company and being the Director of the accused company, Madhav Agarwal had played an active role in booking of the flats and had also personally benefitted as investments had been siphoned off to Highway Pvt. Ltd. a different company wherein his daughter the present petitioner was the Director.

The State further submitted that In as much as the present petitioner is the daughter of Mr. Madhav Agarwal, she had played a very active role in the booking of the flats in the project and then in siphoning off the money of the investors and that she had been named in all the complaints received in the present case and she was the Director of the company namely in which almost Rs. 2 crores were transferred from the accounts and then that money was used for her own use. The State further submitted that the petitioner herein had also shown herself as and had written a letter to Property, for seeking permission to mortgage the project land in the capacity of that she had signed the Allotment Letters/Agreements in favour of investors.

The State further submitted through the said status report that during the course of investigation several raids were conducted to arrest the petitioner accused but she was absconding and evading her arrest and that non-bailable warrants were issued against the petitioner accused. Trial Court pursuant to which, the accused her father were arrested and the charge-sheet was filed thereafter. As per the status report dated 06.04.2019, the cheated amount of Rs.19 Crores was yet to be recovered and if the accused/petitioner-Garima Gupta was released, the same would hamper the ongoing investigation. The said status report also indicated that the other Director namely Mrs Aggarwal had also been arrested.