Mumbai, March 5, 2024 – Rajkumar Niranjan Lal, a 52-year-old service professional residing in Delhi, has been granted bail by the Sessions Court for Greater Bombay in connection with an online trading fraud case. Adhoc Additional Sessions Judge S.D. Kulkarni (Court Room No. 66) issued the order on February 29, 2024.
Lal was arrested in connection with C.R. No. 3/2023 of DCB CID Unit-III (Wadala Police Station, C.R. No. 5/2023) for offenses under Sections 419 (cheating by personation), 420 (cheating and dishonestly inducing delivery of property), 120(B) (criminal conspiracy),1 201 (causing disappearance of evidence of offense, or giving false information to screen offender) read with 34 (acts done by several persons in furtherance of common intention) of the2 Indian Penal Code (IPC), and Sections 66(C) (identity theft) and 66(D) (cheating by personation by using computer resource) of the Information Technology Act.3
Background and Allegations:
The prosecution alleged that Lal and his co-accused operated an unlicensed “Trade Global Market Call Center” and deceived individuals by providing false information about company shares and stock market trends. They induced customers to transfer money into their trading accounts, often in US dollars, without having a valid license.
The prosecution claimed that Lal played a major role in the offense and that significant bank transactions were traced to his account, indicating he was a direct beneficiary of the crime.
Arguments Presented:
Advocate Anees Shaikh, representing Lal, argued that his client was falsely implicated and had no role in the management or operation of the call center. He emphasized that Lal was a permanent resident of Delhi and there was no risk of him absconding. He also pointed out that the investigation was complete, the charge sheet was filed, and Lal had been in custody since August 14, 2023. He further argued for parity, as approximately 20 co-accused had already been granted bail.
Additional Public Prosecutor (APP) Shri Lade opposed the bail, citing the seriousness of the offense, the significant bank transactions in Lal’s account, and the risk of him absconding or tampering with evidence.
Court’s Reasoning and Decision:
Judge Kulkarni considered the FIR, witness statements, and seized documents. He noted that Lal had been in custody since August 14, 2023, and the charge sheet had been filed, indicating the investigation was complete.
The court rejected the prosecution’s argument that Lal’s Delhi residence was a ground for denying bail, stating that sufficient time had been available to seize any remaining evidence. The court also noted that custodial interrogation was not necessary for seizing the amount in question.
Judge Kulkarni highlighted the long period of judicial custody and the fact that co-accused had already been granted bail. He considered Lal’s limited role in the offense, which primarily involved receiving and re-transferring funds, and concluded that he was entitled to bail.
Bail Conditions:
Lal was granted bail upon furnishing a personal bond and surety bond of Rs. 50,000 each. The following conditions were imposed:
- Lal must not tamper with prosecution witnesses or evidence.
- He must furnish surety within four weeks of his release, failing which his provisional cash bail will be forfeited.
- He must not leave India without prior permission from the court.
- He must not involve in similar types of offenses in the future.
- Bail to be furnished before the learned Trial Court.
Order Details:
The order was dictated on February 29, 2024, checked and signed on March 5, 2024, and uploaded on March 5, 2024, at 5:55 p.m.
This decision reflects the court’s consideration of the completion of the investigation, the principle of parity, and the imposition of conditions to ensure Lal’s compliance with the legal process.