SC grants bail to man arrested in connection with “bike bot” Ponzi scheme money laundering case

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The Supreme Court Monday granted bail to a man arrested in connection with Rs 3,500 crore Noida “bike bot” Ponzi scheme money laundering case noting that he did not play an active role in the affairs of the company.

A bench of Justices L Nageswara Rao and A S Oka enlarged accused Sanjay Goel, who was Additional Director of Garvit Innovative Promoters Ltd, on bail.

”The petitioner was an Additional Director in the Company for a short period of 23 days as is clear from the order of provisional attachment made by the Enforcement Directorate. There is no dispute that he was an initial investor of the Company and from the material on record, it is clear that he did not play an active role in the affairs of the company.

”Investigation has been completed and the final report has been submitted before the trial Court. In view of the aforementioned facts, we are of the considered view that the petitioner is entitled to be released…

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