CHANDIGARH: Exactly a year after his arrest, the only accused arrested in the Rs 600 crore Ponzi scam was granted bail on Friday.
The court directed Kamal Bakshi to furnish bail bonds of Rs 50,000. The counsel of Bakshi said he had been held in judicial custody for over a year now. It was assured that he would cooperate with the police during investigation.
The case pertains to thousandsof investorswhowerelured and cheated to the tune of more than Rs 600 crore by floating Ponzi or pyramid schemes assuring exorbitant returns. Fixed deposit receipts, immovable property papers, jewellery and high-end cars estimated to be valued at Rs 4.18 crore have been seized after searches. Describing the modus operandi,theenforcementdirectorate had said early investors of the Ponzi schemes floated by the firm were paid exorbitant returns in order to win over their confidence. “When thousands of people invested crore of rupees in the schemes, the companies stopped the payouts or monthly returns (since Oct 2010) and siphoned off crore of rupees of investors.”
The ED had arrested Bakshi and seized assets worth Rs 4.18 crore in connection with its money laundering probe in the Rs 600-crore Ponzi scam on July 28, 2017.
The court directed Kamal Bakshi to furnish bail bonds of Rs 50,000. The counsel of Bakshi said he had been held in judicial custody for over a year now. It was assured that he would cooperate with the police during investigation.
The case pertains to thousandsof investorswhowerelured and cheated to the tune of more than Rs 600 crore by floating Ponzi or pyramid schemes assuring exorbitant returns. Fixed deposit receipts, immovable property papers, jewellery and high-end cars estimated to be valued at Rs 4.18 crore have been seized after searches. Describing the modus operandi,theenforcementdirectorate had said early investors of the Ponzi schemes floated by the firm were paid exorbitant returns in order to win over their confidence. “When thousands of people invested crore of rupees in the schemes, the companies stopped the payouts or monthly returns (since Oct 2010) and siphoned off crore of rupees of investors.”
The ED had arrested Bakshi and seized assets worth Rs 4.18 crore in connection with its money laundering probe in the Rs 600-crore Ponzi scam on July 28, 2017.
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