PANAJI: The sessions court Panaji denied bail to an accused arrested by the economic offences cell for duping investors to the tune of Rs 1.40 crores promising good returns.
The court found that the accused Ameet Savant allegedly committed a very serious offence of cheating investors by collecting money from them with the intention to defraud them. He has been charged with criminal breach of trust.
The court observed that the accused cannot be granted bail because an offence under Section 409 of the IPC and Section 5 of the Goa Protection of Interests of Depositors (In Financial Establishments) Act, 1999, are both punishable up to ten years. “An offence which is punishable for more than 7 years is considered as a serious offence,” the court held.
The accused submitted to the court that he should be granted bail as there are inmates who have tested positive at Colvale jail and that there were Supreme Court and high court orders in March and April, issuing directions to release accused persons on account of the pandemic.
The court however held that the judgements by the high court and Supreme court don’t apply to accused persons involved in “serious crimes”.
A complaint was filed by Rohit Chopra of cheating and fraud by Goa franchise of Ventura Securities Ltd. The franchise in Goa is owned by Ameet Savant who took money from Chopra and others to the tune of Rs 1.40 crores promising good returns. It was found that that the franchise holder opened many accounts in different banks in the name of the company and accepted money from the public.