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HC denies bail to realty firm's boss held for Rs 600 cr fraud

Press Trust of India  |  New Delhi 

high today denied bail to a top officer of Vigneshwara real estate group, who is accused of duping people who had invested in the company's projects at Gurgaon and Manesar, to the tune of Rs 600 crore.

Justice Vipin Sanghi dismissed the bail plea of company MD Sunil Dahiya, who is in judicial custody since October 30, 2014, observing that he "appears to be a person with deep pockets".

"If he could manipulate and dupe more than 1000 investors to invest in his projects, he may as well be able to influence these investors, other witnesses and the evidence to save his own skin.

"Applicant (Dahiya) has been accused of economic offences involving cheating and misappropriation of huge amounts of public funds, and such offences - as observed by the Supreme Court, have to be viewed seriously," the said.

Dahiya has moved high challenging the trial court's September 10, 2015 decision, by which he was denied bail.

The Economic Offences Wing (EOW) in October 2014 had registered three cases in connection with two projects launched by Vigneshwara and its sister companies at Manesar and Gurgaon.

The company had invited applications for investment in two projects for construction of IT parks, one in Gurgaon and the other in Manesar.

As per the prosecution, the directors -- Sunil Dahiya and his family members -- allegedly induced large number of people through advertisements and through personal assurances to invest in the projects.

"The directors of the company made unrealistic promises to general public regarding the projects and assured abnormally high rate of returns. However, they neither paid the returns assured by them, nor made any efforts to fulfill their promises regarding the execution of projects. The company also did not have all the approvals required for the projects," the prosecution claimed.

The accused had filed bail pleas in all the three cases against him.

As per the prosecution, the complainants had invested around 600 crores, which were siphoned off by the accused by colluding, conspiring, ganging up with his family members.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, October 18 2016. 21:07 IST