Bail Denied: Court Cites Grave Allegations in Investment Fraud Case.


15 April 2025 Default or Fraud >> Debt Recovery  

A Delhi court has dismissed the anticipatory bail application of Abhijeet Mishra, an accused in a case involving alleged cheating and forgery related to fraudulent investment schemes. The court deemed the allegations grave and serious, citing a prima facie intention to cheat the complainant.

The case of Abhijeet Mishra v/s The State (Govt. Of NCT) Delhi & Another, registered under FIR 202/2023 at PS Hauz Khas, accuses Abhijeet Mishra and his sister, co-accused Ankita Tiwari (who has been declared a proclaimed offender), of offenses under Sections 419, 420, 406, 467, 468, 471, and 34 of the Indian Penal Code (IPC).

 
 

According to the complainant, Abhijeet Mishra, who claimed to be an ex-employee of Yes Bank, lured him into investing in supposedly "safe" government and nationalized bank bonds through a subsidiary of Yes Bank. The complainant transferred Rs. 1.73 crores to Ankita Tiwari's account based on these assurances. The prosecution alleges that the accused showed fake and forged letters of Yes Bank Securities Ltd. to induce the complainant.

The defense argued that the complainant and accused had financial dealings since 2017, and a ledger account showed substantial repayments, negating fraudulent intent. They also emphasized that no transactions were directly in Abhijeet Mishra's name, nor were there his signatures on the forged documents. With the investigation complete and the charge sheet filed, and the accused in judicial custody since June 5, 2023, the defense contended that continued incarceration served no purpose as the dispute was primarily civil.

However, the prosecution vehemently opposed the bail, asserting that the Rs. 1.73 crores obtained from the complainant was never invested in any bonds and was not returned, causing wrongful loss. They also pointed out that the previous repayment, cited by the defense, was part of an elaborate scheme to build trust for further inducement. Crucially, the investigation revealed that Abhijeet Mishra was an ex-employee of Yes Bank only until September 2021, and Ankita Tiwari was never an employee.

The court, after hearing both sides, found that from the very inception, there appeared to be an intention to cheat the complainant. The fact that the co-accused is a proclaimed offender and the substantial amount involved further weighed against granting bail. The court concluded that long detention alone cannot be the sole ground for bail when the allegations are of such a serious nature, leading to the dismissal of the application.


Section 406., Indian Penal Code - 1860  

Section 419., Indian Penal Code - 1860  

Section 420., Indian Penal Code - 1860  

Section 468., Indian Penal Code - 1860  

Section 471., Indian Penal Code - 1860  

Indian Penal Code, 1860