The Judicial Magistrate First Class (JMFC), Vasco, has rejected the bail application of an accused in the alleged PBC Jewellers gold loan scam, observing that the investigation is at a crucial stage and requires a comprehensive probe.
In its order, the court noted that the case appears to involve a large-scale financial fraud with multiple victims, making it necessary for investigators to conduct a thorough inquiry before any relief could be considered.
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The court also observed that the accused had allegedly failed to cooperate with the investigation by not producing the ledger book, bank account details and information relating to the disposal of the pledged gold. It held that these documents and details are vital for establishing the facts of the case and advancing the investigation.
The prosecution opposed the bail plea, arguing that releasing the accused at this stage could result in tampering with evidence and adversely affect the ongoing investigation.
Advocate A. Gaonkar, appearing for the intervener, also objected to the bail application, contending that the alleged scam involved several victims and that granting bail while the investigation is still underway could prejudice the probe.
The court, taking note of the seriousness of the allegations and the status of the investigation, declined to grant bail to the accused.
