Team Herald
MARGAO: The Economic Cell investigating the case that involved nearly 2,500 persons being duped of a total of Rs 9 crore, has prayed before the Principal District and Sessions Court, South Goa, to reject the bail application of Mueed Madhwani and others, on grounds that the investigation of the case is still in progress.
The Goa Economic Cell in its reply filed in Court said that it is investigating whether any more properties have been purchased by the accused persons in Goa or across India, and is also looking out for other accomplices of the accused. Another reason given to reject the bail application is ‘to prevent them from making any inducement, threat or promise to any person acquainted with the facts of the case, so as to dissuade them from disclosing such facts’, said the reply.
The economic cell also said that they want to prevent the accused from tampering with the evidence of the offence.
They said that the crime committed is a serious white-collar crime, and non-bailable in nature. “The accused may jump bail, destroy evidence or may not cooperate during the investigation and trial of the case,” the reply said.
Gohil Jay Kumar of Gujarat, SwezelFemandes of Agonda, Limaji Lamani from Vasco and Arti Rampratap Kashyap of Gujarat are some of the accused.
The economic cell said that the proprietors of Ranggeeta Enterprises, located in Margao with other offices at Chicalim and at Kutch, Gujarat and the accused persons hatched a criminal conspiracy to induce gullible people to invest in the company, with the promise of 20 per cent monetary returns as per different schemes.
The cell stated that for three months, depositors were promised 5 per cent, 7 per cent in six months, 10 per cent in nine months and 15 per cent in 12 months from the day of investing. The accused then allegedly misappropriated their funds and fled, cheating the depositors to the tune of Rs 9.33 crore.
The economic cell has registered an offence under Sections 406,409, 420, 120-B IPC and Sections 3 & 5 of the Goa Protection Of Interest Of Depositors Act.
