Economic offences pose serious threat to country's financial health: Court
A Delhi court has denied bail to a man accused of cheating people by inducing them to invest money in different schemes promising exceptionally high returns, saying economic offences were "posing serious threat to the financial health of the country".
Vacation Judge Pawan Kumar dismissed the bail application of Priyesh Kumar Sinha and said the allegations against him were "grave and serious in nature". The judge said there was "strong" apprehension that he may influence or hamper the trial.
According to the prosecution, Sinha was one of the directors of Bluefox Motion Pictures Pvt. Ltd. and used to cheat people by persuading them to invest money in different schemes with the promise of exponential returns on their investment.
More than 200 complainants have come forward so far, it said.
"The accused being the director of the company cheated a large number of people who invested small amounts of money in different schemes to the tune of Rs 8 crore... The allegations and accusation .