1 2025:CGHC:31726 NAFR HIGH COURT OF CHHATTISGARH AT BILASPUR MCRC No. 5289 of 2025 Akash Singh S/o Samar Bahadur Singh Aged About 35 Years Resident Of Dharampur, Police Station - Pratappur, District- Surajpur (C.G.), Presently R/o Royal Park Colony, Patpariya, Police Station - Gandhinagar, District- Sarguja (C.G.) ... Applicant(s) versus State Of Chhattisgarh Through Police Station - Gandhinagar, District- Sarguja (C.G.) ... Respondent(s) For Applicant(s) : Mr. Dhirendra Prasad Mishra, Advocate. For Respondent(s) : Mr. Jitendra Shrivastava, Government Advocate. Hon'ble Shri Ramesh Sinha , Chief Justice Order on Board 09.07.2025 1. The applicant has preferred this First Bail Application under Section 483 of the Bharatiya Nagarik Suraksha Sanhita, 2023 (for short ‘BNSS’), for grant of regular bail, as he has been arrested in connection with Crime No. 156/2025, registered at Police Station Gandhinagar, District- Sarguja (CG) for the offence punishable under Sections 318(4), 338, 61(2) of Bharatiya Nyaya Sanhita (for short ‘BNS’). 2 2. The prosecution story in brief, is that the complainant, Shashikant Singh, submitted a written application alleging that in June 2023, the accused, Akash Singh, alongwith his associates, claimed to be experts in trading and promised to provide lucrative returns through stock market investments. Akash Singh and his associate, Nikhil Pratap Singh, lured the complainant and his acquaintances, including Deepak Tiwari, Yogesh Vishwakarma, Kamleshwar Toppo, Ajay Sinha, Rajiv Verma, Mukesh Sonkar, Virendra Tirkey, and others, by promising high profits through trading. Akash Singh and Nikhil Pratap Singh opened an office named Sarvoham Academy at Nawa Para and claimed to provide tips for stock market investments. They assured the complainant that their capital would be safe and promised to make them masters in trading. The accused collected money from the complainant and his acquaintances, promising to provide monthly profits. However, in August 2024, Akash Singh provided minimal profits, and when questioned, he claimed that the profits were low due to market conditions. The complainant and his acquaintances, fearing loss, deposited Rs. 35 lakhs in cash and through bank transfers to Akash Singh, Nikhil Pratap Singh, Sarvoham Academy, and AS Car Wash accounts. When the complainant demanded returns, Akash Singh absconded. Later, on 12.10.2024, Akash Singh returned and promised to repay the amount within three days. However, he failed to do so and instead assured the complainant that he would settle the accounts. 3 3. On 23.10.2024, Akash Singh and Nikhil Pratap Singh met the complainant at their academy and promised to repay the amount. However, when the complainant visited Akash Singh's office, his security personnel prevented them from entering, and Akash Singh claimed that he did not owe them any money. Later, Akash Singh provided four cheques from Bank of Baroda to the complainant. An investigation revealed that Akash Singh had manipulated the complainant's Demat account details without their consent, adding his own mobile number and email ID to the account. The complainant discovered that Akash Singh had been receiving brokerage benefits from the beginning and had closed the franchise without their knowledge. The complainant also found that changing mobile numbers and email IDs required company and franchise head approval, which was allegedly done without their consent. After the complainant discovered the deceitful acts of the accused, Akash Singh, and his associates, they sought police action. However, Akash Singh became aware of this and contacted the complainant, promising to repay the amount. He provided six new cheques from Bank of Baroda, dated 06.12.2024, and took back the old cheques. Despite this, Akash Singh has not repaid the amount to date. When the cheques provided by Akash Singh were deposited, they bounced. It is alleged that Akash Singh, in collusion with his associates and Motilal Oswal Company's Chhattisgarh franchise head, Ayush Rao, exploited the complainant's limited knowledge of share 4 trading. They induced the complainant to invest crores of rupees by promising monthly returns of 10-15% through share trading. Akash Singh and his associates obtained the franchise of Motilal Oswal Company and illegally changed the email and mobile number associated with the complainant's Demat account. Akash Singh and his associates allegedly cheated the complainant and 120 other acquaintances out of Rs. 7.40 crores, which they have failed to repay, which led to the registration of present offence against the applicant. Hence, the bail application. 4. Learned counsel for the applicant submits that the applicant is innocent and has been falsely implicated in this case. He further submit that the complainant Shashikant Singh itself is an owner of the Capital Rise Franchisee along with Deepak Kumar Tiwari and have invested the alleged money by their own mind, the E-mail Id and Mobile No. of the Capital Rise Franchisee can only be done through the permission of owner of Capital Rise Franchisee, who is Shashikant Singh (Complainant) and Deepak Kumar Tiwari, the complainant, namely, Shashikant Singh is the government employee and has shown interest over the Share Market Trading by himself and further, got much more profit by investing the money but when losses occurred, he filed a written report before the Police Station Gandhinagar, District Sarguja (C.G.) alleging the present applicant, further in the challan, the prosecution has itself stated that modification in a mobile number and E-mail Id of 5 Capital Rise Franchisee cannot be done without the permission of the complainant and it has also been confirmed, which clarifies that participation of the complainant along with Deepak Kumar Tiwari is also came into doubtful condition. He also submits that the Motilal Oswal Financial Services Ltd. is registered Trading Company in the Indian Financial Service (SEBI) and Capital Rise Franchisee is the Franchisee of Motilal Oswal Financial Services Ltd. On dated 30.10.2024, the applicant has given intimation about the threat of beating and death to the Town Inspector of Police Station Gandhinagar, District Sarguja (C.G.) and later on dated 06.12.2024, on the pressure of several persons in the premises of applicant, an agreement letter has been executed whereby the applicant put on pressure to admit the alleged amount done by him, further in the Share Market Trading, there are possibilities of much more profit and much more loss which is also mentioned in the bylaws of the company that in case of any loss or profit, the trader is itself responsible. The applicant is in jail since 05.03.2025 and the trial is likely to take some time for its conclusion. Therefore, he prays for grant of bail to the applicant. 5. On the other hand, learned State counsel opposes the bail application and submits that the charge-sheet has been filed in the present case before the competent Court. He further submits that the applicant in collusion with his associates and Motilal Oswal Company's Chhattisgarh franchise head, Ayush Rao, exploited the complainant's limited knowledge of share trading, 6 they induced the complainant to invest crores of rupees by promising monthly returns of 10-15% through share trading and allegedly cheated the complainant and 120 other acquaintances of Rs. 7.40 crores, therefore, the applicant is not entitled for grant of bail. 6. I have heard learned counsel for the parties and perused the case diary. 7. Upon perusal of the case dairy, it appears that the applicant in collusion with his associates and Motilal Oswal Company's Chhattisgarh franchise head, Ayush Rao, exploited the complainant's limited knowledge of share trading, they induced the complainant to invest crores of rupees by promising monthly returns of 10-15% through share trading and allegedly cheated the complainant and 120 other acquaintances of Rs. 7.40 crores, prima facie there is cogent material suggesting the applicant’s active and central role in orchestrating the alleged fraud, the magnitude of the offence, the number of victims, and the organized manner in which the crime was allegedly committed, reflect a serious economic offence with deep implications on public trust in financial integrity. 8. Considering the gravity of allegations, the scale of fraud, the number of victims, and the manner in which public trust was abused, this Court does not find it to be a fit case for grant of bail at this stage. 7 9. Accordingly, the bail application of applicant-Akash Singh, involved in Crime No. 156/2025, registered at Police Station Gandhinagar, District- Sarguja (CG) for the offence punishable under Sections 318(4), 338, 61(2) of BNS, is rejected. 10. Needless to say that the trial Court concerned is at liberty to proceed and conclude the trial expeditiously. 11. Office is directed to send a certified copy of this order to the trial Court concerned for necessary information and compliance. Sd/- (Ramesh Sinha) Chief Justice Akhil