IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH 214 CRM-M-21663-2026 Date of Decision: 09.07.2026 Amit Kumar Tyagi …Petitioner V/s State of Haryana …Respondent CORAM : HON’BLE MR. JUSTICE VIKRAM AGGARWAL Present: Mr. Vinod Ghai, Senior Advocate with Mr. Arnav Ghai, Advocate; Mr. Prashant Kharb Budhera, Advocate; Mr. R.S. Bagga, Advocate and Mr. Manvir Singh Jaidka, Advocate, for the petitioner. Ms. Vasundhara Dalal Anand, Sr. DAG, Haryana. Mr. Prince Pal, Advocate, for Mr. Imaan Singh Khara, Advocate, for the complainant. *** VIKRAM AGGARWAL, J (ORAL) Prayer in the present petition preferred under Section 483 of Bharatiya Nagarik Suraksha Sanhita, 2023 (for short the “BNSS”) is for the grant of regular bail to the petitioner in case FIR No.688, dated 28.11.2025 registered under Sections 21 of Banning of Unregulated Deposit Scheme Act, 2019 (BUDS Act) (Section 20 of BUDS Act added subsequently) and Sections 316(2) 318(4), 61 of Bharatiya Nyaya Sanhita, 2023 (for short the “BNS”) (corresponding Sections 406, 420, 120B IPC) at Police Station Sector 32-33, Karnal, District Karnal. 2. Custody certificate dated 08.07.2026 filed by learned State counsel in Court today is taken on record. 3. On a complaint submitted by Neeraj Rathi, Paras Grover and Kush Sachdeva, the FIR in question was registered with the following allegations; VIKAS CHANDER 2026.07.10 08.40 I attest to the accuracy and integrity of this document CRM-M-21663-2026 -2- “Complaint against Amit Tyagi son of Shri Kailash Chand resident of village Jewar, District Noida, regarding cheating the applicant of Rs. 1,00,00,000/- one crore rupees. Sir, we Neeraj Rathi son of Shri Rambir Singh Rathi, resident Nirmal Vihar Colony, Sector of 6, Karnal, Paras Grover son of Shri of Grover, resident of Alpha City, Karnal and Kush Sachdeva son of Shri Shravan Kumar resident of Ashok Nagar, Karnal, 1. That were introduced to the the above accused Amit Tyagi by Paramjit Singh Waraich son of Surat Singh in June 2024, and after that, we were introduced to the above accused Amit Tyagi at various places like Zirakpur, Jalandhar, Karnal, where he told us about UIFC company, which works in the crypto market, and told us that by investing money in this company, you will get 10 to 30 percent profit per month on the money you earn. 2. That Neeraj Rathi had invested Rs. 15 lakh in this company, which he had earlier invested in Amit Tyagi's company A to Z on the advice of Nand Kishore, which Paramjeet Singh Wariach got adjusted in UIFC in April 2025 and after that Rs. 5,00,000/- and after a few days Rs. 8,70,000/-were invested, of which no return has come till date and he back out on his promise. 3. That Paras Grover and Kush Sachdeva got associated in this company through Naresh Kumar Dudeja, who first invested Rs. 14 lakh with Naresh Kumar Dudeja on 5-4-2025, Paras gave this Rs. 14 lakh by selling his car and Paras had sold this car to Naresh Kumar Dudeja and he had deceived him with his words and had invested Rs. 14 lakh in UIFC is Company, Naresh Kumar Dudeja is absconding and cannot be contacted him. The address of Naresh Kumar Dedeja is House No. 2, Stree No.1, Shivaji Complex, Hansi Road, Karnal, opposite Jai Durga Enterprises. 4. That Kush and Paras were contacted by Paramjeet Singh Waraich that many well-known people have invested money in UIFC company and while describing the image of Amit Tyagi as clean, he said that this company is giving 10 to 30 per cent profit for the last one year. Paramjeet Singh Waraich lured us with his words and on 15.05.2025 we gave Rs.10 lakhs in the account number 201030726647 given by him and on 16-5-2025 we deposited Rs. 5 lakhs in the said account and on 16-5-2025 itself on the instructions of Param Singh Waraich, Darpan, who is part of the management of this company, took Rs. 10 lakh in cash from Gurgaon, for which Param Singh Waraich gave confirmation on 16-5-2025 that the money has been received. 5. That we subsequently borrowed Rs. 25 lakh from our friend Shubham at 2% interest and Rs. 10 lakh from our family and invested it in the company through Paramjit Singh Waraich in July 2025. 6. That when the complainants did not receive their promised refunds, Amit Tyagi, through Paramjit Singh Waraich, invited us to Dubai and assured us that he had VIKAS CHANDER 2026.07.10 08.40 I attest to the accuracy and integrity of this document CRM-M-21663-2026 -3- formed a new company called ETF Growth and would adjust our funds in it. As promised, he created our IDS and closed that company. 7. That an FIR No. 476/2025 has been registered against Amit Tyagi at Sector 32-33 Police Station Karnal, and Amit Tyagi has been arrested in this case. Therefore, we humbly request that, in light of the above facts, the strictest possible legal action be taken against Amit Tyagi, the accused in the above said case. Your kindness would be greatly appreciated.” 4. Learned Senior Counsel submits that four FIRs with similar allegations were registered against the petitioner. He submits that even if the allegation is believed on the face of it, the same is of the petitioner having allured the complainants. Learned Senior Counsel submits that the petitioner is in custody since 05.12.2025; 7 months have elapsed; final report has been submitted on 17.02.2026; charges have been framed on 01.04.2026 but no prosecution witness has been examined. Learned Senior Counsel submits that trial will take a sufficiently long time to conclude and, therefore, no useful purpose would be served by keeping the petitioner in custody any longer. Learned counsel further submits that the petitioner has been granted regular bail in other FIRs vide order dated 25.03.2026 passed in CRM-M-14573-2026 and vide orders dated 05.05.2026 passed in CRM-M-21604-2026 and CRM- M-21703-2026 respectively. 5. Per contra, learned counsel representing the State has opposed the prayer for bail stating that the allegations are very serious and that if the petitioner is released on bail, he may try to influence and threaten the witnesses and may also abscond. 6. Having considered the submissions made by learned counsel for the parties, this Court is of the considered opinion that the petitioner deserves to be granted bail. 7. Investigation has been completed. Charges have been framed but no witness has been examined as of now. The petitioner is in custody for the VIKAS CHANDER 2026.07.10 08.40 I attest to the accuracy and integrity of this document CRM-M-21663-2026 -4- last 7 months. He has been granted bail in other FIRs registered against him vide order dated 25.03.2026 passed in CRM-M-14573-2026 and vide orders dated 05.05.2026 passed in CRM-M-21604-2026 and CRM-M-21703-2026 respectively. The trial will take a sufficiently long time to conclude and, therefore, no useful purpose would be served by keeping the petitioner in custody any longer. 8. In view of the aforementioned facts and circumstances, without expressing any opinion on the merits of the case, the present petition is allowed. The petitioner is ordered to be released on regular bail on his furnishing bail/surety bonds to the satisfaction of the concerned trial Court/Chief Judicial Magistrate/Duty Magistrate. (VIKRAM AGGARWAL) JUDGE July 09, 2026 vcgarg Whether speaking/reasoned : Yes/No Whether reportable : Yes/No VIKAS CHANDER 2026.07.10 08.40 I attest to the accuracy and integrity of this document