CRM-M-35035 IN THE HIGH COURT OF PUNJAB AND HARYANA AT (104) HARISH NAND STATE OF PUNJAB AND ORS. CORAM: Present: ALOK JAIN, J. (Oral) 1. anticipatory bail to the petitioner in case FIR No.149 dated 02.06.2026, registered under Sections 318(4) and 316(2) of the Bharatiya Nyaya Sanhita, 2023 (corresponding to Sections 420 and 406 Station Khanna City 2. behalf of the complainant and filed his Power of Attorney, which is taken on record. 3. arguments by submitting that, prior to the registration of the present FIR, the petitioner himself had lodged a complaint before the competent -1- 35035-2026 (O&M) IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH HARISH NANDA Versus STATE OF PUNJAB AND ORS. HON’BLE MR. JUSTICE ALOK JAIN **** Mr. Sachin Sharma, Advocate, Ms. Rakhi Sharma, Advocate and Mr. Nikhil Singh, Advocate for the petitioner. Mr. Amandeep Singh Samra, AAG, Punjab. ***** ALOK JAIN, J. (Oral) The present petition has been filed seeking the grant of anticipatory bail to the petitioner in case FIR No.149 dated 02.06.2026, registered under Sections 318(4) and 316(2) of the Bharatiya Nyaya Sanhita, 2023 (corresponding to Sections 420 and 406 Station Khanna City-2, District Khanna, Ludhiana. Mr. Tarunveer Vashist, Advocate, has put in appearance on behalf of the complainant and filed his Power of Attorney, which is taken Learned counsel for the petition arguments by submitting that, prior to the registration of the present FIR, the petitioner himself had lodged a complaint before the competent IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH CRM-M-35035-2026 (O&M) Date of Decision:- 20.07.2026 ……Petitioner ……Respondents ALOK JAIN Ms. Rakhi Sharma, Advocate and Mr. Nikhil Singh, Advocate for the petitioner. Mr. Amandeep Singh Samra, AAG, Punjab. The present petition has been filed seeking the grant of anticipatory bail to the petitioner in case FIR No.149 dated 02.06.2026, registered under Sections 318(4) and 316(2) of the Bharatiya Nyaya Sanhita, 2023 (corresponding to Sections 420 and 406 of the IPC), at Police 2, District Khanna, Ludhiana. Mr. Tarunveer Vashist, Advocate, has put in appearance on behalf of the complainant and filed his Power of Attorney, which is taken Learned counsel for the petitioner has summarized his arguments by submitting that, prior to the registration of the present FIR, the petitioner himself had lodged a complaint before the competent 20.07.2026 ……Petitioner ……Respondents The present petition has been filed seeking the grant of anticipatory bail to the petitioner in case FIR No.149 dated 02.06.2026, registered under Sections 318(4) and 316(2) of the Bharatiya Nyaya of the IPC), at Police Mr. Tarunveer Vashist, Advocate, has put in appearance on behalf of the complainant and filed his Power of Attorney, which is taken er has summarized his arguments by submitting that, prior to the registration of the present FIR, the petitioner himself had lodged a complaint before the competent MANJU 2026.07.22 11:08 I attest to the accuracy and integrity of this document CRM-M-35035 authorities being Learned counsel members and close relatives, had also invested substantial amounts in the company promoted by that merely because the petitioner has been shown as not, by itself, establish his complicity, especially when one of the complainants, namely Sameer Bhola, has also been shown as a Sales Executive in the same company. Learned counsel submits that nothing be recovered from the peti credited to the petitioner's bank account by the complainant petitioner is ready and willing to join the investigation. 4. for the complainan complaint of the complainants also been recorded during the course of investigation, necessity to register separate FIRs on behalf of 5. a thorough investigation and that the custodial interrogation of the petitioner is of utmost importance, as huge amounts of money have allegedly been siphoned off. It is conte offence of cheating are to indicate that the petitioner induced the complainants and other victims to invest in the company by alluring them with promises of high return the intention from the very inception was to cheat them. It is further -2- 35035-2026 (O&M) being a victim at the hands of the main accused, Vishal Kalra. Learned counsel further submits that the petitioner, along with his family members and close relatives, had also invested substantial amounts in the company promoted by main accused Vishal Kalra. It is further contended that merely because the petitioner has been shown as not, by itself, establish his complicity, especially when one of the complainants, namely Sameer Bhola, has also been shown as a Sales Executive in the same company. Learned counsel submits that nothing be recovered from the petitioner as not even a single penny has been credited to the petitioner's bank account by the complainant is ready and willing to join the investigation. Per contra, learned State counsel, assisted by learned counsel for the complainant, submits that a single complaint of the complainants and statements of eleven other victims have also been recorded during the course of investigation, necessity to register separate FIRs on behalf of Learned State counsel further submits that the matter requires a thorough investigation and that the custodial interrogation of the petitioner is of utmost importance, as huge amounts of money have allegedly been siphoned off. It is contended that the ingredients of the offence of cheating are prima facie attracted, as there is material on record to indicate that the petitioner induced the complainants and other victims to invest in the company by alluring them with promises of high return the intention from the very inception was to cheat them. It is further a victim at the hands of the main accused, Vishal Kalra. further submits that the petitioner, along with his family members and close relatives, had also invested substantial amounts in the Vishal Kalra. It is further contended that merely because the petitioner has been shown as a Team Leader would not, by itself, establish his complicity, especially when one of the complainants, namely Sameer Bhola, has also been shown as a Sales Executive in the same company. Learned counsel submits that nothing is to as not even a single penny has been credited to the petitioner's bank account by the complainant and the is ready and willing to join the investigation. , learned State counsel, assisted by learned counsel FIR has been registered on the statements of eleven other victims have also been recorded during the course of investigation, therefore, there is no necessity to register separate FIRs on behalf of each victim. Learned State counsel further submits that the matter requires a thorough investigation and that the custodial interrogation of the petitioner is of utmost importance, as huge amounts of money have nded that the ingredients of the attracted, as there is material on record to indicate that the petitioner induced the complainants and other victims to invest in the company by alluring them with promises of high returns, while the intention from the very inception was to cheat them. It is further a victim at the hands of the main accused, Vishal Kalra. further submits that the petitioner, along with his family members and close relatives, had also invested substantial amounts in the Vishal Kalra. It is further contended a Team Leader would not, by itself, establish his complicity, especially when one of the complainants, namely Sameer Bhola, has also been shown as a Sales to as not even a single penny has been the , learned State counsel, assisted by learned counsel FIR has been registered on the statements of eleven other victims have there is no Learned State counsel further submits that the matter requires a thorough investigation and that the custodial interrogation of the petitioner is of utmost importance, as huge amounts of money have nded that the ingredients of the attracted, as there is material on record to indicate that the petitioner induced the complainants and other victims to s, while the intention from the very inception was to cheat them. It is further MANJU 2026.07.22 11:08 I attest to the accuracy and integrity of this document CRM-M-35035 submitted that the question as to whether the petitioner himself is also a victim shall be examined during the course of investigation, however, for that purpose as well, his c 6. compromise had been arrived at between the petitioner and the main accused, Vishal Kalra, wherein the latter admitted his liability and issued certain cheques towards repayment. However, the said cheques were dishonoured, and proceedings under Section 138 of the Negotiable Instruments Act have since been initiated against him. 7. is also absconding from the process of law, and the custodial interrogation of the petitioner ascertaining his whereabouts 8. 9. in inducing various investors to invest in the company, and keeping open the question as to whether the petitioner was aware of the fraudulent activities from the very beginning, this Court is of the view that his custodial inter 10. offences involving large strict hands. Such offences not only result in substanti victims but also undermine public confidence. The allegations in the present case disclose that several persons were allegedly induced to invest -3- 35035-2026 (O&M) submitted that the question as to whether the petitioner himself is also a victim shall be examined during the course of investigation, however, for that purpose as well, his custodial interrogation is indispensable. At this stage, learned counsel for the petitioner submits that a compromise had been arrived at between the petitioner and the main accused, Vishal Kalra, wherein the latter admitted his liability and issued tain cheques towards repayment. However, the said cheques were dishonoured, and proceedings under Section 138 of the Negotiable Instruments Act have since been initiated against him. Learned State counsel submits that absconding from the process of law, and the custodial interrogation of the petitioner will be necessary for ascertaining his whereabouts as well. Heard learned counsel for the parties at length. Considering the active role allegedl in inducing various investors to invest in the company, and keeping open the question as to whether the petitioner was aware of the fraudulent activities from the very beginning, this Court is of the view that his custodial interrogation would be of considerable importance Moreover, it is a settled principle of law that economic offences involving large-scale financial fraud are required to be dealt with . Such offences not only result in substanti victims but also undermine public confidence. The allegations in the present case disclose that several persons were allegedly induced to invest submitted that the question as to whether the petitioner himself is also a victim shall be examined during the course of investigation, however, for ustodial interrogation is indispensable. At this stage, learned counsel for the petitioner submits that a compromise had been arrived at between the petitioner and the main accused, Vishal Kalra, wherein the latter admitted his liability and issued tain cheques towards repayment. However, the said cheques were dishonoured, and proceedings under Section 138 of the Negotiable Instruments Act have since been initiated against him. Learned State counsel submits that main accused Vishal Kalra absconding from the process of law, and the custodial interrogation the Investigating Agency in Heard learned counsel for the parties at length. Considering the active role allegedly played by the petitioner in inducing various investors to invest in the company, and keeping open the question as to whether the petitioner was aware of the fraudulent activities from the very beginning, this Court is of the view that his rogation would be of considerable importance, at this stage. t is a settled principle of law that economic scale financial fraud are required to be dealt with . Such offences not only result in substantial financial loss to the victims but also undermine public confidence. The allegations in the present case disclose that several persons were allegedly induced to invest submitted that the question as to whether the petitioner himself is also a victim shall be examined during the course of investigation, however, for At this stage, learned counsel for the petitioner submits that a compromise had been arrived at between the petitioner and the main accused, Vishal Kalra, wherein the latter admitted his liability and issued tain cheques towards repayment. However, the said cheques were dishonoured, and proceedings under Section 138 of the Negotiable Vishal Kalra absconding from the process of law, and the custodial interrogation the Investigating Agency in y played by the petitioner in inducing various investors to invest in the company, and keeping open the question as to whether the petitioner was aware of the fraudulent activities from the very beginning, this Court is of the view that his t is a settled principle of law that economic scale financial fraud are required to be dealt with al financial loss to the victims but also undermine public confidence. The allegations in the present case disclose that several persons were allegedly induced to invest MANJU 2026.07.22 11:08 I attest to the accuracy and integrity of this document CRM-M-35035 their hard-earned money on the promise of exorbitant returns. In view of the gravity a coupled with the settled legal position laid down by the Hon'ble Supreme Court in CBI v. Anil Sharma whereof is reproduced hereunder: 11. of law, the custodial interrogation of the petitioner is of paramount importance, -4- 35035-2026 (O&M) earned money on the promise of exorbitant returns. In view of the gravity and seriousness of the allegations levelled against the petitioner, coupled with the settled legal position laid down by the Hon'ble Supreme CBI v. Anil Sharma, (1997) 7 SCC 187 whereof is reproduced hereunder: “We find force in the submission of the CBI that custodial interrogation is qualitatively more elicitation orientated than questioning a suspect who is well ensconced with a favourable order under Section 438 of the Code. In a case like this effective interrogation of suspected person is of tremendous advantage in disinterring many useful informations and also materials which would have been concealed. Success in such interrogation would knows that he is well protected and insulated by a pre arrest bail order during the time he is interrogated. Very often interrogation in such a condition would reduce to a mere ritual. The argument that the custodial interrogation is fraught with the danger of the person being subjected to third degree methods need not be countenanced, for, such an argument can be advanced by all accused in all criminal cases. The Court has to presume that responsible Police Officers would cond themselves in a responsible manner and that those entrusted with the task of disinterring would not conduct themselves as offenders. In light of the facts, circumstances and settled principle the custodial interrogation of the petitioner is of paramount , the custodial interrogation of the petitioner would be of grave earned money on the promise of exorbitant returns. In view of nd seriousness of the allegations levelled against the petitioner, coupled with the settled legal position laid down by the Hon'ble Supreme , (1997) 7 SCC 187, the relevant extract in the submission of the CBI that custodial interrogation is qualitatively more elicitation orientated than questioning a suspect who is well ensconced with a favourable order under Section 438 of the Code. In a case like this effective interrogation of uspected person is of tremendous advantage in disinterring many useful informations and also materials which would have been concealed. Success in such interrogation would elude if the suspected person knows that he is well protected and insulated by a pre- arrest bail order during the time he is interrogated. Very often interrogation in such a condition would reduce to a mere ritual. The argument that the custodial tion is fraught with the danger of the person being subjected to third degree methods need not be countenanced, for, such an argument can be advanced by all accused in all criminal cases. The Court has to presume that responsible Police Officers would conduct themselves in a responsible manner and that those entrusted with the task of disinterring would not conduct themselves as offenders. In light of the facts, circumstances and settled principle the custodial interrogation of the petitioner is of paramount the custodial interrogation of the petitioner would be of grave earned money on the promise of exorbitant returns. In view of nd seriousness of the allegations levelled against the petitioner, coupled with the settled legal position laid down by the Hon'ble Supreme , the relevant extract in the submission of the CBI that custodial interrogation is qualitatively more elicitation orientated than questioning a suspect who is well ensconced with a favourable order under Section 438 of the Code. In a case like this effective interrogation of uspected person is of tremendous advantage in disinterring many useful informations and also materials which would have been concealed. Success in elude if the suspected person - arrest bail order during the time he is interrogated. Very often interrogation in such a condition would reduce to a mere ritual. The argument that the custodial tion is fraught with the danger of the person being subjected to third degree methods need not be countenanced, for, such an argument can be advanced by all accused in all criminal cases. The Court has to uct themselves in a responsible manner and that those entrusted with the task of disinterring would not conduct In light of the facts, circumstances and settled principle the custodial interrogation of the petitioner is of paramount the custodial interrogation of the petitioner would be of grave MANJU 2026.07.22 11:08 I attest to the accuracy and integrity of this document CRM-M-35035 importance, at this stage, to ensure that the investigation in this case comes to its logical end. 12. grant the extra ordinary concession of anticipatory bail to the petitioner, hence, the same is dismissed. 13. July 20, 2026 manju Whether speaking/reasoned: Whether Reportable: -5- 35035-2026 (O&M) importance, at this stage, to ensure that the investigation in this case comes to its logical end. Accordingly, this Court does not find any reasonable ground to grant the extra ordinary concession of anticipatory bail to the petitioner, hence, the same is dismissed. Pending application(s), if any, stands disposed of. July 20, 2026 Whether speaking/reasoned:- Yes/No Whether Reportable:- Yes/No importance, at this stage, to ensure that the investigation in this case comes Court does not find any reasonable ground to grant the extra ordinary concession of anticipatory bail to the petitioner, Pending application(s), if any, stands disposed of. (ALOK JAIN) JUDGE importance, at this stage, to ensure that the investigation in this case comes Court does not find any reasonable ground to grant the extra ordinary concession of anticipatory bail to the petitioner, MANJU 2026.07.22 11:08 I attest to the accuracy and integrity of this document