Sandip Chintaman Samant's request to be released from jail was denied by the Bombay High Court. He was arrested for allegedly tricking investors through a fake company scheme, promising unrealistic returns.
Sandip Chintaman Samant, along with his partners, was accused of scamming people through a company called A. S. Agri and Aqua L.L.P. They attracted investors with promises of doubling their money and additional returns of Rs. 1 crore per year for five years. However, these promises turned out to be false.
The person who complained saw an ad on YouTube and was convinced by Akshay Apte and Avinash Sangle, directors of the company, to invest Rs. 1 crore. They even bought land and spent more money on leveling it, but received no receipts or agreements. Eventually, Akshay Apte and Avinash Sangle stopped communicating, and the complainant realized it was a scam.
"They were promised double returns on their investments within 16 months."
The complaint was filed on March 4, 2023, and Sandip Chintaman Samant was arrested on March 16, 2023. He asked to be released from jail several times, but both the Special Judge and the Trial Court rejected his requests. His lawyer argued that the arrest procedures were not properly followed, but the court found no merit in these claims.
Justice Dr. Neela Gokhale highlighted that the reasons for arrest were communicated, even if not in writing. The court emphasized the seriousness of the fraud, which involved over 900 victims and a total defrauded amount of approximately Rs. 377 crores.
"The nature of transaction was not that of a genuine commercial partnership but rather a unilateral promise of fixed returns."
The court denied bail due to the seriousness of the allegations and Sandip Chintaman Samant's history of similar crimes. The case highlights the importance of verifying investment opportunities and the legal consequences of fraudulent schemes.
