The City Civil and Sessions Court of Greater Bombay has denied anticipatory bail to Sonia Pal, accused of defrauding an informant through a “Double Your Investment” scheme. Pal, 42, has been accused of running the scheme through her company, M/s Intrafx Finserv Pvt. Ltd., promising investors that their money would double in 90 days. The case, registered under FIR No. 127/2024 at the Colaba Police Station, involves charges under Sections 406 (Criminal Breach of Trust) and 420 (Cheating) of the Indian Penal Code (IPC).
The Alleged Scam:
According to the informant, Pal, acting as the director of the company, convinced them to invest ₹5 lakh in June 2023 with the promise that the investment would double in 90 days—a scheme colloquially referred to as “dam duppat.” The informant claimed that Pal personally reassured them of the scheme’s legitimacy and guaranteed significant returns.
However, after the 90-day period passed without any returns or communication, the informant began to suspect fraud. Despite multiple attempts to contact Pal, the informant received only vague responses. Realizing that they had likely been deceived, the informant filed a formal complaint.
Defense’s Stand:
Pal’s defense argued that she was being falsely implicated and that the promises made to the informant were primarily through an agent, Sudesh Sharma, who initially introduced the scheme. Pal maintained that she had invested the funds in the share market and that the poor returns were due to market conditions, not fraud. Her defense team also pointed out that she had not received any notice under Section 41-A of the CrPC, which is a procedural requirement before arrest, and claimed that the police had failed to follow the correct legal process.
In addition, Pal’s legal team emphasized her personal circumstances, citing her lung disease and the fact that she is the primary caretaker of her 8-year-old son, who has autism. They argued that these factors should be taken into account when considering her bail application.
Prosecution’s Argument:
The prosecution opposed the bail application, presenting evidence that the funds invested by the informant and other victims were immediately transferred from the company’s account to Pal’s personal account without being invested in any scheme. They argued that the “double your money” offer was a fraudulent scheme designed to mislead investors and was in violation of guidelines set by regulatory authorities like SEBI and RBI.
The prosecution further revealed that other investors had come forward, claiming they too were defrauded by similar promises made by Pal. They highlighted the need for her custodial interrogation to investigate the full scope of the scam and trace the funds misappropriated from multiple victims.
Court’s Decision:
Judge Dr. S. D. Tawshikar rejected Pal’s anticipatory bail application, citing the serious nature of the allegations and the need for custodial interrogation. The court determined that Pal’s role in the scheme needed to be thoroughly investigated, particularly in light of the fact that additional victims were coming forward.
The judge also dismissed Pal’s claims that her health and personal responsibilities should be grounds for bail, noting that these issues could be addressed through proper legal procedures while she remains under investigation. The court emphasized that frauds like these, which involve misleading and cheating investors, require strong legal intervention.
Ongoing Investigation:
As of now, Sonia Pal has not been arrested, but the police have been actively investigating the matter. With the rejection of her anticipatory bail, Pal may face arrest as the investigation proceeds. Authorities are focusing on recovering the defrauded funds and identifying the full extent of the alleged scheme. The prosecution has also indicated the possibility of invoking the Maharashtra Protection of Interest of Depositors (MPID) Act as the investigation unfolds further.
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