The Additional Sessions Court of Mumbai has rejected the bail application of Vinod Prakash Mehta, accused of cheating in a gold business deal involving over ₹1.07 crore. The case, registered under FIR No. 211/2024 at Kalachowki Police Station, charges Mehta with offenses under Sections 409 (Criminal Breach of Trust) and 420 (Cheating) of the Indian Penal Code (IPC).
The Allegations:
The prosecution has alleged that Mehta, in partnership with the informant and his uncle, ran a gold ornament business between April and June 2024. During this period, Mehta was entrusted with 2,053.619 grams of gold, valued at ₹1.07 crore. However, out of the total, Mehta only returned 576.913 grams, while the remaining 1,476.676 grams, valued at approximately ₹1.07 crore, was not returned. Despite repeated assurances to settle the amount, Mehta failed to return the gold, leading to the lodging of the FIR.
During the investigation, it was also revealed that Mehta had allegedly handed over the unaccounted-for gold to two wanted co-accused, Rakesh Bamb and Suresh Jain.
Defense’s Argument:
Mehta’s defense team argued that the case was of a civil nature, not a criminal one, and that the allegations of cheating and criminal breach of trust were not applicable. They emphasized that there was no intent to deceive and that Mehta had co-operated with the investigation by visiting the police station as required. The defense also contended that further incarceration was unnecessary, and Mehta should be granted bail.
Prosecution’s Stand:
The prosecution, however, opposed the bail application, pointing out that the gold worth ₹1.07 crore had not yet been recovered. They argued that Mehta’s release would hinder the investigation, particularly his confrontation with the wanted co-accused. The prosecution also expressed concerns that Mehta might abscond, tamper with evidence, or threaten witnesses if granted bail.
Court’s Decision:
Presiding Judge Dr. A. A. Joglekar rejected Mehta’s bail application, stating that the investigation was still at a critical stage and the large amount of unreturned gold warranted further scrutiny. The court noted that Mehta had not denied his receipt of the gold and that his arguments primarily focused on technicalities, which were insufficient grounds for granting bail. Given the significant amount of money involved and the ongoing investigation, the judge ruled that Mehta’s release could derail the momentum of the investigation.
Conclusion:
Vinod Mehta remains in custody as the investigation into the ₹1.07 crore gold scam continues. The authorities are working to recover the missing gold and apprehend the wanted co-accused, Rakesh Bamb and Suresh Jain.
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