An additional sessions judge court in Kanpur Nagar on Saturday rejected the bail applications of Sumit Kashyap and Naveen Srivastava, who were arrested on charges of aggravated cheating in an alleged investment fraud case.
Accused Claim Innocence
In their bail pleas, the accused claimed they were innocent and had been falsely implicated by the police to showcase good work. They alleged that police had picked them up from their homes and sought release on bail.
Prosecution Argues Organised Gang
Opposing the applications, assistant district government counsel Bhaskar Mishra argued that the accused were part of an organised gang that allegedly cheated people through mobile phone-based groups. He said the gang lured victims with promises of high returns in a short period through investments in shares and IPOs before defrauding them.
Court Observations
After hearing both sides, additional sessions Judge Subhash Singh observed that the allegations involved a serious economic offence committed by an organised gang. The court noted that the investigation was still underway and there was a possibility that the accused could influence witnesses or tamper with evidence if released.
Considering the nature of the allegations and ongoing investigation, the court dismissed both bail applications.
