Supreme Court Granted Bail To Sanjeev Goel

Supreme Court granted bail to Sanjeev Goel. The accused Sanjeev Goel got bail in the ‘Bike Boat’ scam, the Supreme Court said – was not an active role.

The Supreme Court on Monday granted bail to a former company executive arrested for his involvement in the Rs 3,500 ‘Bike Boat’ Ponzi scheme money laundering case in Noida.

A bench headed by Justice L Nageswara Rao and Justice AS Oka granted bail to Sanjeev Goel, Additional Director, Proud Innovative Promoters Ltd (GIPL).

The bench observed that no active role has been observed in the day-to-day affairs of the company.

After his arrest, in this case, Goyal’s bail plea was rejected by the Allahabad High Court. Apart from granting bail to Goyal, the top court has also asked him to cooperate in the investigation.

The defense said Goyal had served only 23 days as an additional director of the company. He is also not an early investor in the company.

There is an allegation of fraud to the tune of Rs 3,500 crore under this Ponzi scheme to defraud investors by luring them with attractive returns.

Most of the nearly three lakh investors who have been duped are retired military personnel.

Noida-based GIPL had launched a multi-pronged marketing scheme ‘Bike Boat’ in 2018 with the promise of doubling returns within a year.

Last week, the CBI took over the investigation of the scam in its own hands.

In this scam, in the name of providing bike taxis from about two lakh investors, each investor was cheated of about 62-62 thousand rupees.

The Uttar Pradesh government had asked the central agency to investigate 11 cases registered by the Noida Police in December 2019.

Noida Police had told that the company had about 7,000 bikes, out of which only two thousand vehicles were registered. About 2.25 lakh people had invested in it, which is a total of Rs 1300 crore.

It is not right to convict someone because of an increase in heinous crimes: Supreme Court.

The Supreme Court on Monday said it cannot be wise or prudent to convict a person just because there has been a huge increase in heinous crimes.

Along with this, the court acquitted a person convicted in the alleged robbery case registered in 1999.

A bench headed by Chief Justice NV Ramana said that the core principle of criminal jurisprudence should also be kept in mind that 10 guilty persons may be saved.

But no one innocent should be punished. The bench said that in cases where there is a presumption of turn of key witnesses.

It is the duty of the prosecution to record their statements under Section 164 CrPC at the earliest or collect other concrete evidence so that the case is completely based on oral testimony.