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HC Cancels Bail Of Real Estate Developer For Duping Investors

The Delhi High Court has cancelled the bail granted to a real estate developer for "misusing" his bail by continuing to dupe investors and making false claims instead of refunding their money. A bench of Justice M L Mehta cancelled the bail of Mr S N Sharma, who was facing trial for offences of cheating, criminal breach of trust and criminal conspiracy, saying he did not comply with the trial court's order to refund the money to investors. The court pointed out that Mr Sharma sold the land purchased with the investors' money for personal gains. "The conduct of the respondent (Sharma) right from inception clearly establishes that his intention was always to dupe innocent investors by making false claims without having legal authority or requirement for development of township.”Notwithstanding the fact that he was already on bail, he proceeded to dispose of the land purchased with the amount given by investors and used the proceeds of the same for his personal gain and did not repay even a single investor," Justice Mehta said. The bench passed the order on a plea by the Delhi Police for cancellation of Mr Sharma's bail.

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05 Mar 2012

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