Delhi Court has decided to dismiss the bail appeal of Awanish Kumar Mishra who is the Director of Allied Financial Services Private Limited (AFSPL). Delhi Police Economic Offences Wing has arrested him because Awanish was involved in the alleged fraud of funds amounting to Rs. 345 crores.
Additional Sessions Judge of Karkadooma Court complex named Reetesh Singh said in an order that was passed on February 18, 2021, that defendant Awanish Kumar Mishra experience the same set of charges as that of co-accused named V. Hansprakash will be together in the same boat.
Though, as the advice for the complainant has given that V. Hansprakash has filed an application for termination of bail against the defendant Awanish Kumar Mishra which is still pending in another law court.
Since it will be not right for this court to make any kind of comment about the existence or absence of any order of provisional bail on the basis of which the accused Awanish Kumar Misha is not in prison.
The court has also said that as far as the existing bail application is concerned for the explanations recorded above, the same has no merit and is terminated.
As per the EoW, it is believed that Awanish Kumar Mishra was arrested after the complaint registered by Dalmia Cement Limited about the allegations of funds fraud of Rs. 345 crores.
Advocate Vijay Aggarwal who is appearing for accuser Dalmia Cements elevated the initial objection related to the maintainability of the bail application of the accused Awanish Kumar Mishra because he was not in the custody.
However, according to the order of law, the accused needs to be in custody before any kind of application is given for regular bail.
Not only this but before the court, Aggarwal also claimed that Mishra was indulged in a serious monetary crime concerning massive conspiracy that has further affected the ethical fabric of the society attached with the factum that financial crimes destroy the fabric of independent governance along with correctness in public life.
Not only this, but Vijay Aggarwal also said that independent governance and correctness in public life are considered as the severest wrongdoing against society and people involved in such kinds of crimes need to be treated differently in the matter of bail.
As per the grievance, Awanish Kumar Mishra who is the Director of Allied Financial Services Pvt. Ltd. is suspected to have falsely transferred the authorizations of the complainant in the account opening form as well as fed incorrect credentials on the server of NSDDL in order to reject the complainant of getting an alert message for every transaction.
As a result, Awanish Kumar Mishra, the defendant has also deceitfully transferred the mutual fund units of the complainant amounting to Rs. 344.07 crores with the help of instruction slips having fake signs of official participants of the complainant corporations.
The mutual fund units of Rs. 344.07 crores were further vowed to IL & FS Securities Services Limited in order to get margin in copied trading segments as well as IL & FS Securities Services Limited and its officials named V. Hansprakash.
Therefore, V. Hansprakash has mala-fide aided Awanish Kumar Mishra as well as AFSPL in used the falsely transferred mutual fund units for profits.