Mumbai: In a relief for Adani Group chairman Gautam Adani and managing director Rajesh Adani, the Bombay High Court on Monday discharged them in a case of alleged violations of market regulations amounting to nearly Rs 388 crore observing that no case of cheating or criminal conspiracy was made out.

In 2012, the Serious Fraud Investigation Office (SFIO) initiated a case against Adani Enterprises Limited (AEL) and its promoters, Gautam Adani and Rajesh Adani. It filed a chargesheet accusing them of criminal conspiracy and cheating.

Later, in 2019, Gautam Adani and Rajesh Adani approached the High Court, seeking to quash a sessions court order from the same year that refused to discharge them from the case. In December 2019, the High Court granted an interim stay until January 13, 2020, which was subsequently extended from time to time.

Justice RN Laddha discharged the two industrialists saying that after evaluating the submissions and the records it is “evident that the complaint fails to satisfy the essential ingredients of the offence of cheating”. The judge said that when the offence of cheating itself is not made out then even the charge of criminal conspiracy becomes unsustainable.

In a detailed order, the HC said: “A fundamental requirement for an offence under section 420 of the IPC (cheating) is the presence of an element of deception, which leads to the victim suffering from loss while the accused gains wrongfully.” It added that in the present case, there is a “conspicuous absence” of any such allegations from an affected party, it added.

“Merely by asserting that the accused has made a wrong gain without demonstrating the corresponding wrongful loss or deception suffered by a specific victim does not suffice to attract the offence of cheating,” the court underlined.

The court turned down SFIO’s request to stay the order to allow them the approach the Supreme Court.

The SFIO had filed a chargesheet in 2012 against 12 accused, including the Adani’s, for allegedly providing funds and shares to Ketan Parekh to facilitate illegal activities in the capital market. They were accused of cheating and criminal conspiracy. However, a local magistrate discharged them from the case in May 2014.

Following an appeal by the SFIO, the sessions court, on November 27, 2019, set aside the magistrate’s order. The sessions court observed that the SFIO had prima facie established a case of “unlawful gain” by the Adani Group promoters and Parekh, amounting to approximately Rs388 crore and Rs151 crore, respectively.

The Adani’s approached the High Court against this order, claiming that the sessions court’s decision was “arbitrary and illegal.” Their plea contended that “except for bald and general allegations of criminal conspiracy, no offence of cheating is disclosed against the petitioners, and the allegations are groundless.”

The case involved allegations of market regulation violations amounting to nearly Rs 388 crore. It stemmed from concerns over regulatory compliance and financial transactions flagged during an investigation.

Mumbai: The Economic Offences Wing (EOW) has arrested Arunachalam Nathan Muruthovar (age 62), a wanted accused in the New India Cooperative Bank (NICB) embezzlement case. Arunachalam, who was absconding for the last one month, surrendered at the Economic Offences Wing office in Mumbai this morning.

It is alleged that Arunachalam Muruthovar had received around Rs 30 crore from the misappropriated funds of NICB from the main accused Hitesh Mehta. The EOW had deployed several teams in various parts of India while Arunachalam was absconding.

After the surrender, Arunachalam Muruthovar was arrested and produced in the court. The court sent him to police custody till March 18 for further investigation.

Further investigation in the case is underway. So far 6 accused have been arrested. The EOW has also claimed progress in the investigation in this case.

Mumbai: The situation is peaceful after the communal tension on Shimga Holi in Ratnagiri Rajapur, Maharashtra. During the Holi Shimga procession at Jamia Masjid in Ratnagiri Rajapur, people of a particular community tried to damage the door of the mosque, after which the situation deteriorated here, but the police have registered a case in this matter under various sections and the Police Act. Police have registered a case in this case against Sanjay Khopade, Ankit Arvind Khatkar, Prajit Khopade, Dashrath Dudhgavkar, Prashant Marathe, Amit Kadam, Shopnil Balkarkar, Prashan Devasthali, Mahesh Narayan Reddy, Sujit Ramesh Shinde, Prasad Masurkar, Shubham Pawar, Raju Murte and others. All of them are residents of Rajapur Ratnagiri.

On the night of March 12, miscreants forcibly entered the Jama Masjid while the Shimga Holi procession was being taken out through that route. The mob is also accused of forcibly damaging the gate. The police have registered a case in this matter. Also, to worsen the situation, people of a particular community also raised slogans of Jai Shri Ram, Har Har Mahadev and violated the prohibitory orders, after which the police have registered a case.

The situation in Ratnagiri is peaceful, but tension persists. SP Ratnagiri Dhananjay Kulkarni said that a case of violation of prohibitory orders has been registered because a crowd had gathered near the Jama Masjid. The situation here is peaceful, but the market of rumors is active. He appealed to the public not to pay attention to rumors. The police have tightened security in the area. According to tradition, there is a custom of placing a stick on the stairs of Jawahar Chowk Jama Masjid in Rajapur village and saluting and coconut and garland are offered from here. After that the procession starts, but tension spread at night when the crowd forcibly attacked the gate while shouting Jai Shri Ram slogans.

Assembly member Nitesh Rane said that the festival of Shimga and Holi is celebrated according to tradition in Ratnagiri, so there is no tension here. Some people are trying to spoil the atmosphere. While the festival of Holi is celebrated peacefully here, Hindus and Muslims live together. There is no tension or tension. The situation is peaceful. He said that an attempt has been made to mislead by presenting this incident on social media, while the facts are different. When the route of the procession is like this and it is a tradition, it is also important to find out who closed the gate of the mosque and what is the reason behind it. He said that Muslims also welcome the Holi procession and there is mutual brotherhood.