The Gujarat High Court has granted regular bail to an accused in a high-profile investment fraud case involving allegations of cheating a retired Income Tax officer of nearly ₹2.97 crore.
The Bench of Justice Hasmukh D. Suthar has observed that the conclusion of trial will take time and keeping the accused behind the bars is nothing but amounts to pre-trial conviction and therefore, considering the celebrated principle of bail jurisprudence is that “bail is a rule and jail is exception” as well as the concept of personal liberty guaranteed under Article 21 of the Constitution of India, present application deserves consideration.
The complainant is a retired Income Tax Officer who invested money under the pretext of business in the companies M/s Aponyx Labs Pvt. Ltd. and M/s Aponyx EV Pvt. Ltd. He invested an amount of Rs. 2.97 crores. It is alleged in the FIR that, while making the said investment, the accused lured him to invest more money and demanded additional funds to set up the E-vehicle plant in Surat. The accused person said that if he invested more money, he would receive 8% interest along with 20% shareholding in the company.
It appeared that his son assumed the status of the director, and thereafter, he was offered directorship. The accused then lured the complainant and siphoned off the amount, rather than making any investment, thus misusing the investment made by the complainant. The complainant was duped by the accused persons, who won his trust, and the accused have committed the offence of cheating, with an amount of Rs. 2.97 crores being siphoned.
The applicant who filed the bail application contended that there is no direct evidence suggesting that the applicant received any money from the complainant’s account. He has nothing to do with the offence. Furthermore, the investigation is over, and there is nothing further to be recovered or discovered from the accused. Furthermore, as the charge- sheet has been filed and there is no possibility of tampering with evidence, the advocate for the applicant has requested that the application be allowed.
The Income Tax Officer contended that the applicant is a kingpin of the said entire fraud and has adopted the same modus operandi in six other offences in collusion with his father and wife. So far parity is concerned, accused is his father who is senior citizen and accused No.3 is his wife and therefore, their role is different and therefore, the applicant cannot claim parity as the applicant is the kingpin of the said offence. The complainant is a retired income tax officer. The complainant invested his entire life savings, which he earned during his career.
The court while considering the nature of the allegations made against the applicant in the FIR, without discussing further on merit, prima facie, opined that this is a fit case to exercise the discretion and enlarge the applicant on regular bail subject to various conditions.
Case Details
Case Title: Manish Manvindersingh Chugh Versus State Of Gujarat
Case No.: R/Criminal Misc.Application No. 14761 Of 2025
Date: 12/09/2025
Counsel For Petitioner: Senior Advocate Harshit S Tolia
Counsel For Respondent: A S Timbalia
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