Repeat offender, court told while denying businessman protection from arrest

Mumbai: Repeat offender, court told while denying protection from arrest of businessman | File Picture

A magistrate’s court reviewed two similar previous crimes for which a businessman had been convicted and said he was ‘habitual’ of committing similar crimes, while denying protection from arrest at the time. businessman Siddharth Pilani, who was recently arrested by the Economic Crimes Wing (EOW).

He had been accused of luring 170 depositors by offering high rate of interest on their invested amounts and managed to collect Rs. 21.22 crores from them. He reportedly told them that the monies would be used for stock trading through his company M/s. Capital Berg.

Extra Sessions Judge AM Tapkire said in the order that there is substance and force in the assertion of a concerned affiant who objected to the businessman‘s relief, that Pilani has a history of committing similar offences. He said the most important fact against the businessman is that there are two crimes of a similar nature – one registered in 2019 in Nagpur and the other with EOW in 2019. The court said it appears the investigation into these offenses was still ongoing when the current crime was recorded against the businessman.

The court also pointed to the amount of Rs. 30 crores and said that when the amount is so high, it is certainly a serious and recognizable offence. Without questioning in custody, the investigative agency will not have the opportunity to detect most of the material facts given the serious charges against him, he said.

The businessman had sought redress stating that he did not mislead any depositors and although there are allegations of defrauding 170 people, he has already met the amounts of 105 of them.

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