Mumbai: A special CBI court on Tuesday refused bail to 43-year-old businessman Bhavik Mohan Pethana, accused of involvement in a ₹4.12-crore cyber-investment fraud, after noting that his company’s bank account was allegedly linked to around 100 other cybercrime cases.
₹4.12-crore cyber fraud case” title=”CBI court denies bail to businessman in ₹4.12-crore cyber fraud case” />While rejecting the bail plea, special judge A.V. Gujarathi called the case a serious economic offence and said that Pethana’s release could hinder the ongoing probe. “Considering the nature of the crime, it is crystal clear that the accused played an active role. The applicant is not entitled to bail,” the court said.
According to the prosecution, complainant Dr Anilkumar Manoharlal Agrawal was approached by a few people, identifying themselves as the representatives of Canara Robeco and Nuvama Wealth, through Facebook and added him to WhatsApp groups such as ‘Beyond The Numbers 7’ and ‘Nuvama Wealth Group OTC Trading’, where they shared tips for trading. Acting on their directions, Agrawal transferred ₹4.12 crore to several accounts — including ₹1.5 crore to Ascent IT Services, owned by Pethana.
During the hearing on Tuesday, public prosecutor Ramesh Siroya opposed the bail, arguing that Pethana had ‘acted in collusion with the main culprits’ and that his firm’s bank account was involved in over 100 cases registered on the National Cyber Crime Portal. He warned that the accused could tamper with evidence or reoffend if bail were granted.
Opposing this, defence counsel, Jaiswal, argued that Pethana was falsely implicated and that he was not a beneficiary of the fraud, claiming that the funds credited to his firm were later transferred elsewhere. He said continued detention amounted to pre-trial punishment.
To this, the court said that it found ‘no satisfactory explanation’ for the ₹1.5-crore transaction and held that Pethana ‘facilitated commission of the crime’ and was aware of his co-accused’s malafide intentions.
“Cyber crimes are rising day by day. Innocent people are losing their hard-earned money due to cyber fraud. Everybody must be aware that he or she should not permit the other person to misuse his or her bank account for criminal activities. After permitting such use, he or she cannot escape criminal liability,” the court said, while rejecting the bail.
Warning against leniency in such cases, the court added that a soft approach would erode public confidence and foster a perception that offenders can commit outrageous acts and yet be treated lightly by the court.
In a related case, additional sessions judge V.P. Desai also denied bail to Balchandra Lalpyare Singh, arrested in a ₹21.12-crore pan-India cyber-fraud racket involving bogus firms D.S. Consultancy and Pririt Logistics Pvt Ltd.
The court noted that Singh had opened 22 bank accounts across 11 states — including Maharashtra, Gujarat, West Bengal and Tamil Nadu — to route defrauded funds. Describing cybercrime as a menace to society that targets innocent persons, mainly senior citizens and retirees, the court said Singh’s role was positive and active, and cited his lack of a fixed address or identity documents as grounds for rejecting bail.