Gujarat Exclusive > Gujarat news > Director of ex-IAS Sanjay Gupta’s firm, that duped 198 investors, moves Gujarat HC to quash FIR

Director of ex-IAS Sanjay Gupta’s firm, that duped 198 investors, moves Gujarat HC to quash FIR

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Aaquib Chhipa, Ahmedabad: A Board of Director of M/S Neesa Technologies Ltd an IT company of Sanjay Gupta, has moved the Gujarat High Court to quash an FIR registered with the CID Crime in Ahmedabad. 

The FIR registered on September 19, 2020, almost 7 years after the incident alleged that petitioner – Arvind Jaggannath Gupta, one of the directors and other members of the company had duped 198 investors.

It alleges that the company made the investors invest Rs3.94 crore in various schemes but failed to pay them the promised interest regularly. It also failed to pay the investors money due to them on the maturity of non-convertible debentures of the company.

Former IAS officer Sanjay Gupta is one of the members of the company and also the person named in the FIR.

Grounds on which quashing of FIR is sort

Advocate Utkarsh Dave representing the petitioner submitted before the court that in respect of the impugned FIR, the Registrar of Companies instituted as many as 22 complaints in the Metropolitan Court, Ahmedabad. 

He argued that the impugned FIR does not attribute any role of the petitioner. He further argued that the assets of the company and its directors are attached and a review petition against the attachment is pending before the apex court. 

He said the FIR was filed after 2,200 days of the incident and this is nothing but a gross misuse of criminal machinery and therefore it needs to be quashed.

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The Gujarat High Court while hearing the case observed that the FIR revealed that the company had collected a huge sum of money from investors by promising to pay regular interest on money invested and on non-convertible debentures. 

After paying interest for some time the company stopped the same and then neither paid the interest nor the amount due on the maturity of the non-convertible debentures.

The court issued a notice to the state and complainant – Nikhil Girme returnable by November 3.

What the complaint against Sanjay Gupta’s company says

The complainant Nikhil Girme, who works as an investment advisor in Pune, Maharashtra had registered an FIR against the petitioner Arvind Gupta and six other directors of M/S Neesa Technologies Ltd with CID Crime Police Station, Ahmedabad on September 16 this year. 

The FIR said that in the year 2013, Rahul Shah, general manager and Sanjay Gupta, CMD of M/S Neesa Technologies Ltd and Neesa Agritech Food Ltd visited Pune to raise investment for their company. 

Sanjay Gupta and Shah used to conduct meetings to attract investors in which the complainant was also present. He said that the company offered security for the invested capital and good returns and thus lured and duped 198 investors through various schemes.

 

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