Innocence is Presumed Until Proven Guilty; Bail Not to be Denied in Economic Offences: Himachal Pradesh High Court Grants Bail in Embezzlement Case Involving Fake Websites and Cryptocurrency

The High Court of Himachal Pradesh, presided over by Justice Sushil Kukreja, has granted bail to the accused in a significant case involving economic offenses related to fraudulent investment schemes and the creation of fake websites. The decision in Cr. MP (M) No. 415 of 2024 along with Cr. MPs (M) No. 603 & 613/2024 was pronounced, emphasizing the principle that “every man is deemed to be innocent until duly tried and duly found guilty.”

The petitioners, Amit Pradeep Singh and others, were charged under Sections 420, 120-B of the Indian Penal Code, along with the Himachal Pradesh Protection of Interests of Depositors Act, 1999, and the Banning of Unregulated Deposit Schemes Act, 2019. They sought bail under Section 439 of the Criminal Procedure Code, following their arrest connected to FIR No. 120/2023.

The case revolved around the operation of fake websites and virtual currency schemes, with allegations that the accused had embezzled a significant amount of money. The prosecution alleged that the accused used these websites to dupe investors, promising doubled returns on investments. The defense argued for bail on the grounds that the investigation was complete and the prolonged incarceration of the accused served no purpose.

Justice Kukreja delved into the principles governing the grant of bail in economic offenses, citing various precedents including Sanjay Chandra Vs. Central Bureau of Investigation and Manoranjana Sinh alias Gupta Vs. CBI. The Court highlighted that bail is a rule and jail an exception, emphasizing the presumption of innocence. The decision was shaped by considering the gravity of the offense, the completion of the investigation, and the filing of the chargesheet, coupled with the unlikelihood of an immediate trial.

The Court granted bail to the petitioners, subject to stringent conditions such as personal bonds, sureties, mandatory appearances, restrictions on engaging in cryptocurrency business, property restrictions, and surrender of passports. The Court stated, “It is neither punitive nor preventive, but to secure the presence of the accused at the trial.”

Date of Decision: April 09, 2024.

Amit Pradeep Singh and Others Vs. State of Himachal Pradesh,