Businessman cheated: Court rejects anticipatory bail plea of accused in Rs 43 crore ‘dabba trading'
A case was filed by the L T Marg police against Ladulal Kanther, his son Pallav Kanther and nephew Shubham Mahavir Kanther earlier this month on allegations that they had cheated the complainant businessman. The court rejected the pre-arrest bail plea of Shubham on Thursday.
'The investigation is at initial stage. Yet the huge quantity of gold and money is to be recovered. The offence is of a serious nature. A detailed investigation is necessary. The possibility of tampering with prosecution evidence cannot be ruled out,' the court said.
The allegations against the accused are that they had met the complainant through a chartered accountant and presented themselves to be engaged in trading of gold and silver through their firms, Maxis Bullion and Pallav Gold, with the promise of good returns on their investments. It was alleged that the complainant had initially invested Rs 2.2 crore which was repaid by the accused and subsequently invested 36.4kg gold and Rs 10.51 crore in cash between 2023 and 2024.
The accused delayed repayment business citing slowdown due to gold price fluctuations and assured repayment once operations normalised. As the repayment kept getting delayed, the accused admitted to have invested in an illegal speculative gambling activity, referred to as dabba trading, for betting on stock prices outside the exchange. The complainant alleged that cheques issued by the accused for repayment too were dishonoured.
Shubham in his plea claimed that he was falsely implicated and that this was not a criminal case but a civil dispute. The court said that a probe is necessary into the allegations and rejected the plea.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
39 minutes ago
- Time of India
Cops arrest 11 in firearms case
Pune: The Pune city police crime branch, in separate actions, arrested 11 men and recovered 12 country-made pistols and 15 rounds from them between July 30 and Aug 14. Deputy commissioner of police (crime) Nikhil Pingale on Saturday said the investigations into firearm cases revealed that most criminals released on bail acquired knowledge for procuring weapons from different places in Madhya Pradesh from other criminals currently lodged at Yerawada Central Jail. Pingale said the arrested men are not users, but they procure the weapons from contacts for approximately Rs 15,000 and sell them to prospective customers and criminals for Rs 40,000 or more. The weapons are used for maintaining status, security purposes, and personal vendetta, he said. You Can Also Check: Pune AQI | Weather in Pune | Bank Holidays in Pune | Public Holidays in Pune | Gold Rates Today in Pune | Silver Rates Today in Pune "Police teams are working on certain clues to trace the source of the firearms and their manufacturing unit," he said, adding that action would be taken against every person involved in the chain, including buyers, sellers, and handlers. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area.
Time of India
an hour ago
- Time of India
Festive season & monsoon spike vegetable prices
Panaji: Prices of vegetables in Goa have been witnessing a gradual rise over the last couple of weeks amid an increase in demand due to the Hindu holy month of Shravan and the upcoming Ganesh Chaturthi. Tired of too many ads? go ad free now Prices have also been affected due to quality deterioration of produce during storage and transportation in the monsoon. Tomatoes have seen a rise from Rs 40 to Rs 50 per kg, while onion prices have also spiked from Rs 30 to Rs 40 per kg. Potato rates have also increased from Rs 30 to Rs 40 per kg. As the festival approaches, the prices are expected to increase further. Burhanuddin Mulia, a vegetable vendor at the Panaji municipal market, said prices fluctuate frequently due to the rainy season and the demand for the vegetables. 'The price of tomatoes was Rs 80 last month. It was Rs 40 two weeks ago, and now, it has risen to Rs 50. It really depends on the quality we get and the demand,' said Mulia. A major part of Goa's vegetable demand is met by supply coming in from Belagavi. But due to various reasons such as the cost of cultivation, the prices of locally grown vegetables have also risen. Three small locally grown ridged gourds, or a similar quantity of bitter gourds, are now sold for Rs 100. Mohammad Haris, a vegetable vendor at Panaji, said customers are not happy with the quality of vegetables. 'And with the price hike, it doesn't justify the amount they are paying,' he said. Consumers said that for leafy vegetables like methi, raddish, coriander, etc, the prices may not seem to have been hiked, but the size of the bunches has significantly reduced. The state horticulture corporation, on its part, has said that it is supplying vegetables at subsidised rates, but the number of its stalls may fall short of the demand. Tired of too many ads? go ad free now Satyender Chaudhary, a customer from Mala, said that high prices often lead him to buy vegetables in decreased quantities. 'The prices are always high. Even if it reduces by Rs 10, we still end up paying more for the quantity of vegetables we used to pay for before. It is unfair,' said a customer from Taleigao.
Time of India
an hour ago
- Time of India
New deadline for Curchorem Ravindra Bhavan
Margao: The much-anticipated phase II extension of Ravindra Bhavan in Curchorem is likely to be completed by Sep 31, the latest timeline set by the department of art and culture for completing all pending works. Official records reveal that while the amphitheatre and mini auditorium are structurally complete, interior works remain pending, preventing their immediate use. The project was plagued by multiple setbacks, including the Covid-19 pandemic's impact on manpower and material supply, design changes to the tensile fabric roof system for better structural stability, and contractor-related issues. Most significantly, the interior and allied works contractor was terminated in Dec 2023 due to poor performance, necessitating a fresh tendering process. Financial data reveals that the project's total cost escalated to Rs 27 crore, with Rs 24 crore already disbursed to contractors. The main civil, electrical, and firefighting works component, valued at Rs 20 crore, is 95% complete. However, interior works, originally worth over Rs 20 crore, remain only 50% finished under the new contractor arrangement. The audio-video systems installation is significantly behind schedule at just 30% completion, and doubts persist over its completion before the Sep 31 deadline. Notably, while major infrastructure components like CCTV systems and electrical metering are fully completed, the project's core entertainment facilities remain incomplete. The Rs 1.2 crore audio-video component has seen only Rs 75 lakh in payments, indicating substantial pending work that could further delay the project's operational readiness. The Goa State Infrastructure Development Corporation is overseeing the project through appointed project management consultants. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area.
