Latest news with #SumitDass
Time of India
3 days ago
- Business
- Time of India
'If verdict out abroad but trial on in India, case must be heard at length'
NEW DELHI: A Delhi court observed that a case in which the judgment was rendered by a foreign court, and was also sub judice in India, must be heard at length. The court of Additional Sessions Judge Sumit Dass made the observation on May 5 while hearing the submissions of Shravan Gupta, an accused in a money laundering case. Tired of too many ads? go ad free now Gupta was convicted by a court in Abu Dhabi last year for the same offences as charged by the Enforcement Directorate - fraud, deception, and embezzlement. Gupta and six others, including a private company, filed a revision petition against a magisterial court order of November 2024 in which the court issued them and others summons for the offences of fraud and cheating. Meanwhile, the court stayed proceedings in the matter until July 4, the next hearing date. The court also issued notice to the ED and the state to file a reply in the matter. The case is related to a complaint filed by Emaar India Limited against MGF Development Limited, Gupta and 11 others for large-scale fraud and siphoning of Rs 180 crore. In April, Gupta moved an application before the court, submitting that on February 27, 2024, a court in Abu Dhabi had convicted of the same offences as in the present case. "Passing of the said judgment was concealed by the complainant from this court as well as from the trial court," the plea stated. Gupta pleaded that he cannot be prosecuted again, and the impugned order deserves to be set aside. The entire prosecution is bad in law in view of Article 20(2) of the Constitution of India as well as Section 300 CrPC, Gupta stated.
Time of India
15-05-2025
- Business
- Time of India
Consider taking over 2kcr crypto fraud probe, CBI told
New Delhi: A Delhi court, examining a cryptocurrency fraud of around Rs 2,000 crore, has asked CBI to consider taking over the probe from Delhi Police. The directions came from the additional sessions judge Sumit Dass on May 1 when he was hearing a bail plea by the prime accused, West Bengal resident SK Masud Alam. Tired of too many ads? go ad free now The plea will be heard on May 19. "Before I deal with the bail application, in my considered opinion, this particular case is one which requires investigation by any national or central investigating agency like CBI. The ramifications of this case, particularly the magnitude of the offence, the manner in which the offence was committed, and the footprint which may be all over the world, require thorough investigation. The entire module, which has or had the knowhow as to decoding/breach of the security codes/system, has to be comprehensively busted," the judge said. He added that another angle which requires consideration is the possible participation of a syndicate or state support behind the fraud as it affects the industry/entrepreneurship, and the amount siphoned/cheated can be used for many illegal activities. Alam's two bail pleas have been rejected by the court. In July 2024, cryptocurrency platform WazirX suffered a cyber attack, resulting in the theft of nearly Rs 2,000 crore. Zanmai Labs Private Limited, the company that operated WazirX, approached Delhi Police and lodged a complaint with the Intelligence Fusion and Strategic Operations (IFSO) unit. WazirX stores crypto funds invested by its customers in various third-party multi-signature wallets. The prosecution said that last year, the company's wallets was drained, and a subsequent probe revealed that these were hacked with a total transaction of $234 million. Tired of too many ads? go ad free now Following this, Delhi Police registered a case. The name of Souvik Mondal, a resident of West Bengal's Midnapur, came up during the investigation. His account was registered on the platform on July 11, and he had received a crypto deposit of over Rs 91 lakh in his WazirX account. The court noted that Alam was in judicial custody for over eight months, and his bail plea was moved repeatedly as the investigation had made no progress. The investigation officer submitted that they had sent notices to various govt and investigating organisations.
