New Delhi, Oct 3: A Delhi High Court granted bail to Manish Chawla owner of Sementic Information Technology, who was arrested for allegedly defrauding seven members of an IT channels assocaition in the national capital of over Rs.5 crore.
The court accepted the request for bail filed by the accused who was charged with duping people to the tune of Rs.15 crore, including about Rs.5.53 crore that he allegedly defrauded from seven members affiliated to the Progressive Channels Association of Information Technology (PCAIT). It was based on a complaint filed by the association with the Economic Offenses Wing (EOW) of the government that Chawla was arrested.
The complaint was filed in October 2011 and Chawla was taken into custody in June next. He had appealed to the lower courts for bail in the past and it was only after close to a year that the High Court granted him relief on payment of a personal bond of Rs. One crore and a surety of a like amount.
When contacted, PCAIT secretary V. Krishnan said a copy of the bail order has been circulated to all members so that they could discuss the development and spread the message to serve as a deterrent to similar actions in the future.
In her order, Justice Veena Birbal said Chawla had placed orders in thousands and after obtaining the confidence of the dealers and distributors and obtained credit. It was revealed that then the accused was selling the goods at lower than purchased price and taking payments in cash. “In view of this background, it appears that the offenses have been committed for personal gain and Chawla has moved in a planned manner,” the judge said adding that the court wishes to safeguard the interests of the victims and hence was insisting on a large amount being deposited.
Members who were duped by Chawla are Rashi Peripherals, Zest Systems, Vidur & Co, Micro Clinic India, Iris Computers, Supertron Electronics and Elcom Trading Company, wherein Redington and Ingram complained direct to EOW.