The Supreme Court on Wednesday granted bail to the Chief Executive Officer of the Gravit Innovative Promoters Limited, who was named as one of the accused in the 4000 crores ponzy ‘Bike Boat Scheme’.

A Bench comprising Justice Surya Kant and Justice JK Maheshwari ordered his release on bail “in view the period of incarceration suffered” and “the fact that the conclusion of trial will take some time”. However, it directed that his passport shall be seized and deposited with the Trial Court.

He is, thus, in custody for the last about three and a half years. A consolidated chargesheet has been filed by the Economic Offences Wing. However, the commencement of trial may take some time. Most of the co-accused of the petitioner have been enlarged on bail”, said the Apex Court while granting bail.

The allegations were that a Company “Gravit Innovative Promoters Limited” launched an investment scheme to invest in it on the inducement of good / assured return to the investors in this ponzi called “Bike Boat” and duped thousands of investors, mostly ex-servicemen for years. It is alleged that the total scam is about Rs.4,000/- crores.

Due to the lucrative offers made in the Scheme, a large number of people invested huge amounts in it. The accused initially paid the assured amount to the investors to win their trust, but later defaulted on payments and absconded. They did not return the money of a large number of investors who invested their hard-earned money in this Scheme. A number of persons had filed police complaints / F.I.R.s against them.

Advocate Subhro Sanyal appeared for the Petitioner while Advocate Garvesh Kabra appeared for the Respondents.

The petitioner approached the Apex Court seeking regular bail in case registered against him under Sections 201(Causing disappearance of evidence of offence, or giving false information to screen offender), 506 (Punishment for Criminal Intimidation), 504 (Intentional insult with intent to provoke breach of the peace), 471 (Using as genuine a forged document or electronic record), 468 (Forgery for purpose of cheating), 467 (Forgery of valuable security, will, etc.), 420 (Cheating and dishonestly inducing delivery of property) and 206(Fraudulent removal or concealment of property to prevent its seizure as forfeited or in execution) IPC.

The Allahabad High Court in March 2021, denied granting him bail in view of the allegation that he actively motivated the investors to invest their money in Bike Boat Scheme.

The petitioner shall also continue to appear before the Trial Court on every date of hearing”, directed the Apex Court while disposing of the Special Leave Petition.

Cause Title- Tarun Kumar v. The State of Uttar Pradesh

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