The Supreme Court has agreed to hear the bail application filed by Shrikant Mohta, the co-founder of Shree Venkatesh Films Pvt Ltd and an alleged accused in a multi-crore chit fund scam.
A two-judge bench of Justice Indira Banerjee and Justice Hemant Gupta has issued notice and placed the matter before the appropriate bench. The matter would now be heard on January 4, 2021. The Court was hearing the challenge to the Orissa High Court order which had dismissed the bail application filed by accused Shrikant Mohta in the chit fund scam.
The prosecution case is that the Rose Valley Group of companies collected a huge amount of money from the people enticing them with false promises of paying higher rates of interest although Rose Valley was not having any authorisation from the Reserve Bank of India for carrying out such activities, therefore Company cheated the Public.
Shrikant Mohta, being a director of Shree Venkatesh Films, entered into a criminal conspiracy with accused Gautam Kundu, the chairman of Rose Valley and others, to misappropriate the public fund illegally collected by Rose Valley in the garb of an agreement for the sake of production and supply of telecast rights of Bengali feature films to be broadcast through the satellite channel of Brand Value Communications Private Limited (BVCL) namely Rupashi Bangla, a sister concern of Rose Valley and after execution of agreement, ill-gotten money was diverted from BVCL to Shree Venkatesh Films in the guise of commercial ties.