Delhi High Court Grants Bail to V Hans Prakash in Dalmia Cements Fraud Case
The Delhi High Court has recently granted bail to V Hans Prakash, who was accused in a case involving the fraudulent transfer of Rs 344 crores of mutual funds and securities held by Dalmia Cements Bharat Ltd. Justice Amit Mahajan granted the bail, noting that the investigation is complete and all necessary documents have been recovered.
Justice Mahajan stated, “Evidently, the custody of the petitioner is no longer required. In the given circumstances, no useful purpose will be served in keeping the petitioner behind bars.” The court also noted that V Hans Prakash does not have a criminal record and was never arrested during the investigation until the charge sheet was filed.
The main accused, Awanish Kumar, had already been granted bail on October 25, 2021. The case was lodged under various sections of the Indian Penal Code by the Economic Offences Wing (EOW). Dalmia Cements Bharat Ltd had filed a complaint against Allied Financial Service Pvt. Ltd and others for the fraudulent transfer of mutual funds worth Rs 344.07 crores.
It was alleged that Awanish Kumar Mishra, director of Allied Financial Services Pvt. Ltd, fraudulently transferred the mutual fund units using forged signatures and wrong credentials. V Hans Prakash, head of the business department and chief business strategy officer of IL&FS Securities Services Ltd, was accused of facilitating this fraudulent transfer.
Doubts Revealed
Delhi High Court -: The Delhi High Court is a big building where judges work. They make important decisions about laws and people’s problems in Delhi.
Bail -: Bail means letting someone out of jail while they wait for their trial. They might have to pay money or follow rules to stay out of trouble.
V Hans Prakash -: V Hans Prakash is a person who was accused of doing something wrong in a big money case. The court decided to let him out of jail for now.
Rs 344 crore -: Rs 344 crore is a very large amount of money. In India, ‘Rs’ stands for rupees, which is the money used in the country.
Dalmia Cements Bharat Ltd -: Dalmia Cements Bharat Ltd is a big company in India that makes cement, which is used to build houses and buildings.
Justice Amit Mahajan -: Justice Amit Mahajan is a judge in the Delhi High Court. Judges help decide if someone did something wrong or not.
Awanish Kumar -: Awanish Kumar is another person who was accused in the same money case. He was also let out of jail before V Hans Prakash.
Fraudulent transfer -: Fraudulent transfer means moving money or things in a sneaky way that is not allowed by law. It is like cheating to get money.
Mutual funds -: Mutual funds are a way people can invest their money together to make more money. It is like putting money in a big piggy bank with others.
Allied Financial Service Pvt. Ltd -: Allied Financial Service Pvt. Ltd is a company that helps people manage their money. In this case, they did something wrong with the money.
