MUMBAI: Observing that prima facie it appears that the accused committed a flagrant breach of trust, a magistrate’s court rejected the bail plea of Kamala Mills compound owner, Ramesh Gowani, arrested earlier this month by the Economic Offences Wing (EOW) for allegedly defrauding a businessman of Rs 67.5 crore.
“The offence is grave in nature. If the accused is released on bail, he may impede the ongoing investigation by tampering with evidence and influencing prosecution witnesses,” the magistrate remarked.
The prosecution contended that Gowani, who owns a real estate company called Amikrupa Land Developers, had purchased a 2,204-square-metre plot in Santacruz (West) from the complainant and promised to provide Rs 20 crore, 10 flats and a shop in exchange. According to the allotment letter given to the complainant, seven flats were sold to third parties, and two flats were mortgaged to a finance company. The police registered an FIR against Gowani and his wife, Nidharshana, for cheating and misappropriation of funds.
The prosecution vehemently opposed Gowani’s bail plea, submitting that the amount involved in the matter is Rs 67.5 crore, and the recovery of the money is still pending.
They further argued the victim suffered substantial wrongful loss.
The investigating officer contended the accused prepared a term sheet in 2013 to purchase two plots from the informant, which bears the signature of the accused. He further submitted the accused has paid only Rs 4.7 crore to the victim out of the Rs 15 crore mentioned in the confirmed conveyance deed. Lastly, he emphasised the extensive scope of the offence.
“If the accused is released on bail, he may tamper with evidence and influence prosecution witnesses. The investigation is not yet completed, and statements of witnesses are yet to be recorded,” the investigating officer asserted.
The victim also submitted an intervention plea seeking rejection of the bail, alleging there were other victims as well. Another purported victim also opposed the bail plea.
The advocate appearing for one of the victims submitted that the accused has potential to make the relevant payments but intentionally did not do so. It was further submitted that the accused dishonestly induced him to sign the conveyance deed and if released on bail, there is every possibility of fleeing from justice.
Seeking bail, Gowani’s lawyer submitted that the accused has paid part of the total amount and has also parted with possession of one flat worth Rs 7.5 crore. He further stated that the accused had handed over a cheque of Rs 2.5 crore drawn in the name of the informant to the joint commissioner of police, EOW, to be given to the informant. However, the informant was not ready to accept the said cheque.
“As such, he submits that the matter is purely of a civil nature. But just to arm-twist the accused, the informant gave it a criminal colour and filed the present report against the accused,” the lawyer argued.
