CRM-M No. 35035 of 2026 · Punjab And Haryana High Court · 2026

ALOK JAIN HON’BLE MR. JUSTICE ALOK JAIN Present: Mr. Sachin Sharma, Advocate, **** Ms. Rakhi Sharma, Advocate and Ms. Rakhi Sharma, Advocate and Mr. Nikhil Singh, Advocate for the petitioner. Mr. Nikhil Singh, Advocate for the petitioner. Mr. Amandeep Singh Samra, AAG, Punjab. Mr. Amandeep Singh Samra, AAG, Punjab. ***** ALOK JAIN, J. (Oral) ALOK JAIN, J. (Oral)

#1. The present petition has been filed seeking the grant of The present petition has been filed seeking the grant of The present petition has been filed seeking the grant of anticipatory bail to the petitioner in case FIR No.149 dated 02.06.2026, anticipatory bail to the petitioner in case FIR No.149 dated 02.06.2026, anticipatory bail to the petitioner in case FIR No.149 dated 02.06.2026, anticipatory bail to the petitioner in case FIR No.149 dated 02.06.2026, registered under Sections 318(4) and 316(2) of the Bharatiya Nyaya registered under Sections 318(4) and 316(2) of the Bharatiya Nyaya registered under Sections 318(4) and 316(2) of the Bharatiya Nyaya registered under Sections 318(4) and 316(2) of the Bharatiya Nyaya of the IPC), at Police Sanhita, 2023 (corresponding to Sections 420 and 406 of the IPC), at Police Sanhita, 2023 (corresponding to Sections 420 and 406 Sanhita, 2023 (corresponding to Sections 420 and 406 2, District Khanna, Ludhiana. Station Khanna City-2, District Khanna, Ludhiana. Station Khanna City

#2. Mr. Tarunveer Vashist, Advocate, has put in appearance on Mr. Tarunveer Vashist, Advocate, has put in appearance on Mr. Tarunveer Vashist, Advocate, has put in appearance on behalf of the complainant and filed his Power of Attorney, which is taken behalf of the complainant and filed his Power of Attorney, which is taken behalf of the complainant and filed his Power of Attorney, which is taken behalf of the complainant and filed his Power of Attorney, which is taken on record.

#3. er has summarized his Learned counsel for the petitioner has summarized his Learned counsel for the petition arguments by submitting that, prior to the registration of the present FIR, arguments by submitting that, prior to the registration of the present FIR, arguments by submitting that, prior to the registration of the present FIR, arguments by submitting that, prior to the registration of the present FIR, the petitioner himself had lodged a complaint before the competent the petitioner himself had lodged a complaint before the competent the petitioner himself had lodged a complaint before the competent the petitioner himself had lodged a complaint before the competent CRM-M-35035 35035-2026 (O&M) -2- authorities being a victim at the hands of the main accused, Vishal Kalra. being a victim at the hands of the main accused, Vishal Kalra. a victim at the hands of the main accused, Vishal Kalra. further submits that the petitioner, along with his family Learned counsel further submits that the petitioner, along with his family further submits that the petitioner, along with his family Learned counsel members and close relatives, had also invested substantial amounts in the members and close relatives, had also invested substantial amounts in the members and close relatives, had also invested substantial amounts in the members and close relatives, had also invested substantial amounts in the Vishal Kalra. It is further contended company promoted by main accused Vishal Kalra. It is further contended Vishal Kalra. It is further contended company promoted by a Team Leader would that merely because the petitioner has been shown as a Team Leader would that merely because the petitioner has been shown as that merely because the petitioner has been shown as not, by itself, establish his complicity, especially when one of the not, by itself, establish his complicity, especially when one of the not, by itself, establish his complicity, especially when one of the not, by itself, establish his complicity, especially when one of the complainants, namely Sameer Bhola, has also been shown as a Sales complainants, namely Sameer Bhola, has also been shown as a Sales complainants, namely Sameer Bhola, has also been shown as a Sales complainants, namely Sameer Bhola, has also been shown as a Sales Executive in the same company. Learned counsel submits that nothing is to Executive in the same company. Learned counsel submits that nothing Executive in the same company. Learned counsel submits that nothing as not even a single penny has been be recovered from the petitioner as not even a single penny has been as not even a single penny has been be recovered from the peti credited to the petitioner's bank account by the complainant and the credited to the petitioner's bank account by the complainant credited to the petitioner's bank account by the complainant is ready and willing to join the investigation. petitioner is ready and willing to join the investigation. is ready and willing to join the investigation.

#4. , learned State counsel, assisted by learned counsel Per contra, learned State counsel, assisted by learned counsel , learned State counsel, assisted by learned counsel for the complainant, submits that a single for the complainan FIR has been registered on the FIR has been registered on the statements of eleven other victims have complaint of the complainants and statements of eleven other victims have statements of eleven other victims have complaint of the complainants there is no also been recorded during the course of investigation, therefore, there is no also been recorded during the course of investigation, also been recorded during the course of investigation, necessity to register separate FIRs on behalf of each victim. necessity to register separate FIRs on behalf of necessity to register separate FIRs on behalf of

#5. Learned State counsel further submits that the matter requires Learned State counsel further submits that the matter requires Learned State counsel further submits that the matter requires a thorough investigation and that the custodial interrogation of the a thorough investigation and that the custodial interrogation of the a thorough investigation and that the custodial interrogation of the a thorough investigation and that the custodial interrogation of the petitioner is of utmost importance, as huge amounts of money have petitioner is of utmost importance, as huge amounts of money have petitioner is of utmost importance, as huge amounts of money have petitioner is of utmost importance, as huge amounts of money have nded that the ingredients of the allegedly been siphoned off. It is contended that the ingredients of the nded that the ingredients of the allegedly been siphoned off. It is conte attracted, as there is material on record offence of cheating are prima facie attracted, as there is material on record attracted, as there is material on record offence of cheating are to indicate that the petitioner induced the complainants and other victims to to indicate that the petitioner induced the complainants and other victims to to indicate that the petitioner induced the complainants and other victims to to indicate that the petitioner induced the complainants and other victims to s, while invest in the company by alluring them with promises of high returns, while invest in the company by alluring them with promises of high return invest in the company by alluring them with promises of high return the intention from the very inception was to cheat them. It is further the intention from the very inception was to cheat them. It is further the intention from the very inception was to cheat them. It is further the intention from the very inception was to cheat them. It is further CRM-M-35035 35035-2026 (O&M) -3- submitted that the question as to whether the petitioner himself is also a submitted that the question as to whether the petitioner himself is also a submitted that the question as to whether the petitioner himself is also a submitted that the question as to whether the petitioner himself is also a victim shall be examined during the course of investigation, however, for victim shall be examined during the course of investigation, however, for victim shall be examined during the course of investigation, however, for victim shall be examined during the course of investigation, however, for ustodial interrogation is indispensable. that purpose as well, his custodial interrogation is indispensable. that purpose as well, his c

#6. At this stage, learned counsel for the petitioner submits that a At this stage, learned counsel for the petitioner submits that a At this stage, learned counsel for the petitioner submits that a compromise had been arrived at between the petitioner and the main compromise had been arrived at between the petitioner and the main compromise had been arrived at between the petitioner and the main compromise had been arrived at between the petitioner and the main accused, Vishal Kalra, wherein the latter admitted his liability and issued accused, Vishal Kalra, wherein the latter admitted his liability and issued accused, Vishal Kalra, wherein the latter admitted his liability and issued accused, Vishal Kalra, wherein the latter admitted his liability and issued tain cheques towards repayment. However, the said cheques were certain cheques towards repayment. However, the said cheques were tain cheques towards repayment. However, the said cheques were tain cheques towards repayment. However, the said cheques were dishonoured, and proceedings under Section 138 of the Negotiable dishonoured, and proceedings under Section 138 of the Negotiable dishonoured, and proceedings under Section 138 of the Negotiable dishonoured, and proceedings under Section 138 of the Negotiable Instruments Act have since been initiated against him. Instruments Act have since been initiated against him. Instruments Act have since been initiated against him.

#7. Vishal Kalra Learned State counsel submits that main accused Vishal Kalra Learned State counsel submits that absconding from the process of law, and the custodial interrogation is also absconding from the process of law, and the custodial interrogation absconding from the process of law, and the custodial interrogation absconding from the process of law, and the custodial interrogation of the petitioner will be necessary for of the petitioner the Investigating Agency in the Investigating Agency in ascertaining his whereabouts as well. ascertaining his whereabouts

#9. Heard learned counsel for the parties at length. Heard learned counsel for the parties at length. y played by the petitioner Considering the active role allegedly played by the petitioner Considering the active role allegedl in inducing various investors to invest in the company, and keeping open in inducing various investors to invest in the company, and keeping open in inducing various investors to invest in the company, and keeping open in inducing various investors to invest in the company, and keeping open the question as to whether the petitioner was aware of the fraudulent the question as to whether the petitioner was aware of the fraudulent the question as to whether the petitioner was aware of the fraudulent the question as to whether the petitioner was aware of the fraudulent activities from the very beginning, this Court is of the view that his activities from the very beginning, this Court is of the view that his activities from the very beginning, this Court is of the view that his activities from the very beginning, this Court is of the view that his custodial interrogation would be of considerable importance custodial inter rogation would be of considerable importance, at this stage.

#10. t is a settled principle of law that economic Moreover, it is a settled principle of law that economic t is a settled principle of law that economic scale financial fraud are required to be dealt with offences involving large-scale financial fraud are required to be dealt with scale financial fraud are required to be dealt with offences involving large al financial loss to the . Such offences not only result in substantial financial loss to the . Such offences not only result in substanti strict hands. Such offences not only result in substanti victims but also undermine public confidence. The allegations in the victims but also undermine public confidence. The allegations in the victims but also undermine public confidence. The allegations in the victims but also undermine public confidence. The allegations in the present case disclose that several persons were allegedly induced to invest present case disclose that several persons were allegedly induced to invest present case disclose that several persons were allegedly induced to invest present case disclose that several persons were allegedly induced to invest CRM-M-35035 35035-2026 (O&M) -4- earned money on the promise of exorbitant returns. In view of their hard-earned money on the promise of exorbitant returns. In view of earned money on the promise of exorbitant returns. In view of earned money on the promise of exorbitant returns. In view of nd seriousness of the allegations levelled against the petitioner, the gravity and seriousness of the allegations levelled against the petitioner, nd seriousness of the allegations levelled against the petitioner, the gravity a coupled with the settled legal position laid down by the Hon'ble Supreme coupled with the settled legal position laid down by the Hon'ble Supreme coupled with the settled legal position laid down by the Hon'ble Supreme coupled with the settled legal position laid down by the Hon'ble Supreme Court in CBI v. Anil Sharma CBI v. Anil Sharma, (1997) 7 SCC 187 , the relevant extract , (1997) 7 SCC 187, the relevant extract whereof is reproduced hereunder: whereof is reproduced hereunder: in the submission of the CBI that “We find force in the submission of the CBI that in the submission of the CBI that custodial interrogation is qualitatively more elicitation custodial interrogation is qualitatively more elicitation custodial interrogation is qualitatively more elicitation orientated than questioning a suspect who is well orientated than questioning a suspect who is well orientated than questioning a suspect who is well ensconced with a favourable order under Section 438 of ensconced with a favourable order under Section 438 of ensconced with a favourable order under Section 438 of the Code. In a case like this effective interrogation of the Code. In a case like this effective interrogation of the Code. In a case like this effective interrogation of uspected person suspected person uspected person is of is of is of tremendous advantage tremendous advantage tremendous advantage disinterring many useful disinterring many useful disinterring many useful informations and also informations and also informations and also materials which would have been concealed. Success in materials which would have been concealed. Success in materials which would have been concealed. Success in elude if the suspected person such interrogation would elude if the suspected person such interrogation would - knows that he is well protected and insulated by a pre knows that he is well protected and insulated by a pre- arrest bail order during the time he is interrogated. arrest bail order during the time he is interrogated. arrest bail order during the time he is interrogated. Very often interrogation in such a condition would Very often interrogation in such a condition would Very often interrogation in such a condition would reduce to a mere ritual. The argument that the custodial reduce to a mere ritual. The argument that the custodial reduce to a mere ritual. The argument that the custodial tion is fraught with the danger of the person interrogation is fraught with the danger of the person tion is fraught with the danger of the person being subjected to third degree methods need not be being subjected to third degree methods need not be being subjected to third degree methods need not be countenanced, for, such an argument can be advanced countenanced, for, such an argument can be advanced countenanced, for, such an argument can be advanced by all accused in all criminal cases. The Court has to by all accused in all criminal cases. The Court has to by all accused in all criminal cases. The Court has to presume that responsible Police Officers would conduct presume that responsible Police Officers would cond themselves in a responsible manner and that those themselves in a responsible manner and that those themselves in a responsible manner and that those entrusted with the task of disinterring would not conduct entrusted with the task of disinterring would not conduct entrusted with the task of disinterring would not conduct themselves as offenders. themselves as offenders.

#11. In light of the facts, circumstances and settled principle In light of the facts, circumstances and settled principle In light of the facts, circumstances and settled principle the custodial interrogation of the petitioner is of paramount of law, the custodial interrogation of the petitioner is of paramount the custodial interrogation of the petitioner is of paramount the custodial interrogation of the petitioner is of paramount importance, the custodial interrogation of the petitioner would be of grave , the custodial interrogation of the petitioner would be of grave the custodial interrogation of the petitioner would be of grave CRM-M-35035 35035-2026 (O&M) -5- importance, at this stage, to ensure that the investigation in this case comes importance, at this stage, to ensure that the investigation in this case comes importance, at this stage, to ensure that the investigation in this case comes importance, at this stage, to ensure that the investigation in this case comes to its logical end. to its logical end.

#12. Court does not find any reasonable ground to Accordingly, this Court does not find any reasonable ground to Court does not find any reasonable ground to grant the extra ordinary concession of anticipatory bail to the petitioner, grant the extra ordinary concession of anticipatory bail to the petitioner, grant the extra ordinary concession of anticipatory bail to the petitioner, grant the extra ordinary concession of anticipatory bail to the petitioner, hence, the same is dismissed. hence, the same is dismissed.

#13. Pending application(s), if any, stands disposed of. Pending application(s), if any, stands disposed of. July 20, 2026 July 20, 2026 Whether speaking/reasoned: Whether speaking/reasoned:- Whether Reportable:- Whether Reportable: Yes/No Yes/No (ALOK JAIN) JUDGE