Dipesh Sharma v. State of Madhya Pradesh
In the High Court of Madhya Pradesh
Misc. Criminal Case 43920/2022
Before Justice Anil Verma
Decided on November 10, 2022

Relevancy of the case: Bail application in a case involving the impersonation of a SEBI-registered investment company

Statutes and Provisions Involved

• The Information Technology Act, 2000 (Section 66D)
• The Indian Penal Code, 1860 (Section 419, 420, 467, 468, 471, 34)
• The Code of Criminal Procedure, 1973 (Section 439)

Relevant Facts of the Case

• The police filed a complaint against the co-accused at the behest of the complainant, Avinash. The complaint stated that under the pretence of investment advice through Capital Federation Investment Advisory, a SEBI-registered company, the co-accused impersonated himself as Hemant Jain instead of Hemant Chouhan.
• The co-accused created a fake email ID as well as a fake invoice in the name of the company and fraudulently obtained money from the complainant.
• The applicant, in this case, is also one of the co-accused under the same charges of impersonation and forgery.

Prominent Arguments by the Advocates 

• The petitioner’s counsel argued that the prosecution had no material evidence to prove the applicant guilty. Moreover, he has been in detention for around 4 months. On the other hand, another co-accused, Ankita Yadav, has already been enlarged on bail by an order of the trial court.
• Furthermore, the counsel contended that the complainant and the applicant have arrived at an amicable settlement. The no-objection affidavit in respect of the bail application has effectuated this.
• The respondent’s counsel pleaded that the bail application should be rejected. Other co-accused persons are still absconding in the matter.

Opinion of the Bench

• The Court did not comment on the issues of the case and also did not feel inclined to grant bail at the present stage of the case.

Final Decision

• The bench rejected the bail application.