Justice Vipin Sanghi dismissed the bail plea of company MD Sunil Dahiya, who is in judicial custody since October 30, 2014, observing that he "appears to be a person with deep pockets".
"If he could manipulate and dupe more than 1000 investors to invest in his projects, he may as well be able to influence these investors, other witnesses and the evidence to save his own skin.
Dahiya has moved high court challenging the trial court's September 10, 2015 decision, by which he was denied bail.
The Economic Offences Wing (EOW) in October 2014 had registered three cases in connection with two projects launched by Vigneshwara and its sister companies at Manesar and Gurgaon.
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The company had invited applications for investment in two projects for construction of IT parks, one in Gurgaon and the other in Manesar.
"The directors of the company made unrealistic promises to general public regarding the projects and assured abnormally high rate of returns. However, they neither paid the returns assured by them, nor made any efforts to fulfill their promises regarding the execution of projects. The company also did not have all the approvals required for the projects," the prosecution claimed.
The accused had filed bail pleas in all the three cases against him.
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