The Bombay High Court has dismissed an appeal filed by Tarun Ratnani, Bollywood voice-over artist, against a lower court order asking him to furnish a bank guarantee of Rs 35 lakhs and give a personal bond in the same amount for releasing his luxury BMW car attached by police in the Q-net case filed against him.
It is the case of the prosecution that Ratnani is one of the main accused in a case registered against him by Mumbai Police and Q-net, a multi-level marketing company, in Oshivara police station.
The case is now being investigated by Economic Offences Wing of Mumbai Police.
"In our considered opinion, the trial court has not committed any mistake either in law or in facts while passing the impugned order on June 25, 2015 of releasing the car on a bank guarantee of Rs 35 lakhs. The appeal is, therefore, without any merit and is accordingly dismissed," noted Justice A S Gadkari and acting Chief Justice Vijaya Tahilramani in their order on September 16.
The Judges said that the investigation is at a crucial stage and if the vehicle is released without taking proper security from the appellant, there is every possibility that the property -- which is alleged to have been purchased by him from the proceeds of a crime -- perhaps will not be available at a subsequent stage for payment to investors or to persons who are entitled to get the amount after the probe is over.
The FIR in the crime was registered on August 6, 2013, at Oshiwara Police Station. The investigating agency alleged that the appellant has received Rs 40 lakhs as the proceeds of the crime during April 2012 to August 2013 by introducing new members to the scheme of Q-Net group of companies.
It was also alleged that the appellant purchased the first vehicle Mini Cooper car in May 2013 and by selling this vehicle within one year, he purchased BMW in July 2014 which has been seized by EOW.
In our opinion, the trial court, after taking into consideration the mandate of Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act (MIPD), has directed to release the attached vehicle after furnishing the said security, said the HC Judges.
