Fraud of Rs 6 crore; Two denied anticipatory bail

Lokmat News Network

Chhatrapati Sambhajinagar

In a Rs 6.09 crore fraud case, the anticipatory bail applications of Shaikh Riyaz Ghulam Rabbani and Sayyed Anis Razvi were rejected by additional sessions Judge N.M. Jamadar.

What is the complaint?

As per the complaint filed by Salman Liyakhat Khan Pathan, Shaikh Riyaz told him that his father-in-law, Sayyed Anis Razvi, runs a business in Dubai and that investing in it would yield high returns. Lured by the promise of good profit, the complainant was persuaded to deposit money at an interest rate of 9–12%. Over time, he handed over a total of Rs 5.77 crores to the accused. However, despite a long wait, when the complainant did not receive any returns and demanded his money back, the accused refused to repay. It also emerged that Shaikh Riyaz had similarly taken Rs 35 lakh from two other individuals by offering the same investment scheme. In total, the alleged fraud amounts to over Rs 6.09 crores as stated in the complaint.

Accused moved court to avoid arrest

To avoid arrest in the case, both Shaikh Riyaz and Sayyed Anis filed applications for anticipatory bail. During the hearing, assistant public prosecutor N.R. Kahane and Advocate Anand Deshpande, representing the complainant, opposed the bail plea. After hearing both sides, the court rejected the anticipatory bail applications of the two accused.