Film producer Srikant Mohta s bail plea rejected by Orissa HC for the 3rd time

Large number of innocent depositors have been duped and there was a deliberate design by the accused persons to flourish the illegal chit fund business activities of Rose Valley and the release of Mohta, who is a very influential person having close contacts with high-level politicians of West Bengal, is likely to hamper investigation, the HC said rejecting the bail..

Orissa High Court on Tuesday refused to grant bail for the third time to film producer and distributor Srikant Mohhta, who was arrested by CBI in January 2019 for his alleged complicity in a chit fund scam case. Co-founder of Shree Venkatesh Films (SVF), West Bengal-based Mohtas role in commission of economic offence of Rose Valley to the tune of Rs 17,000 crore was stated to have been prima facie established by CBI.

Justice S K Sahoo, who completed the hearing in the case last month, rejecting the bail plea on Tuesday said I am not inclined to reconsider the prayer of bail and direct his (Mohtas) release on bail. Rejecting all arguments and grounds taken by Mohtas counsel Kapil Sibal, Justice Sahoo said there has been no substantial change in circumstances after rejection of the last bail application of the petitioner by the court in January this year and subsequent dismissal of his SLP by the Supreme Court in February.

Further investigation of the case is at a crucial stage and huge number of documents have been seized and statements of witnesses have been collected against the petitioner even after rejection of the last bail application, Justice Sahoo said in his 60-page order. He said that there is no negligence by the jail authorities in providing proper treatment to Mohta in specialised hospitals for his ailment.

There is a deep rooted criminal conspiracy to cheat the public with an eye on personal profit. Large number of innocent depositors have been duped and there was a deliberate design by the accused persons to flourish the illegal chit fund business activities of Rose Valley and the release of Mohta, who is a very influential person having close contacts with high-level politicians of West Bengal, is likely to hamper investigation, the HC said rejecting the bail..