Mumbai, Mar 5 (UNI) Observing that no offence of cheating was made out, the Bombay High Court gave a clean chit to City Limouzines (India) Ltd. and quashed criminal proceedings initiated against the company for allegations of cheating and deceiving hundreds of investors.
A division bench, comprising Justices Bilal Nazki and Sharad Bobde, has found that the investors had invested roughly Rs one lakh each and in return had received Rs 2.40 lakhs and there was no intention on part of the company to defraud at the time of inception of the scheme.
The judges have observed that clauses of the agreement could be interpreted in several ways and applying the principle no offence of cheating was made out.
One Jalandhar Phansare had filed a complaint against the City Limouzines (India) Ltd. at Cuffe Parade police station alleging that the company had deceived hundreds of investors. Later, the matter was transferred to Economic Offences Wing of Mumbai Police for further investigation.
It was alleged in the complaint that the company had promoted a scheme ''Go get a Vehicle on rental basis and earn by sitting at home'' assuring people for earning in easy way. According to the complaint, the company had accepted crores of rupees and amounts so realised were misappropriated and thereby investors were deceived.
The scheme promised investors of good returns by purchasing a motor car, renting it out and also handing over the car to the investor after period of five years.
Phansare had specifically complained that the Maruti Omni car was not handed over to him after period of five years and there was breach of an Agreement between him and the company.
Sayed Mohammed Masood, chairman of the City Limouzines, had challenged the filing of FIR in the high court, saying that even if there was any dispute regarding interpretation of particular clause of the agreement, it would be a civil dispute and would not be a matter of criminal investigation.
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