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Punjab-Haryana High Court
Rajesh Vaid Alias Rajesh Ved vs State Of Haryana on 23 March, 2026
CRM-M-57472-2025 (O&M) -1-
IN THE HIGH COURT OF PUNJAB & HARYANA
AT CHANDIGARH
124
CRM-M-57472-2025 (O&M).
Date of decision: 23.03.2026.
RAJESH VAID ALIAS RAJESH VED
...Petitioner(s)
VERSUS
STATE OF HARYANA
...Respondent(s)
CORAM : HON'BLE MR. JUSTICE VINOD S. BHARDWAJ
Present :- Mr. B.S. Beniwal, Advocate,
for the petitioner.
Mr. Paras Talwar, Sr. DAG, Haryana.
VINOD S. BHARDWAJ, J. (Oral)
This is the first petition filed under Section 483 of the Bharatiya
Nagarik Suraksha Sanhita, 2023, for grant of regular bail to the petitioner in
case bearing FIR No.20 dated 02.05.2024, under Section(s) 419 and 420 of
the Indian Penal Code, 1860 (Sections 467, 468, 471 and 120-B IPC added
later on) and Sections 66C and 66D of the Information Technology Act,
registered at Police Station Cyber Crime, District Panchkula, Haryana.
Custody certificate placed on record.
Succinctly stated, the case of the prosecution is that the
complainant, Vikas Rana, who was serving as an engineer in the Merchant
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Navy at Mumbai, got the present FIR registered on the allegations that on
12.03.2024 he was added to an unknown WhatsApp group titled "CINV - The
Premier Strategy Group 0028". It is alleged that he received a message from
a mobile number 9354977088 from a person introducing himself as Rupinder,
purportedly from the customer service team of "Money Control", offering free
advisory services relating to investments in the stock market. It is further the
case of the prosecution that the complainant was sent a link on WhatsApp,
upon clicking which he became a member of the said group and started
receiving messages regarding trading opportunities and assured returns on
investments. Subsequently, on 29.03.2025, the complainant was asked to exit
the said group and join another WhatsApp group titled "CINV - The Premier
Strategy Group 01", which he accordingly joined. In the said group as well,
he continued to receive messages promising profits through trading activities.
The prosecution alleges that the complainant was informed that a trading
account had been opened in his name on the "CINV Trading Platform". He
was further provided with a link under the pretext of opening a fund institution
account. Upon accessing the said link, an account was created and he was
induced to deposit money therein. Acting upon such representations, the
complainant, during the period from 12.03.2024 to 25.04.2024, transferred an
amount of approximately Rs.1.35 crores from his two bank accounts into
various accounts as directed by the accused persons. It is alleged that the
aforesaid transactions were part of a fraudulent scheme orchestrated by
unknown persons, thereby cheating the complainant of a substantial amount.
Upon realizing the fraud, the complainant lodged an online complaint on the
NCRP portal, which culminated in the registration of the present FIR.
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During the course of investigation, the police collected printouts
of screenshots of the WhatsApp chats from the complainant along with details
of the bank accounts to which the defrauded amounts had been transferred.
Upon scrutiny, it was revealed that a sum of Rs.60 lakhs had been credited
into SBI Account No. 042689015524. The investigation further disclosed that
the said amount was subsequently siphoned off into multiple accounts in
smaller tranches. The aforesaid SBI account was found to have been opened
in the name of "Palak Trading Company", Fatehabad, of which the present
applicant, Rajesh Vaid, is the proprietor. The applicant was arrested on
09.08.2024 and upon his arrest, a mobile phone and two SIM cards were
recovered from his possession and Section 120B IPC was also added.
Disclosure statement of the accused was recorded in pursuance whereof a
laptop, Bill books, seals of Palak Trading company and other records were
recovered from its office. The recovered electronic devices, including the
mobile phone, SIM cards and laptop, were sent to the CFSL, Panchkula for
forensic examination. It also transpired during investigation that fake bills
regarding transportation of sacks of rice etc. through vehicle numbers PB 13
BS 1656, HR 59 E 7174 and HR 39C0955 had been prepared whereupon
offenses under sections 467, 468 and 471 IPC were added. CDRs and CAF
details of the concerned mobile numbers were collected by the police, in
pursuance whereof, Gurdev Singh was joined in the investigation. During
further investigation, the police found that as many as 138 complaints had
been registered on NCRP portal against the SBI account of the applicant's
firm-Palak Trading company. In addition thereto, 62 complaints were found
qua Kotak Mahindra bank account, 8 complaints against IDFC First bank
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account and one complaint against an ICICI bank account, all linked to similar
cyber fraud activities across different States, where further proceedings are
stated to be pending. From the bank account records of the applicant/accused,
it was found that transactions amounting to several crores of rupees had been
routed through the accounts during the period from 01.09.2023 to 19.04.2024.
It is, however, noted that the amount lying frozen in the account of the
applicant's firm, along with the amounts traced and transferred to other
accounts, has since been released on superdari in favour of the complainant.
Learned counsel appearing on behalf of the petitioner contends
that investigation in the case stands completed and the final report also stands
filed. He contends that the petitioner is in custody since 09.08.2024 and has
already undergone an actual custody for a period of more than 01 year and 07
months. He submits that despite passage of considerable time, only 01 out of
22 witnesses cited by the prosecution has been examined so far and the trial
is likely to take a long time to conclude. He further submits that the case is
triable by Judicial Magistrate hence, the petitioner is entitled to the concession
of regular bail.
State counsel, on the other hand, contends that the petitioner is
involved in a large scale financial fraud and has committed fraud with a large
number of persons and has defrauded more than 200 investors, resulting in
wrongful loss to the tune of approximately Rs.9.50 crores. He submits that
four other criminal cases have also been registered against the petitioner for
similar offences. He, however, does not dispute the period of custody as well
as the stage of the trial.
Having heard the counsel for the respective parties and without
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commenting anything on the merits of the present case and further taking into
consideration the period of actual custody undergone by the petitioner which
is more than 1½ years, the stage of the trial where only 01 witness out of 22
witnesses cited by the prosecution has been examined so far coupled with the
fact that the case is triable by Judicial Magistrate, the present petition is
allowed. The petitioner is ordered to be released on bail on his furnishing
requisite bail bond/surety bond to the satisfaction of the Trial Court/Duty
Magistrate, concerned.
It is made clear that the petitioner shall not extend any threat and
shall not influence any prosecution witnesses in any manner directly or
indirectly.
The observation made hereinabove shall not be construed as an
expression on the merits of the case and the trial Court shall decide the case
on the basis of available material.
March 23, 2026. (VINOD S. BHARDWAJ)
raj arora JUDGE
Whether speaking/reasoned : Yes/No
Whether reportable : Yes/No
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