The owner of Kamaxi Forex Nilesh Raikar who was released by the CJM (Chief Judicial Magistrate), Margao on the bail bond of Rupees 5 Lakh and two sureties of the similar amount has been sent back to the Judicial Custody for not furnishing the bail required bail bond. Read the complete report here.
Earlier the owner of Kamaxi Forex, Nilesh Raikar was asked to deposit rupees 10 crores in the court by CJM, Margao to be able to release him on the bail but despite not depositing the said amount CJM allowed him the bail on 30th June on the bail bond of mere five lakh rupees.
The investors were furious on the judgment of the CJM, Margao but now according to the new development, Nilesh Raikar has been sent back into the custody for not able to furnish the required bail bond and sureties.
According to the news published by the national daily The Times of India, the chief judicial magistrate (CJM), Margao remanded the Kamaxi Forex proprietor Nilesh Raikar into Judicial Custody after he failed to furnish the bail bond of Rupees five lakh to secure his release.
According to the sources, after CJM, Margao granted the bail to accused Nilesh Raikar, he prayed for the time before the court to furnish the amount. Acting on the situation CJM, Margao Kalpana Gawas sent him back into the custody until he provides the bail bond. The judge pronounced that ‘Until the accused furnishes the bail bond he will remain in the judicial custody. Raikar was unable to arrange the bail bond and two sureties of the like amount.
Nilesh Raikar, the owner of Kamaxi Forex, is facing the case of cheating more than 500 people with around 900 hundred complaints have been filed against him for the recovery of the amount. According to the sources, Nilesh owes more than 50 crores to the investors while his bank accounts are empty.
The counsel of Nilesh Raikar had argued on his bail stating that unless his client comes out, he will not able to make the arrangements of the money to pay back all the investors. And according to him the court took the cognizance of the issue and released the accused on the bail bond of Rupees 5 lakh.
While granting him bail, the court directed him not to induce or threaten witnesses and asked him to deposit his passport with it. Raikar has also been directed to report to the EOC every Tuesday and Friday between 10 am to 1 pm.
The investors who were upset on his release were in the process of filing an appeal in the high court against the judgment of CJM Margao, but since the situation has changed, there might be a change in the plan. One thing is sure that Nilesh Raikar does not have money, but he still assured the investors to pay back which he was perhaps doing for a long time before going to jail.
If the above statement is correct, it will be very difficult to get the investors money back and meanwhile if the accused managed to make an arrangement of rupees five lakh for the bail bond than he will be free. Our law does not permit any severe punishment for the financial frauds, and that is why many have escaped from it. What is your opinion on this? Kindly leave your comments.