The Supreme Court disposed of a Special Leave Petition arising out of an Allahabad High Court order in connection with a large-scale Ponzi scheme case. The bench of Justice Manmohan and Justice N.V. Anjaria granted bail to the petitioner, noting that the main co-accused in the matter had already secured regular bail.
The case originates from FIR No. 401 of 2024, lodged at PS Sector 63, Gautam Buddh Nagar, Uttar Pradesh, concerning a fraudulent investment scheme that promised investors 10–15% monthly returns along with luxury gifts. The scheme drew in investors from multiple states including Uttar Pradesh, Haryana, and Madhya Pradesh, making it a multi-state financial fraud.
During the hearing, the State of Uttar Pradesh, through its counsel, submitted that the accused persons had repeatedly floated Ponzi schemes across several states. To ensure a coordinated investigation, the State had written on 31 August 2025 to the Ministry of Corporate Affairs, requesting that the probe be transferred to the Serious Fraud Investigation Office (SFIO) under Section 212 of the Companies Act, 2013.
The Supreme Court recorded this request, observing that the move was “fair and reasonable”, and clarified that the Central Government should not deny the transfer except for compelling and cogent reasons.
Appearances:
For Petitioner(s) : Mr. Krishnam Mishra, AOR ; Mr. Param Kumar Mishra, Adv.; Mr. Jagjeet Kumar Bhatt, Adv.; Mr. Amithabh Pandey, Adv.
For Respondent(s) : Mr. Sharan Dev Singh Thakur, Sr. A.A.G.; Dr. Vijendra Singh, AOR; Mr. Sathwik Mishra, Adv.; Ms. Arushi Singh, Adv.
