The Delhi High Court has granted interim protection from arrest to the Director of Aevitas Consultancy Pvt Ltd, in connection with an FIR alleging cheating in a high-value transaction involving unlisted NSE shares.
Justice Prateek Jalan was hearing Jain’s anticipatory bail plea in an FIR registered under the Bharatiya Nyaya Sanhita provisions concerning allegations that the complainant was induced to transfer over ₹5.63 crore for the purchase of 25,000 unlisted NSE shares, which were never delivered. According to the prosecution, the complainant transferred the amount to Aevitas after being assured by intermediaries regarding the legitimacy of the transaction.
The Petitioner argued that he was merely acting as a sub-broker and had passed on the funds except agreed brokerage to another entity, Saavi Consultancy, from whom the shares were to be procured. He also relied on material showing that he had himself initiated proceedings against Saavi in Mumbai, claiming he too had been cheated.
A key factor weighing with the Court was a Memorandum of Understanding executed between the parties in September 2025, which recorded that the Petitioner had failed to deliver the shares because Saavi did not honour the transaction, acknowledged substantial repayments already made to the complainant, and contemplated legal action against Saavi rather than Jain.
While the complainant relied on an email in which Aevitas had described itself as the ‘seller’, the Court held that this by itself was insufficient at this stage to justify deprivation of personal liberty, particularly in light of the MoU and the surrounding admitted circumstances.
Observing that petitioner’s defence appeared prima facie merited, the Court directed that he shall not be arrested till the next date of hearing, subject to joining the investigation on May 16 and cooperating with the investigating officer.
The matter is now listed for July 3, 2026.
Appearances:
For the Petitioner: Mr. Saurav Agrawal, Mr. Ravi Sharma, Mr. Vibhu Anshuman, Mr. Abdul Razzaq, Mr. Parmeet Singh, Mr. Siddhant Raj, Advocates.
For the Respondent: Ms. Manjeet Arya, APP with Mr. Abhimanyu Arya, Advocate.
SI Rupesh Raj, P.S. Subhash Place.
Mr. Ravi Sharma, Mr. Praphull Kumar, Mr. Faizan Shoukat Ali, Advocates for complainant.
