The Delhi High Court has granted bail to six persons arrested in the CBI case concerning an alleged Ponzi scheme being run by Pearls Golden Forest (PGH) Limited, Pearl Agrotech Corporation Limited (PACL), and others in the garb of sale and development of agricultural land.
The applicants, who were arrested in December 2021, were accused of diverting funds raised by PGF/PACL from their investors. Justice Prateek Jalan allowed the bail applications by Subhash Agarwal and Rajesh Agarwal –Chairman and Managing Director of M/s. ARSS Infrastructure Projects Limited, respectively; Mohan Lal Sehjpal, Director of M/s. Pearls Infrastructure Projects Limited and Mannoj Kumar Jain, Director of M/s. Jain Infra-projects Limited, subject to a personal bond in the sum of Rs 30 lakh each with two sureties each in the like amount.
Bail was also granted to accused Praveen Kumar Agarwal and Akash Agarwal in the case on the same conditions.
The judge said that the trial would take a considerable length of time and further incarceration of the applicants after the investigation against them has been completed and the supplementary charge sheet filed, was not necessary.
“The CBI has cited a total of 447 witnesses and filed a list of 769 documents with the two charge sheets. The original charge sheet, along with its annexures, alone runs into over 34,000 pages… I am of the view that applying the relevant principles to the facts of the present cases, further incarceration of the…
