Court Rejects Discharge Plea Of 65-Year-Old CA In Fraud Case
Mumbai: The special MPID court has refused to discharge Deepak Jain, a 65-year-old chartered accountant booked in connection with an alleged investment fraud, noting that he was equally involved in advising his son, who is the key accused, in managing the funds invested by people in his company. Investment fraud case As per the case registered by the Property Cell of Mumbai Crime Branch, Jain's…
Mumbai: A special MPID court has dismissed Deepak Jain's plea for discharge in connection with an alleged investment fraud, maintaining that he played a significant role in the scheme alongside his son, Ankit, who is the main accused. According to a case registered by the Property Cell of Mumbai Crime Branch, Ankit established a financial establishment firm, A J Enterprises, which lured around 900 investors through various channels, including social media, by promising a 15% return on investments.
The investigation found that Ankit's firm transferred proceeds of crime, amounting to Rs 1.52 crore, to Deepak's firm between August 2024 and June 2025. Deepak then transferred Rs 1.72 crore back to Ankit's firm. Deepak's lawyer argued that he had no involvement in his son's business and that none of the depositors had transferred any funds into his account.
However, the prosecution contended that Deepak had advised his son on accepting investments from the depositors, enabling the Ponzi scheme. The court, taking into account the prosecution's arguments, concluded that Deepak was involved in receiving the money from the depositors and facilitating its diversion from the intended business investment.
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