‘Selective approach’: Gujarat High Court grants bail to accused in stock market fraud case

The Gujarat High Court recently granted bail to Raval, a cyber law expert accused of operating a fraudulent call centre to defraud investors, amid claims the prosecution applied selective criteria and contradictory stances across various courts. Raval, currently in custody since June 2025, faces accusations of cheating and criminal conspiracy in a case reported to the Vadnagar police station in Mehsana district.

Prosecutors alleged Raval's brother utilized his legal expertise to run the fraudulent call centre, which purportedly lured victims through an app named Market Plus, promising stock market tips, commissions, and lucrative returns. Over Rs 5.49 crore was allegedly siphoned through accounts of Hub Brokerage, a firm linked to the scheme.

Justice Hasmukh D Suthar emphasized Raval's entitlement to the presumption of innocence, citing his six prior legal issues and the completion of the investigation, leading to the filing of a chargesheet. Prosecutors claimed Rs 5,49,30,330 was deposited by co-accused Maulik into Hub Brokerage accounts held with Bandhan Bank, Axis Bank, and Kotak Mahindra Bank, of which Rs 14.57 crore was allegedly transferred in the initial stages before being moved to other accounts.

Raval's lawyer, A S Timbalia, contended his client was wrongly implicated, with multiple FIRs registered against him on similar charges and prior bail in other cases. The defense highlighted that co-accused Anil Thakor and Dashrath Thakor were already free, as were co-accused Lovesh, who received Rs 7 lakh. The prosecution opposed bail, asserting Raval's role as a cyber law professional in orchestrating the fraud, luring victims, and converting proceeds into gold via UPI and bank transfers.

They claimed over Rs 1 crore had traversed his accounts and warned of potential reoffending or tampering with evidence if released. The High Court noted discrepancies in figures presented to different courts and the prosecution's previous incorrect assertion of Rs 1 crore transferred into Raval's account.