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12 judgments · newest first · showing 1–12
The High Court considered the bail application of Rakesh Kumar, who was charged under sections 318(4), 61(2), 316(5) of the Indian Penal Code, sections 3, 4 and 5 of the Prize Chits and Money Circulation Schemes (Banning) Act, 1978 and section 66D of the Income‑Tax Act. The court noted that a …
Vinod Kumar, an accused in a large economic‑offence case involving alleged fraud under the Companies Act, RBI Act, Prize Chits Act and several IPC sections, has been in judicial custody since June 2019. The charge sheet has not yet been framed due to the non‑appearance of numerous co‑accused lodged …
The petitioner, Ravinder Singh Sidhu, faced 64 FIRs across ten states arising from alleged financial fraud. He filed a writ petition under Article 32 seeking the clubbing and transfer of all FIRs to a single jurisdiction, later modifying the prayer to consolidation within each state. The Supreme …
The appellant, Amandeep Singh Saran, was charged with offences including IPC Section 409, which carries a maximum sentence of life imprisonment or up to ten years, and was being tried before the Chief Judicial Magistrate (CJM) of Raipur, a court that can impose at most seven years imprisonment. …
The Supreme Court examined petitions seeking to shift investigation of the multi‑state chit‑fund (Ponzi) scam, which defrauded lakhs of depositors of roughly Rs 10,000 crore, from the State Police to the Central Bureau of Investigation (CBI). The scam involved companies operating across West Bengal, …
The appellant, a former director of R.P.S. Benefit Fund Ltd., filed a petition under Section 482 of the CrPC to quash criminal proceedings initiated under Section 420 IPC and Sections 3, 4, 5 and 6 of the Prize, Chits and Money Circulation Schemes (Banning) Act, 1978. The FIR alleged cheating by the …
The Supreme Court examined whether the Reserve Bank of India (RBI) could, under Section 45K(3) of the Reserve Bank of India Act, issue Paragraph 4A of the 1987 Directions prohibiting residuary non‑banking companies from levying processing or maintenance charges on depositors. Peerless General …
The appellant, Kali Durga Estate, entered into a registered agreement to sell its first‑floor premises to Sanchaita Investments for Rs.16 lakh, with an earnest payment of Rs.4 lakh and further installments. The contract stipulated that the buyer must pay the balance and take possession within 15 …
The Supreme Court examined the constitutional validity of the Reserve Bank of India's 1987 directions regulating Residuary Non‑Banking Companies (RNBCs) under Sections 45J, 45K(3) and 45L of the RBI Act. The petitioners, a group of finance companies including Peerless, argued that the directions …
The Reserve Bank of India (RBI) challenged the Peerless General Finance & Investment Co.'s Endowment Certificate Scheme, alleging it fell within the definition of a "prize chit" under the Prize Chits and Money Circulation Schemes (Banning) Act, 1978 and was therefore prohibited. The scheme involved …
The Supreme Court examined whether the FIR lodged against Sanchaita Investments and its partners disclosed a cognizable offence under the Prize Chits and Money Circulation Schemes (Banning) Act, 1978. The firm accepted public deposits at a nominal 12% interest but paid excess interest of up to 48% …
The Supreme Court examined the constitutionality of the Prize Chits and Money Circulation Schemes (Banning) Act, 1978, which imposes a total ban on prize chit schemes. Petitioners argued that the ban violated the fundamental right to trade under Art.19(1)(g), was discriminatory under Art.14, and …
