Rs 168cr fraud: Allahabad HC rejects bail for Earth Infra VP

Noida: The Allahabad High Court on Tuesday rejected the bail plea of Siddharth Katyal, a vice president in Earth Infrastructure Pvt Ltd, four of whose directors and other employees are in jail in connection with a Rs 168-crore fraud case.
Katyal was arrested by the Varanasi police in January this year. The accused had allegedly cheated thousands of buyers by creating various shell companies in the name of their kin.

In his bail plea, Katyal contended, “…upon perusal of the entire complaint, it transpires that the complaint does not contain the description regarding any culpability of the applicant as such the allegations made in the complaint are vague and baseless which cannot be applied against the applicant.”

Meanwhile, the court noted that “the allegations are equally applicable to against the accused including the applicant named in the complaint and to say that there is no specification against the applicant would be misconstruction of the contents of the complaint.”

It added, “Apart from that, description of the criminal history shows that the applicant has become habitual of committing offence of cheating and is involved in as many as six criminal cases which has been detailed under paragraph number 43 of the affidavit of the bail application.”