Pune: HC grants conditional bail to estate agent in Rs 300 crore Temple Rose land fraud

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    The Bombay high court has granted a conditional bail to a real estate agent, held along with five others in July, in the Rs 300 crore Temple Rose land fraud case that is being probed by the economic offences wing of the Pune police.

   Justice AS Gadkari of the high court ordered the agent, Mustafa Rampurawala, on September 29 to deposit Rs 15 lakh with the probe agency “as a condition precedent” for securing his release.

   Rampurawala is also required to furnish a personal release bond of Rs 25,000 along with one or two sureties and has to report to the police whenever summoned for the purpose of investigation, the HC order stated.

   A special court for Maharashtra Protection of Interest of Depositors (MPID) Act in Pune had rejected Rampurawala’s bail plea on August 14 following which he moved the high court arguing that as an agent of the Temple Rose Real Estate Private Limited company his role was limited to receiving commission over the investments made by people and that, he had nothing to do with the crime. He submitted that he was ready to deposit Rs 9.40 lakh, which he received as commission. The police has called upon all the company agents to deposit money they received in a separate account opened by the investigating agency, he pointed out.

   Additional public prosecutor, AA Takalkar, produced on record a preliminary report of a forensic auditor appointed by the Pune police and submitted that Rampurawala received Rs 10.71 lakh by way of commission on investments made by investors.

   Justice Gadkari said in his order, “In view of the investigating agency’s call to the agents to refund or deposit the commission amounts and the statement made by the applicant that he (Rampurawala) is ready and willing to deposit the said amount with the investigating agency, I am inclined to release the applicant on bail.”

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