For the third time in a row, the Orissa High Court on Tuesday refused to grant bail to West Bengal’s biggest film producer and distributor Srikant Mohta, who was arrested by the CBI in January 2019 for his alleged complicity in the Rose Valley chit fund scam.
Co-founder of Shree Venkatesh Films (SVF), Mohta’s key role in commission of economic offence of Rose Valley to the tune of Rs 17,000 crore has been prima facie established by the CBI.
Completing the hearing last month, Justice SK Sahoo on Tuesday said, “I am not inclined to reconsider the prayer of bail and direct his (Mohta’s) release on bail.” Rejecting all arguments and grounds taken by Mohta’s counsel Kapil Sibal, Justice Sahoo said there has been no substantial change in circumstances after rejection of last bail application of the petitioner by this court in January this year and subsequent dismissal of his SLP by the Supreme Court in February.
“Further investigation of the case is at crucial stage and huge number of documents has been seized and statements of witnesses have been collected against the petitioner even after rejection of the last bail application,” Justice Sahoo said in his 60-page order, adding that there is no negligence on the part of the jail authorities in providing proper treatment to Mohta in specialised hospitals for his ailment.
“There is a deep-rooted criminal conspiracy to cheat the public with an eye on personal profit. Large numbers of innocent depositors have been duped and there was a deliberate design by the accused persons to flourish the illegal chit fund business activities of Rose Valley and the release of Mohta, who is a very influential person having close contacts with high-level politicians of West Bengal, is likely to hamper investigation,” the court said.