Mumbai: Bombay High Court rejected the pre-arrest bail plea of an absconding Chembur resident who, along with her husband, allegedly swindled a senior citizen of over Rs 10 crore. “In the totality of the circumstances, the applicant’s custody would be necessary to unearth the fraud in all its aspects and find the individuals involved. Releasing the applicant at this stage would hinder the course of an effective investigation,” said Justice R N Laddha on Wednesday.
Ashlesha Krishan (42) was booked by Chembur police for criminal breach of trust, cheating, forgery, and acts done in furtherance of common intention. Complainant Saroja Rajan (91) had an HDFC Bank demat account. During the pandemic, her friend’s son, Bala Krishnan (55), was helping her. In Sept 2021, he opened a second demat account with Axis Securities Ltd. He replaced her email and mobile phone numbers. From Jan 2022 till April 2023, he sold Rs 8 crore worth of shares and transferred the proceeds to his and his wife Ashlesha’s accounts in three banks. Bala also closed and transferred Rs 2 crore fixed deposits from HDFC Bank to his account. In April 2023, Rajan’s daughter arrived in Mumbai from Tamil Nadu and discovered the shares were sold. Bala was arrested on June 28 this year.
Public prosecutor Hiten Venegavkar said the couple took advantage of Rajan’s age. A non-bailable warrant and a look-out circular were issued against Ashlesha. Her custody is necessary to ascertain the persons involved in the crime and find the money trail. Senior advocate Sanjog Parab, for Rajan, said the Krishnans assured her she would be the sole holder of the new demat account but dishonestly included Bala as a joint holder and Ashlesha as a nominee.
Senior advocate Aabad Ponda argued that funds credited to Ashlesha’s account were part of her legitimate income from rent, investments, dividends, and interest. She was not a beneficiary and is falsely implicated. Justice Laddha said a bank statement revealed funds were transferred to Ajmera Realty where the Krishnans “seem to have invested in real estate.” “Prima facie, the applicant appears to be a recipient of the alleged funds and stood to benefit therefrom,” he added.
He noted that while Ashlesha claimed she was not a joint holder of the Indian Bank account, where a substantial portion of the alleged funds were diverted, in her plea she admitted being a joint account holder. The bank officials initially admitted the account was joint but later “altered their stance” and said Bala was the sole holder. “This inconsistency requires to be investigated,” said Justice Laddha.
Ashlesha had challenged the warrant in HC, but it was not stayed “nor has the applicant been granted protection against its execution.”
