Nagpur: Additional Sessions Judge R R Bhosale on Friday awarded four years imprisonment to Amol Dhake, Director of Satvik Financial Services Limited, after the charges of fraudulent default by his company were substantiated against him in the court.
Dhake was convicted for the offence registered against him under Section 3 of the Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act. The judgement comes within five months of the commencement of the trial in the case. Though Dhake was acquitted of the charges of cheating under Section 420 of the Indian Penal Code (IPC), the court awarded him four years and three years imprisonment with a fine of Rs 1 lakh and Rs 5000 for the offences under Sections 44 and 45 of the Reserve Bank of India Act respectively.
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For the offence under Sections 406 and 409 of the IPC, the court sentenced him to three years and two years imprisonment respectively. The court imposed a total fine of Rs 1.85 lakh on him. In the meanwhile, the court acquitted six other accused in the case — Preeti Dhake (wife of Amol Dhake), Mahendra Kohad, Atul Dixit, Sandeep Mahajan and Mohan Joshi — by extending them the benefit of doubt.
According to the prosecution, Dhake and other accused had lured people to invest money by promising them huge returns. Dhake accepted Rs 2.22 crore from as many as 55 persons on account of investments in the stock markets and assured them fixed returns. In lieu of funds, the investors were given a promissory note with an undertaking to pay the amount along with returns on a fixed date. To gain their confidence, Dhake also issued them post-dated cheques. However, Dhake’s company failed to pay the returns to them.
Following a complaint lodged by Sanjay Kashikar on December 3, 2014, a case under Sections 420, 406,409, 120(b) of the IPC, read with Section 3 of the MPIDA, was registered against Amol Dhake and five others. The Economic Offences Wing (EOW ) of the Nagpur Crime Branch investigated the case and chargesheeted the accused persons. The court examined as many as 15 witnesses, including investors and Investigation Officer PI M P Nalawade, and found Dhake guilty.
Special Public Prosecutor Adv Abhay Jikar represented the State. Adv Anubhav Mardikar was the defence counsel.
