End trial of ponzi firm directors in six months: HC

Cuttack: Orissa high court has directed a local court to expedite the trial of Satyaranjan Hota and Pallavi Hota, directors of a ponzi firm accused of duping gullible investors, and conclude it within six months. The two have been in custody for over two years.
The directors of M/s Purple Qualves Financial Services Pvt. Ltd were accused of operating an illegal money circulation scheme during 2020-2021, promising high returns for deposits and ending up duping people instead.
A case was registered at Dhenkanal police station on March 11, 2022 on the basis of complaints by eight persons alleging that the two had collected Rs 2.59 crore from them.The economic offences wing had taken over the case on April 27, 2022. The single judge bench of Justice Sangam Kumar Sahoo further directed the trial court in Cuttack — designated to hear cases under the Odisha Protection of Interest of Depositors (in Financial Establishments) Act — to hold regular examination of witnesses.
The directions to the court were issued while declining bail to the two while granting them liberty to renew their prayer for bail if the trial is not concluded within six months.
The HC had earlier rejected their bail plea on July 10, 2023.
Justice Sahoo noted there has been slow progress in the trial and only five witnesses have been examined. Even though five months had elapsed, there has been no further progress in the trial, the court observed.
“Right of speedy trial is a fundamental right under Article 21 of the Constitution of India and denial of this right corrodes the public confidence in the justice delivery system. Prolonged delay in disposal of trial, for no fault of the accused, confers a right upon him to apply for bail,” Justice Sahoo observed.