Mumbai Court Rejects Bail Of Agent In Rs 61.10 Crore Investment Fraud Case

The special MPID court in Mumbai has rejected the bail plea of Naeem Sarvar Musa Anjum, also known as Nayeem Sarwar Moosa Anjum, a key accused in the alleged ₹61.10 crore Dream Sunshine Digital Pvt Ltd investment fraud case.

Designated MPID Judge Vikram R. Jagdale denied relief to Anjum after the prosecution strongly opposed his release. The prosecution submitted that Anjum, acting in connivance with company directors Amanat Ali Ansari, Abdul Rahim Ansari, and other co-accused, induced members of the public to invest in schemes floated by Dream Sunshine Digital Pvt Ltd by promising attractive returns.

According to investigators, a total of 2,907 investors were cheated of over ₹61.10 crore in the scheme, while more than 10,000 investors had been targeted with promises of high profits.

The Economic Offences Wing (EOW) had registered an offence of cheating in March this year against Amanat Ansari and his partners, identified as Rahim Ansari, Navajis Ansari, Naeem Sarvar, and Yogini Shikhe. The agency alleged that the accused conspired with each other to persuade the complainant and his relatives to invest in their business ventures covering mineral water, sugar, dates, and construction by promising 5% returns and substantial profits.

In his plea seeking bail, Anjum argued that he was merely an agent and an investor who introduced prospective investors to the directors of the company. He claimed that he had no role in the day-to-day affairs of the firm and maintained that he and his family had themselves invested ₹1.47 crore in the business.

The defence counsel also submitted that only 22 out of more than 150 witnesses in the case had made specific allegations against Anjum. The applicant additionally offered to repay duped investors using funds lying in his frozen bank accounts. The court, however, rejected his plea following the prosecution's opposition.