The Supreme court asked the government of India to find a solution on different FIRs filled in different states on the Ponzi scheme.

By – Rhytham Jain

A writ petition was filed before the honorable supreme court of India, seeking transfer and clubbing of 29 FIRs registered against an accused who has been in police custody for falsely collecting crores of money from the public at large to any appropriate investigating agency or in the state of Haryana. On Monday while discussing this matter in a court of Law, the supreme court asked the Union government to come up with any strong and appropriate solution dealing with this matter, of falsely collecting crores of money, for which many FIRs are registered against a particular person in Ponzi scam case.

While discussing this matter, the supreme court bench comprising of Justice LN Rao and Justice BR Gavai said the Union Government, to come with any solution to resolve all these FIRs. He further said that otherwise, it will be a travesty of justice. This petition of clubbing all the FIRs is filed by Radhey Shyam, the chief MD of Future Maker Life Care Private limited who has been in jail since the 10th of October, 2018 on the basis of various FIRs registered against him all over India at various times intervals.

Shyam in his writ petition had sought the issuance of directions for not registering any further FIRs on him on the same matter. When the petition also sought for issuance of guidelines or directions to not take the cognizance by any agency which is empowered to do so. Justice Rao asked the solicitor general of India if some agency can be constituted to investigate in this matter where many FIRs are registered against a single person and for a single matter. In this discussion, Tushar Mehta suggested that this matter should be transferred to CBI for further investigation and dispensing the informants.

Appearing for Radhey Shyam senior advocate of Supreme court Kapil Sibel drew the attention of the court to the judgment of Narinderjeet Singh Sahni vs Union of India case, 2002 in which the court asked the union government to create or evolve certain formula or procedure for a similar case which involves the failure of money collecting organizations from public to repay them their money. Advocate counsel of Kapil Sibel submitted before the court that out of a total of 29 FIRs on him only one FIR charge has been framed against him. Senior counsel further submitted before the court that this matter should be transferred to CBI or SIT for further investigation and they also seek bail for him, assuring him full cooperation in the investigation.

Legal