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Friday, May 13, 2022

Maharashtra: 22 years on, woman acquitted in cheating case lodged under spl Act for protection of investors

The Maharashtra Protection of Interest of Depositors (in financial establishments) (MPID) Act, 1999, was enacted in the state to protect depositors from financial establishments detrimental to their interests with an intent to cause fraud.

Written by Sadaf Modak | Mumbai |
Updated: May 13, 2022 7:57:53 am
Hoshiarpur land scam, Ludhiana, Ludhiana court, Punjab government, Punjab news, Chandigarh city news, Chandigarh, India news, Indian Express News Service, Express News Service, Express News, Indian Express India NewsThe court also relied on the decree submitted by Rajesh in the family court during their divorce, which declared that he was alone responsible for the business and Manisha had nothing to do with it.

In one of the oldest cases lodged under the special law formulated in Maharashtra for the protection of depositors, a 55-year-old woman was recently acquitted of all charges by a special court, 22 years after the case was filed.

The Maharashtra Protection of Interest of Depositors (in financial establishments) (MPID) Act, 1999, was enacted in the state to protect depositors from financial establishments detrimental to their interests with an intent to cause fraud.

A case was filed under the MPID Act and Indian Penal Code sections of cheating and criminal breach of trust against Rajesh Jaiswal and his wife Manisha. It was alleged that in 1997, they had given an advertisement in a newspaper that said a financial establishment would give 22 per cent and 24 per cent interest per annum on investments. After receiving investments, the money was misappropriated, the Tardeo police had claimed. Rajesh died during the trial.

Manisha, meanwhile, told the court that she was not involved in the day-to-day affairs of the financial company and also had a strained relationship with her husband whom she had divorced in 2003. “Though it is alleged that Manisha Jaiswal was the director of FE (financial establishment), it has not been established that she was responsible for its management or conducting its business or affairs,” Additional Sessions Judge C V Marathe said.

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The court also relied on the decree submitted by Rajesh in the family court during their divorce, which declared that he was alone responsible for the business and Manisha had nothing to do with it.

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