Published On : Thu, Aug 18th, 2016

Respite to Tajashree Group: HC directs frozen bank accounts to be released by EOW

Avinash Bhute (File Pic)

Avinash Bhute (File Pic)

: The High Court today, while allowing the plea made by Avinash Bhute of Tajashree Group passed an order directing the release of Bank accounts of the Group, which were frozen by the Economic Offences Wing of the Crime Branch following the allegation that the Tajashree group stood as beneficiary of the money swindled by Prashant Wasankar in the ill famous Wasankar Wealth scam that rocked the city and affected numerous Investors across the State of Maharashtra.

In the present matter, the sleuths of the Economic Offences Wing had communicated to the Bankers of Bhute and had warranted that six main accounts of the accused at Nirmal Urban Co-operative Bank, Union Bank Of India and The Bank Of India were frozen following the promoter of Tajashree Group being arrayed as an accused in the Wasankar Scam. The action of freezing such accounts ought to have been taken in conformity of the special statute i.e. Maharashtra Protection Of Interest Of Depositors Act (MPID Act).

However, Justice Shukre while delivering the above order observed that provisions of Sections 4,5 and 7 of the MPID act as well as other provisions of the act were not complied with by the investigating agency and therefore the action of freezing the accounts of the applicant could not be sustained in Law.

Earlier, the High court had also granted ad interim stay to the condition directing Bhute to deposit an amount of Rs Rs.1.50 crores before 15 th day of every month on the condition that he shall offer as security the immovable properties valued at Rs.15 crores. The Frozen accounts were also acting as an impediment in complying with the above condition of offering his properties as security.

Senior Advocate Avinash Gupta along with Aakash Gupta and Tiwari Advocate appeared for the accused. APP Kadu represented the State- Economic Offences Wing.