Yadav, who had founded housing.com a few years ago, and Saini had applied for a pre-arrest bail last weekdays after a Look Out Circular was issued against them, and their plea came up for hearing before the session court and was rejected.
Mumbai: A Mumbai court on Wednesday rejected
the anticipatory bail application of 4B Networks Pvt Ltd founder Rahul Yadav,
who is co-accused along with co-founder Sanjay Saini on charges of defrauding
Interspace Communications Pvt Ltd, of Rs 10 crore.
Yadav, who had founded housing.com a few years ago, and Saini had applied for a
pre-arrest bail last weekdays after a Look Out Circular was issued against
them, and their plea came up for hearing before the session court and was
rejected.
Following a complaint by Inter Space
Communications founder Vikas Omprakash Nowal earlier this month, the Mumbai
Police's Economic Offences Wing (EOW) lodged a FIR on August 19, and started a
probe into the high-profile matter.
The duo has been
charged under various sections of the Indian Penal Code and their homes and
offices raided in Mumbai.
Nowal,
who was paid only a part of his dues for a publicity campaign he ran for 4B
Networks, hopes to recover the outstanding of Rs 7 crore plus interest piled up
to over Rs 10 crore, pending for nearly 10 years.
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Credit: ZEE NEWS
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