HC discharges Avinash Bhute from Wasankar scam trial

In a huge relief to noted businessman Avinash Bhute who was arrested in connection with Wasankar scam, Nagpur bench of Bombay High Court on Friday allowed his appeal and discharged him from the trial. Bhute maintained that he had never canvassed for investment in Wasankar Wealth, nor indulged in any wrongdoing and there was not an iota of evidence against him to link him with the scam and sought discharge from the case.

 

 

A division bench consisting of Justice Z A Haq and Justice Pushpa Ganediwala after a prolonged hearing, allowed his appeal and discharged him from the trial he is facing before the Special Court dealing with Wasankar scam. The High Court will pronounce the detailed order later.

 

The Economic Offences Wing (EoW) had accused Bhute with receiving a huge sum of Rs 9.11 crore from Directors of Wasankar Wealth Management Ltd. including Prashant Wasankar. The trial court on December 11, 2018 had charged Bhute with abetting the accused Wasankar and his associates by disposing off and transferring the amount received from the investors and proceeded against him under section 109, 102(B) and 34 of the Indian Penal Code along with section 3 of the MPID Act.

 

On May 9, 2014, the FIR was registered by well-known builder Vivek Phatak at Ambazari Police Station against Wasankar Wealth Management Ltd. and its Directors for committing huge financial fraud and having duped to the tune of several crores of rupees.

 

Initially, Bhute was not named, but upon investigation, he was called to explain receipt of Rs 9.11 crore from Prashant Wasankar on January 4, 2016. Bhute had steadfastly maintained that the money credited to his account was valid receipt of a property transaction and denied any wrongdoing. Bhute had surrendered on January 8, 2018 and trial court had charged him under section 109 of the IPC. The chargesheet running into 51,000 pages and 600 witnesses are being examined by prosecution. The High Court during last hearings sought a chart about alleged involvement of Bhute to ascertain his role in the entire issue.

 

Senior Counsel Sunil Manohar appearing for the appellant Bhute maintained that even the basic ingredient of sections slapped against him are not fulfilled and Bhute had been unfairly named as an accused while the dealings were fully professional and explained with documents. The charge of abetting was absolutely absurd and erroneous. There was not a shred of evidence to prove prima-facie involvement of the appellant in the alleged scam, he claimed.

The state strongly opposed grant of relief to Bhute and maintained that entire transaction was sham and aimed at befooling the investors and mislead the prosecution. Senior Counsels Sunil Manohar and Adv Deven Chauhan appeared for the petitioner. APP Sanjay Doifode represented State.