B. RAGHUVIR ACHARYA versus CENTRAL BUREAU OF INVESTIGATION

B. RAGHUVIR ACHARYA versus CENTRAL BUREAU OF INVESTIGATION

A-1 (Trustee and General Manager) was acquitted as there was no material to prove involvement and the handwriting evidence was not competent. A-3 (the broker) was not entitled to brokerage as he was not engaged or authorised as broker for the transactions; he falsely claimed and received brokerage by misrepresentation and was convicted under s. 420 and 411 IPC, with his conviction under s. 477-A IPC set aside. The judgment of the Special Judge is affirmed with modification.

Parties
Appellant / Accused No.1: B. Raghuvir Acharya; Appellant / Accused No.3: Hiten P. Dalal; Respondent: Central Bureau of Investigation
Jurisdiction
India
Judgment Date
01 July 2013
Procedural Posture
Criminal Appeal / Supreme Court Appeal From Special Court Judgment
Outcome
Appeal of A-1 (B. Raghuvir Acharya) allowed; he is acquitted of all charges. Appeal of A-3 (Hiten P. Dalal) dismissed, conviction and sentence modified; bail cancelled and to be taken into custody.
Legal Topics
Cheating, Criminal Conspiracy, Breach of Trust, Receiving Stolen Property, Falsification of Accounts, Evidence as to Handwriting, Brokerage Fraud, Special Court (securities Scam)
Criminal Law Corruption Law Cheating Criminal Conspiracy Breach of Trust Receiving Stolen Property Falsification of Accounts Evidence as to Handwriting +2 more

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Parties

B. Raghuvir Acharya

Appellant / Accused No.1

Hiten P. Dalal

Appellant / Accused No.3

Central Bureau of Investigation

Respondent

Procedural Posture

Criminal Appeal / Supreme Court Appeal From Special Court Judgment

Legal Issues

  1. 1 Whether the convictions of Accused No.1 (B. Raghuvir Acharya) and Accused No.3 (Hiten P. Dalal) for criminal conspiracy, cheating, breach of trust, receiving stolen property, and falsification of accounts were sustainable.
  2. 2 Whether the prosecution proved the involvement of the Trustee/General Manager (A-1) and the broker (A-3) in the brokerage fraud from Canbank Mutual Fund (CMF).

Ratio Decidendi

A-1 (Trustee and General Manager) was acquitted as there was no material to prove involvement and the handwriting evidence was not competent. A-3 (the broker) was not entitled to brokerage as he was not engaged or authorised as broker for the transactions; he falsely claimed and received brokerage by misrepresentation and was convicted under s. 420 and 411 IPC, with his conviction under s. 477-A IPC set aside. The judgment of the Special Judge is affirmed with modification.

Court Disposition

Appeal of A-1 (B. Raghuvir Acharya) allowed; he is acquitted of all charges. Appeal of A-3 (Hiten P. Dalal) dismissed, conviction and sentence modified; bail cancelled and to be taken into custody.

Orders

  • B. Raghuvir Acharya is acquitted of all charges and judgments against him are set aside.
  • Hiten P. Dalal's conviction under s. 409 IPC altered to s. 420 IPC; sentenced to three years rigorous imprisonment.