SUPREME COURT TO HEAR BAIL PLEA IN CHIT FUND SCAM

28^TH DECEMBER 2020

The Supreme Court has considered hearing the bail application filed by Accused Shrikant Mohta, who is also the co-founder of Shree Venkatesh Films Pvt Ltd and has been alleged under multi-crore chit fund scam.

Accused as a director of Shree Venkatesh Films has committed criminal conspiracy and other accused who was the chairman of Rose Valley and others. They also misappropriate the public fund illegally, which has been collected by Rose Valley in the garb of an agreement for production and supply of telecast rights of Bengali feature films to be broadcast through the satellite channel of Brand Value Communications Private Limited (BVCL), namely Rupashi Bangla, a sister concern of Rose Valley. After the execution of an agreement, ill-gotten money was diverted from BVCL to Shree Venkatesh Films in the guise of commercial ties.

Mohta was arrested by the CBI on January 24 last year for his alleged links with the Rose Valley. Presently, he is in judicial custody.