'Severely Hit Country's Economy': Delhi High Court Refuses Bail To Man Booked For Laundering ₹43.33 Crore Through Fake Trading App

The Delhi High Court has refused to grant bail to an accused in a cyber fraud case involving a fake trading application, observing that the material on record prima facie indicated money laundering of approximately ₹43.33 crore through circular and layered transactions.

Justice Girish Kathpalia observed,

“It is not a case of simple cheating in the course of transactions. It is an intricate mesh of laundering of money not just vertically but horizontally as well, which is under investigation…Such vast expansive frauds hit economy of the country severely.”

The accused had contended that only a small amount, i.e. around ₹12,100 was credited to his account. He was booked under Section 318(4) (aggravated cheating), 313(5) (belonging to gang of persons habitually committing theft) BNS.

The High Court however observed that Rs. 43.33 Crores was received in the bank account of the proprietorship concern of the accused, within a short span of six month.

It said that merely because the investigating authorities had no objection to operation of the bank account, role of the accused in this kind of offence does not get diluted.

The Court also took note of the fact that the accused had failed to produce supporting documents such as GST records, purchase/sale invoices or the income tax records to explain the nature and legitimacy of the transactions.

Accordingly, the Court concluded that no grounds were made out for bail and dismissed the application.

Appearance: Mr. Utkarsh Kumar, Advocate for Petitioner; Mr. Amit Ahlawat, APP for State with Inspector Ashish Dubey, Inspector Anand Prakash and SI Ranvijay Singh, PS Cyber Central.

Case title: Rohit Gagerna v. State

Case no.: BAIL APPLN. 49/2026

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