Court denies anticipatory bail to duo in ₹18.35-cr fraud

A special court under the MPID Act rejected anticipatory bail for Sagar Kalyani and his father Piyush Kalyani in the Thanawala Wealth Management fraud case.

The duo is accused of persuading the complainant and 111 other investors to invest in firms run by co-accused Dipen Thanawala and Rashmikant Thanawala.

Investors were promised assured monthly returns of 2% and falsely told Dipen was a derivatives trading expert with a PhD.

The alleged fraud amounts to ₹18.35 crore, with 111 investors collectively investing ₹15 crore and the complainant investing ₹3 crore.

The court ruled that the applicants actively misled investors and received substantial commissions, not merely introducing them to the scheme.