Ravinder Singh Sidhu vs State (Nct Of Delhi)

Court
Delhi High Court

$~1
* IN THE HIGH COURT OF DELHI AT NEW DELHI
% Date of Decision: 04.08.2026
# CNR No. DLHC010191982026
+ BAIL APPLN. 1712/2026
RAVINDER SINGH SIDHU .....Petitioner
Through: Mr. Mohit Paul and Ms. Rangoli Seth,
Advocates.

versus

STATE (NCT OF DELHI) .....Respondent
Through: Mr. Amit Ahlawat, APP for State
with Inspector Suresh and SI
Ramchandra Singh







CORAM: JUSTICE GIRISH KATHPALIA
J U D G M E N T (ORAL)
1. The accused/applicant seeks regular bail in case FIR No. 267/2018 of
PS EOW for offence under Section 406/420/120B/467/468/471 IPC.
2. In furtherance of last order, updated status report also was filed by the
State. I have heard learned counsel for accused/applicant and learned APP
for State assisted by IO/Inspector Suresh and SI Ramchandra Singh.
3. Broadly speaking, allegation against the accused/applicant is as
follows. The accused/applicant, being Managing Director of a company is

BAIL APPLN. 1712/2026 Page 1 of 5 pages

Digitally signed by GIRISH KATHPALIA
DN: c=IN, o=HIGH COURT OF DELHI,
2.5.4.20=8401dd889b27a77b2f65ffffe4afec4
5569af3962c6fb4835d435f97626cacca,
ou=HIGH COURT OF DELHI,CID - 7047638,
postalCode=110003, st=Delhi,
serialNumber=d3e86796451ec45c07b5d15
570996b40f80cbd2eee60402c487965ff801e
26fa, cn=GIRISH KATHPALIA
Date: 2026.08.04 17:38:32 +05'30'
GIRISH
KATHPALIA
Signature Not Verified
Digitally Signed
By:RAHUL YADAV
Signing Date:04.08.2026
17:40:49

involved in 159 complaints in 56 FIRs of cheating and forgery registered
across various states of the country, and the allegedly cheated amount is
more than Rs.30,00,00,000/-. The co-accused persons have already been
declared proclaimed offenders but could not be arrested till date. It is alleged
that the accused persons, led by the present accused/applicant induced the
investors/victims to invest their hard-earned money in various investment
schemes on the false assurance of high returns and allotment of plots/flats,
which assurances were never met with. The accused/applicant also falsely
represented that the companies in which he was the Managing Director were
authorized and registered with the regulatory authorities for mobilization of
public funds. But no requisite registration under the SEBI Regulations was
done. The accused/applicant also falsely represented that his companies
were registered as NBFC with RBI, which also induced the investors to
invest money in the schemes. By way of judgment dated 19.05.2025, passed
in W.P.(Crl.) 394/2024, the Hon’ble Supreme Court directed merging of
those 56 FIRs in the manner that the earliest FIR of each State would be the
lead FIR and the remaining FIRs of that State would be treated as statements
under Section 161 CrPC.
4. Learned counsel for accused/applicant submits that accused/applicant
is in jail since the year 2020, but trial is yet to commence. It is also
submitted that some of the High Courts of the other States have already
granted regular bail to the accused/applicant. No other argument has been
advanced.

BAIL APPLN. 1712/2026 Page 2 of 5 pages

Digitally signed by GIRISH KATHPALIA
DN: c=IN, o=HIGH COURT OF DELHI,
2.5.4.20=8401dd889b27a77b2f65ffffe4afec45
569af3962c6fb4835d435f97626cacca,
ou=HIGH COURT OF DELHI,CID - 7047638,
postalCode=110003, st=Delhi,
serialNumber=d3e86796451ec45c07b5d1557
0996b40f80cbd2eee60402c487965ff801e26fa,
cn=GIRISH KATHPALIA
Date: 2026.08.04 17:38:24 +05'30'
GIRISH
KATHPALIA
Signature Not Verified
Digitally Signed
By:RAHUL YADAV
Signing Date:04.08.2026
17:40:49

5. Learned APP for State strongly opposes the bail application on the
ground of magnitude of the offence. It is pointed out by learned APP for
State that the offences with which the accused/applicant has been charged
with are punishable with even life imprisonment. As regards the status of
trial, learned APP for State submits that chargesheet has already been filed
and matter is already listed before the trial court for consideration of charge
on 11.09.2026, so it is not a fit case to grant bail, especially because the co-
accused are proclaimed offenders and have been successfully evading arrest.
6. As mentioned above, the accused/applicant is involved in a series of
offences of wide magnitude, involving as many as 159 victims and 56 FIRs
across different States in the country though the FIRs were merged state
wise as explained above. By way of order dated 08.12.2014, SEBI had
specifically directed the present accused/applicant as well as his company
and other Directors to windup the collective investment scheme and refund
money to the investors within three months; and even the appeal against that
order was dismissed in the year 2018, but the accused/applicant opted not to
comply due to which so many individuals lost their hard earned money.
Such offences harm not just the individual victim of cheating but also cause
immense damage to the overall economy of the country, so cannot be treated
at par with other offences. As mentioned above, the offences charged against
the accused/applicant are punishable upto even life imprisonment.


BAIL APPLN. 1712/2026 Page 3 of 5 pages

Digitally signed by GIRISH KATHPALIA
DN: c=IN, o=HIGH COURT OF DELHI,
2.5.4.20=8401dd889b27a77b2f65ffffe4a
fec45569af3962c6fb4835d435f97626ca
cca, ou=HIGH COURT OF DELHI,CID -
7047638, postalCode=110003, st=Delhi,
serialNumber=d3e86796451ec45c07b5
d15570996b40f80cbd2eee60402c4879
65ff801e26fa, cn=GIRISH KATHPALIA
Date: 2026.08.04 17:38:13 +05'30'
GIRISH
KATHPALIA
Signature Not Verified
Digitally Signed
By:RAHUL YADAV
Signing Date:04.08.2026
17:40:49

7. To be specific, one of those investment schemes were that the investor
was issued a Receipt cum Unit Certificate, assuring that upon maturity of the
investment, the investor would get either a plot of land/flat or return of
money with interest. What the accused persons would do is to offer a low
value land/flat and in the alternative offer return of money with interest,
while the money received by them would have been invested by them in
high return land. This way, upon maturity, the investor would be left with no
choice but to accept back the money with interest, thereby helplessly
watching the accused persons pocket unlawful gains. Even that invested
money was not returned to the investors.
8. As on date, seven co-accused persons who were Directors of the same
companies are proclaimed offenders and evading arrest.
9. Not a whisper has been advanced on behalf of the accused/applicant
justifying or even explaining as to why such fake schemes were floated,
thereby making the innocent investors lose their hard earned money and/or
any scheme offered by the accused/applicant to refund money to the cheated
persons. I am not oblivious that while deciding bail application, the Court
cannot act as a money recovery forum. But I am also of the considered view
that practically, many a time it is not possible for the individual investor to
take recourse to individual civil remedy. In such situations, grant of bail,
where the offence charged against the accused is punishable with even life
imprisonment, would send wrong signals to the society at large that a person
can easily get away by spending few years in jail and pocketing crores of

BAIL APPLN. 1712/2026 Page 4 of 5 pages

Digitally signed by GIRISH KATHPALIA
DN: c=IN, o=HIGH COURT OF DELHI,
2.5.4.20=8401dd889b27a77b2f65ffffe4afec455
69af3962c6fb4835d435f97626cacca, ou=HIGH
COURT OF DELHI,CID - 7047638,
postalCode=110003, st=Delhi,
serialNumber=d3e86796451ec45c07b5d1557
0996b40f80cbd2eee60402c487965ff801e26fa,
cn=GIRISH KATHPALIA
Date: 2026.08.04 17:38:03 +05'30'
GIRISH
KATHPALIA
Signature Not Verified
Digitally Signed
By:RAHUL YADAV
Signing Date:04.08.2026
17:40:49

rupees of the cheated persons. At this stage of dictation, learned counsel for
accused/applicant submits that all the assets of the company run by the
accused/applicant have been taken over by SEBI. But there is no explanation
as to why prior to that, money was not returned. Had it been honest business
deal/investment, the accused/applicant would have fairly returned the
invested money. As mentioned above, chargesheet has already been filed
and trial court proceedings are listed for framing of charge.
10. In view of the above circumstances, I do not find it a fit case to
release the accused/applicant on bail. The bail application is dismissed.
Copy of this order be sent to the concerned Jail Superintendent for being
conveyed to the accused/applicant immediately.

Digitally signed by GIRISH KATHPALIA
DN: c=IN, o=HIGH COURT OF DELHI,
2.5.4.20=8401dd889b27a77b2f65ffffe4afec45
569af3962c6fb4835d435f97626cacca,
ou=HIGH COURT OF DELHI,CID - 7047638,
postalCode=110003, st=Delhi,
serialNumber=d3e86796451ec45c07b5d155
70996b40f80cbd2eee60402c487965ff801e26
fa, cn=GIRISH KATHPALIA
Date: 2026.08.04 17:37:45 +05'30'
GIRISH
KATHPALIA



GIRISH KATHPALIA
(JUDGE)
/ as
AUGUST 04, 2026

BAIL APPLN. 1712/2026 Page 5 of 5 pages

Signature Not Verified
Digitally Signed
By:RAHUL YADAV
Signing Date:04.08.2026
17:40:49