Team Goemkarponn
PANAJI: The Judicial Magistrate First Class (JMFC) court at Sattari has framed criminal charges against Kumar Laxman Utlasar in an alleged ₹1.03-crore stock-trading cyber fraud case, rejecting his plea for discharge.
The court framed charges against Utlasar for cheating, cheating by personation, forgery of valuable security with common intention and an offence under Section 66D of the Information Technology Act.
According to the chargesheet filed by the Cyber Crime Police Station, the accused allegedly induced the complainant before October 3, 2024, to invest in fraudulent “Upper Circuit” and Initial Public Offering (IPO) schemes by promising high returns from the stock market.
Investigators said the victim was directed to use a fake mobile application named “SMIFSMAX”, which allegedly impersonated a legitimate trading platform. The fraudsters reportedly used deceptive user profiles, fabricated account statements and forged digital receipts showing purported stock allocations to convince the victim to transfer funds.
The complainant allegedly transferred more than ₹1.03 crore into multiple bank accounts as part of the scheme.
During the investigation, police found that ₹56 lakh of the allegedly cheated amount was credited to a current account belonging to a firm owned or controlled by Utlasar. Of this, ₹6.30 lakh was subsequently transferred to his personal savings account, allegedly for his private benefit.
Utlasar, through a court-appointed lawyer under the Free Legal Aid scheme, sought discharge from the case, maintaining that he was an unwitting participant. The defence argued that co-accused Abdul PK Ismail Asif had sought bank accounts ostensibly for gaming-related operations in return for a 10% commission.
The defence further contended that Utlasar had no fraudulent intention and had no direct communication with the complainant.
The Assistant Public Prosecutor opposed the discharge plea, arguing that the material on record disclosed the ingredients of cheating, personation, electronic forgery and common intention.
Rejecting the discharge plea, the court observed that providing commercial bank account credentials to route large sums from unknown parties in exchange for commission prima facie indicated conscious knowledge and facilitation.
The court also noted that the transfer of ₹6.30 lakh into Utlasar’s personal account indicated direct financial benefit from the alleged proceeds of crime. It held that his claim of ignorance was a matter to be tested during the trial and could not be accepted at the stage of framing charges.
Meanwhile, the court recorded that co-accused Abdul PK Ismail Asif had absconded after jumping bail. Despite forfeiture of his surety bond and issuance of a proclamation, he has reportedly failed to surrender.
With no immediate prospect of securing his arrest, the court directed that proceedings against Asif continue in absentia to preserve the prosecution evidence.
