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6. On the other hand, the learned Additional Public Prosecutor opposed the application and submitted that the applicant, in concert with the co-accused, induced the informant and his friend to invest by assuring them that their investment would double. It is alleged that the applicant met the informant and his friend at Hotel Sai Sagar and explained that if they invested in Bitain Systems Pvt. Ltd., Guwahati, the amount would double. On his persuasion, the informant handed over Rs.4,00,000/- and his friend Rs.7,00,000/-. Subsequently, the applicant returned Rs.3,20,000/- to the informant and Rs.5,00,000/- to his friend to win their trust. Thereafter, he informed them that Bitain Systems had closed but another company, Stockson System Pvt. Ltd., was a national entity in which he was a director. He assured them that the company offered 1.5 times returns in 30 days if the amount was invested in US dollars. Relying upon his assurance, the informant and his friend agreed to invest. The applicant created login IDs and passwords for them and opened accounts on WazirX and Binance Exchange applications. He instructed them to transfer the amount in USDT. Accordingly, between 1 July 2020 and 30 November 2020, the informant transferred 24,587 USDT, equivalent to Rs.18,00,000/-, to the account of V.K. Enterprises 903-ba-3228-2025 final.doc owned by the applicant and co-accused Amarjit Singh. Thereafter, the applicant failed to pay any return and falsely informed that, due to the Covid-19 pandemic and suspension of air travel, the company could not process returns. He then persuaded the informant to invest in Solomax System Igniter 100 Company's IPO, whereupon the informant transferred 27,429 USDT. The informant and his friend were even taken to Dubai for an event of the said company to gain their trust. However, thereafter, no returns were made. The applicant allegedly issued share certificates of Solomax Igniter 100 Company but failed to return the total sum of Rs.98,84,130/-.

10. The transactions appear to have been made through digital currency platforms such as WazirX and Binance. The statement of the Cyber Expert indicates that funds were transferred from the account of the informant and his associate to the digital wallets linked to the applicant. Though the precise tracing of every transfer is pending further verification, the overall pattern of financial flow supports the allegation of misappropriation and deceit.

11. The nature of the accusation, the quantum of amount involved, and the method adopted indicate a well-planned fraudulent scheme executed in a systematic manner. The offence alleged under Sections 406 and 420 of the IPC involves criminal breach of trust and cheating, both of which strike at the root of 903-ba-3228-2025 final.doc financial honesty and public confidence in commercial transactions.