32-year-old businessman, who has already invested more than $ 4 million to organize pop star Justin Beiber’s concert in India, was arrested on August 6 by the economic offenses wing of the Delhi police for allegedly cheating on a man of Rs 5 crore. His partner was also arrested in this case. According to the businessman’s lawyer, his client had already reached an agreement with the plaintiff and was “inexplicably arrested” when he presented himself to the economic offenses wing, Mandir Marg. The pair were released on bail on August 9 when a Delhi court rejected a request by Delhi police for 14 days in custody.
Police said the accused tricked the man into telling him he was hosting a music event in India with Justin Bieber and US company William Morris Endeavor and promised more than a 50% return on his investment. However, no such event took place.
The accused, Arjun Jain, is the managing director of Whitefox India and had organized the Indian stage of Bieber’s “Purpose Tour” in 2017. According to some reports, Jain had invested more than $ 4 million (Rs 26 crore) for the concert, a big one, part of which was Bieber’s fees. The pop star performed at Mumbai’s DY Patil Stadium in May 2017.
Delhi Police said Jain and his partner Aman Kumar were arrested in a case of breach of trust, cheating and criminal association.
Police had received a complaint from a man named Akshay Aggarwal, who claimed that Jain and Kumar “tricked” him into investing in their company called Vamos Entertainment to organize musical events.
Aggarwal had filed a complaint after the accused failed to repay his Rs 5 crore when he failed to organize such an event, police said.
RK Singh, Additional Police Commissioner (EOW), said: âWe took note of Aggarwal’s complaint and found that the accused took the money for their business, but diverted it to their bank accounts. personal and had never returned it. “
Jain’s attorney, meanwhile, said his client and Kumar had already settled their differences with Aggarwal and also delivered a letter indicating this to the investigator on August 5. His attorney further said that Jain and Kumar joined the investigation and attended the EOW Office on August 6 to file the settlement brief with investigators. The Ld Metropolitan Magistrate observed that âBearing in mind the facts and circumstances of the case, and the established principle that surety is the rule and prison is the exception and offenses in the FIR are punishable by ‘a prison sentence of up to 07 years, the objective would be to keep the accused in detention â. Therefore, the defendants were admitted on bail by providing sureties in the amount of Rs 5,00,000 / – each with a bond of the same amount, subject to conditions.
Corrigendum (updated 10/14/8): An earlier version of this report, based on information provided by the police, incorrectly mentioned that Jain and his associate Kumar had been taken into judicial custody. Both men were actually released on bail on August 9. The report was also updated to reflect the accused’s assertion that a settlement had been reached with the complainant and bail had been granted. The error is regretted.