The Judicial Magistrate First Class court at Sattari has framed criminal charges against Kumar Laxman Utlasar in an alleged cyber investment scam involving ₹1.03 crore, rejecting his discharge plea.
The court held that renting out commercial bank accounts to siphon proceeds of crime in return for a commission strongly indicates active participation. Charges against accused Kumar Laxman Utlasar have been framed for cheating, cheating by personation, forgery of valuable security with common intention, and under Section 66D of the Information Technology Act.
According to the chargesheet filed by the Cyber Crime Police Station, the accused induced the complainant before October 3, 2024, to invest in fraudulent “Upper Circuit” and Initial Public Offering (IPO) schemes, promising lucrative stock-market returns. The fraudsters directed the victim to use a fake mobile application called “SMIFSMAX,” which impersonated a legitimate trading platform.
Through deceptive user profiles, fabricated account statements and forged digital receipts showing purported stock allocations, the victim was misled into transferring more than ₹1.03 crore into several bank accounts. Investigators found that ₹56 lakh of the cheated amount was credited to a current account held by a firm owned or controlled by Utlasar.
He then siphoned ₹6.30 lakh of these funds into his personal savings account for private gain. Utlasar’s court-appointed lawyer under the Free Legal Aid scheme sought discharge, contending that his client was merely an unwitting participant. The defence argued that co-accused Abdul PK Ismail Asif had sought bank accounts ostensibly for gaming operations in exchange for a 10% commission, and that Utlasar had no fraudulent intent or direct communication with the victim.
The Assistant Public Prosecutor opposed the discharge, submitting that the ingredients of cheating, personation, electronic forgery and common intention were fully made out on record. Upholding the prosecution’s stand, the court noted that providing commercial bank credentials to funnel crores of rupees from unknown parties in exchange for a commission prima facie demonstrates conscious knowledge and facilitation under common intention.
It held that Utlasar’s transfer of ₹6.30 lakh to his personal account showed direct financial gain from the proceeds of crime, making his plea of ignorance a matter to be tested at trial rather than at the stage of framing charges. The court also recorded that co-accused Abdul PK Ismail Asif has absconded after jumping bail. Despite forfeiture of his surety bond and issuance of a proclamation, he has failed to surrender. Finding no immediate prospect of his arrest, the court directed that proceedings against Abdul PK Ismail Asif continue in absentia to preserve the prosecution’s evidence.
