Aimrax Trade Money Scam Case: Alleged Mastermind Vinod Upre, 6 Others Acquitted by Nagpur MPID Court

Nagpur: In a major development in the alleged cryptocurrency and fake investment scam linked to “Aimrax Trade Money” and “My Aim Trade,” a special court in Nagpur has acquitted alleged mastermind Vinod Upre and six other accused persons in the case involving alleged misappropriation of crores of rupees.

The judgment was delivered by N. H. Jadhav, Special Judge under the MPID Act and District Judge, Nagpur.

Allegations Against the Accused

According to the prosecution, complainant Rakesh Chauragade alleged that he and several other investors were persuaded to invest money in the schemes floated under “Aimrax Trade Money” and “My Aim Trade.”

Investors were allegedly promised that their investments would double within 18 weeks. The schemes also reportedly offered incentives including cryptocurrency rewards, holiday packages, and referral-based commissions.

The complaint further alleged that multiple IDs were created by company officials and investors were encouraged to recruit additional members in a chain-model structure to gain further benefits.

Several investors claimed they initially received some returns, but later stopped receiving payouts, incentives, cryptocurrency benefits, or promised returns, leading to allegations of cheating and financial fraud.

Charges Filed Under IPC and MPID Act

Based on these allegations, police registered a case against Vinod Upre and six other accused persons under Sections 406, 409, 420, and 120B of the IPC along with Section 3 of the MPID Act.

During the trial before the Special MPID Court in Nagpur, the prosecution examined 22 witnesses. The prosecution was represented by APP Abhay Jikar, who argued that the charges against all accused persons were proven and sought their conviction.

Defence Arguments in Court

Advocates Kamal Satuja and Kailash Dodani, appearing for accused Vinod Upre, argued before the court that their client and the other accused had been falsely implicated.

The defence contended that the prosecution failed to establish that the accused were directors, promoters, or office bearers responsible for the alleged firms.

During cross-examination, the defence reportedly highlighted admissions from prosecution witnesses suggesting that the two entities in question were not registered companies. According to the defence, one entity was allegedly a proprietorship concern of Sanjeev Kumar Singh, while the other was a partnership firm involving Sanjeev Kumar Singh and Hoshiyar Singh.

The defence further argued that no documentary evidence was produced to show that any investor deposited money directly with Vinod Upre or the other accused persons facing trial.

Defence Claims Vinod Upre Was Also a Victim

The defence also informed the court that several witnesses, including the investigating officer, admitted during cross-examination that Vinod Upre himself had allegedly invested money in the scheme and had not received returns.

It was further argued that Upre had lodged a complaint against the alleged main accused prior to registration of the present FIR. The defence also pointed out that the alleged key accused, identified as Hoshiyar Singh, had not been arrested till date.

According to the defence lawyers, the prosecution case suffered from major contradictions and omissions, and no incriminating evidence was produced against the accused persons.

Court Acquits All Accused

After hearing arguments from both sides and considering the evidence and cross-examination records, the Nagpur MPID Court acquitted all accused persons, including Vinod Upre.

Advocates Ambilwade and G. S. Gaur appeared for the remaining accused persons, while APP Abhay Jikar represented the prosecution.

GET YOUR OWN WEBSITE

FOR ₹9,999

Domain & Hosting FREE for 1 Year

No Hidden Charges