Summary of this article
Allahabad HC grants Jawed Habib interim protection from arrest.
Alleged investors defrauded of crores via FLC crypto scheme.
Court stay lasts until police complete investigation, file chargesheet.
Jawed Habib and his son Anosh Habib have been granted interim protection from arrest by the Allahabad High Court in connection with an alleged multi-crore investment fraud case. The court directed that no coercive action should be taken against them until the police complete their investigation and file a chargesheet.
A bench comprising Justice Siddhartha Varma and Justice Achal Sachdeva directed that authorities should not take any coercive action against the Jawed Habib until the completion of the police investigation and filing of the chargesheet, as reported by livelaw. The father-son pair had approached the court with 32 petitions, challenging a series of FIRs registered in Sambhal district, Uttar Pradesh, and seeking safeguards against arrest.
According to the accusations, the Habibs allegedly hosted a seminar in September 2023 during which participants were convinced to invest between Rs 2 lakh and Rs 20 lakh in a company called FLC (Follicle Global Company) by promising substantial returns. While investors claim they did not receive either the profits or refunds over the following two years.
The lawyers representing the Habibs argued that the allegations were exaggerated and that the case required careful examination during the investigation. Considering the submissions, the court stayed their arrest, noting that the protection would continue until the police file the chargesheet.
In October, the Sambhal Superintendent of Police, Krishan Kumar Bishnoi, informed PTI that several cases had been registered against Jawed Habib, his wife, son, and three others in connection with alleged investor fraud. The SP stated that the accused were allegedly operating as a group and were involved in defrauding investors of Rs 5–7 crore, urging any victims to come forward. The cases were registered under Section 420 (cheating) and Section 506 (criminal intimidation) of the Indian Penal Code.
Police stated that more than 150 individuals were reportedly defrauded with promises of 50–70 percent returns on Bitcoin investments. An FIR has been registered at Raisatti Police Station in Sambhal district.
