“64. The mode of deposit have not been stated by prosecution witnesses in their evidence. Further, the mode of deposits has not been stated in the certificate alleged to have been issued by Pagoda Forests Ltd. acknowledging deposits from investors. Further, depositors have not stated from which source, they have generated money for bank transfer as deposits with Pagoda Forests Ltd. as investment. In absence of deposit being landed in the Company's bank account or in the bank account of Directors, no incriminating liability can be fixed on Company or it's Directors regarding deposit being entrusted to them as investment. Further, there is no material to show that depositors were cheated since inception with sole intention to deceive them of their valuable money. There is nothing on record that by deceiving investors, Directors Bijoykumar Gupta, Pushpa Gupta and Hemantkumar Mahale had gained wrongfully, since deposit of money with Pagoda Forests Ltd. has not been established. Further, there is no proof regarding deposits being transferred into bank account of Pagoda Forests Ltd., and it's Directors. Therefore, question of committing fraudulent default by Financial Institution i.e. Pagoda Forests Ltd. does not arise.”
