Archive · 12 Jun 2025
Noida Tech Firm Founder Denied Bail in Rs 3,558 Crore Scam
Imagine some people promised others they could make money by renting out computer servers called "cloud particles."
They said investors would get money back every month.
But, instead of renting to clients, they used new investors' money to pay the old ones.
The court is not letting the person in charge go free for now because they are accused of using money in this way.
This person wants surgery, but the court needs proof it's really needed before they can be let out of jail.
The Supreme Court denied interim bail to Arif Nisar, founder of a Noida tech firm, on medical grounds.
Nisar requested bail for eye surgery, but the court found no medical recommendations for hospitalization.
The case involves a money laundering investigation linked to Vuenow Marketing Services.
The Enforcement Directorate alleges funds of Rs 3,558 crore were raised through a cloud particle scam.
The scheme involved offering guaranteed rental returns on cloud particles, with new investors allegedly paying old ones.
- Who
- Arif Nisar, founder of a Noida tech firm, and the Enforcement Directorate.
- What
- The Supreme Court denied interim bail to Arif Nisar in a money laundering case.
- When
- The Supreme Court announced the decision.
- Where
- Noida, India, and the Supreme Court.
- Why
- Nisar requested bail for eye surgery, but the court found insufficient medical justification.
Arif Nisar's Perspective
Court's Stance
Medical Condition
Arif Nisar's Perspective
Requires immediate eye surgery to prevent further vision loss.
Court's Stance
Not applicable.
- Defendant
- Arif Nisar
- Company Involved
- Vuenow Marketing Services
- Alleged Scam
- Cloud Particle Investment Scheme
- Funds Raised
- Rs 3,558 crore
- Charges
- Money Laundering