Mohit Goel, Managing Director of Ringing Bells was arrested back in February on fraud charges. Ringing Bells, a company that claimed it was selling was one of the most talked about topics for the Indian tech industry in 2016.
The arrest was made following a complaint made against his company Ringing Bells for not supplying the handsets that Ayam Enterprises, a phone distribution company had paid for. Ayam Enterprises had paid Goel Rs 30 lakhs, but had received handsets worth Rs 13 Lakh only. Ringing Bells failed to supply the promised handsets and also did not return the money to the distributor despite continuous reminders.
A fresh report suggests that Allahabad High Court today granted bail to Mohit Goel and Sumit Kumar, Director Ringing Bells. The court also observed that a compromise has already been agreed upon between the parties involved in the case.
"The judge found no incriminating evidence in the case. We presented our case where we highlighted the compromise agreed upon by the concerned parties. Judge took notice of the facts and accepted the bail plea," Prashant Vyas, lawyer representing Ringing Bells, said in a statement.
The launch of “Freedom 251” priced at Rs 251 took place in February 2016. Ringing Bells promised to come up with a smartphone for all at an unbelievable price. However, Indian media didn’t took long to get to the roots and find the catch.
The company’s website where the smartphone was ordered crashed due to bulk traffic. The company soon announced that it had delivered 5,000 ‘Freedom 251’ smartphones to customers in July and promised to deliver 65,000 more to those who successfully booked the device.
However, the ‘Freedom 251’ dream buried with time and the company again ran into troubles when around 30,000 customers paid for the phone and the company failed to meet its promise to deliver the phones by June 2016.
After all the scams were busted, the company soon shut its offices in Noida and the arrest took place after the FIR was lodged by Ayam Enterprises.