Arvind Mishra vs State Of Chhattisgarh

Heard.

This is an application filed under Section 439 of the Code of Criminal Procedure for grant of regular bail to the applicant, who has been arrested in connection with Crime No.318/2017 registered at Police Station Mohan Nagar, Durg, District Durg (CG) for the offence punishable under Section 420/34 of the IPC and Section 10 of the Chhattisgarh Protection of Depositors Interest Act, 2005 and Sections 3, 4, 5 of the Price Chit Fund and Money Circulation Schemes (Banning) Act, 1978.

The present bail application has been pressed mainly on the ground of marriage of the sister-in-law (Sali) of the applicant, which is scheduled to be held on 27.4.2022 at Bhubaneshwar.

The case of the prosecution, in brief, is that the applicant was the Director of Sanchaya Infra Project Limited. The applicant along with co-accused Prabhajan Mohanti collected money from the complainant and others depositors/investors in the name of the Company and deposited the same in their accounts run by the said Company, alluring them to refund huge amount with high interest. A total amount of Rs.18 lakhs was deposited in the Company by the depositors. However, later on, the said Company was closed and it failed to refund the money to the complainant and other depositors.

Learned counsel for the applicant submits that the applicant has already returned the money to the complainant and other depositors. The major depositors/investors namely Rajesh Kumar Shrivastava, Virendra Singh Rajput, Dilip Kumar Banerjee, Ujjwal Chakravarti and Mohini Kumari, in total five persons, have given affidavit(s) in support of the bail application before the trial Court. He further submits that for the remaining depositors, the amount has been returned through NEFT and depositor Nityanand executed a receipt before the Notary, which has been filed. He submits that the applicant is in jail since 31.1.2022, therefore, he prays for releasing the applicant on regular bail.

On the other hand, learned counsel for the State opposes the bail application. However, he very fairly submits that the major investors/depositors have given affidavits with regard to return of the amount in their favour.

Having considered the submissions and also considering that the applicant has already returned the amount to most of the investors/depositors and further considering the pre-trial detention of the applicant, I am inclined to release the applicant on regular bail.

Accordingly, the application is allowed and the applicant is directed to be released on bail on his furnishing a personal bond for a sum of Rs. One Lakh with two sureties of Rs.50,000/- each in the like amount to the satisfaction of the trial Court. He is directed to appear before the trial Court on each and every date given by the said Court.

Certified copy as per rules.