D. Anil Kumar vs State Of Kerala Represented By Its Public Prosecutor

Bechu Kurian Thomas, J

These bail applications for regular bail are filed under Section 439 of the Code of Criminal Procedure, 1973.

Petitioners are accused in the respective crimes all before the Koipuram Police Station, Pathanamthitta District.

Petitioners are accused Nos. 1 to 3 who are alleged to have committed offences punishable under Sections 420, and 409 r/w Section 34 of the Indian Penal Code, 1860, apart from Sections 3 & 5 of Banning of Unregulated Deposit Schemes Act, 2018 (BUDS Act).

According to the prosecution, the accused who are the Managing Director and Directors of the company by the name ‘M/s. PRD Mini Nidhi Limited’, had without obtaining any license or approval from the Reserve Bank of India, accepted deposits from the public, offering high rates of interest and thereafter, failed to return the deposits or the interest accrued and thereby committed the offences alleged against them. Already 184 crimes have been registered against the petitioners and investigation is still continuing. Arrest of the Petitioners in these batch of cases were recorded on 28.04.2023, though they have been in custody from 09.11.2022, having been arrested in other cases earlier.

Sri. D.Kishore, the learned counsel for the petitioners contended that the prosecution allegations are false and the petitioners have been falsely roped in as accused. It was further submitted that, in an earlier batch of bail applications, this Court had, on 18.04.2023, granted bail to the petitioners and therefore, the same benefit ought to be extended in these cases also. It was further submitted that, in W.P.(Crl.).No.294 of 2023, this Court had, directed the investigating officer to record arrest in the cases already filed, within a reasonable time. It is pursuant to the said direction that, arrest of the petitioners were recorded in the crimes involved in these bail applications.

Smt. Neema. T.V as well as Smt. Sreeja.V, the learned Public Prosecutors appearing for the respondents submitted that, the allegations against the petitioners are serious and that large amount of money were collected form the public who were cheated by the petitioners. It was also submitted that, petitioners arrest were recorded in these cases on 28.04.2023, even though they have been in custody from 09.11.2022.

On a consideration of the circumstances arising in these cases it is noticed that the allegations against the petitioners are serious, especially since, they are alleged to have committed offences under the BUDS Act. I am mindful of petitioners’ contention that, they have sufficient assets to clear the liabilities.

Considering the period of detention already undergone from 09.11.2022 as well as the order of this Court granting bail in the earlier batch of cases on 18.04.2023, I am satisfied that petitioners can be released on bail in these cases also on strict conditions.

Therefore, these bail application are allowed on the following conditions:-

a) Petitioners shall be released on bail on them executing a bond for Rs.50,000/- (Rupees fifty thousand only) each with two solvent sureties each for the like sum to the satisfaction of the Jurisdictional Magistrate.

b) Petitioners shall co-operate with the investigation.

c) Petitioners shall appear before the Investigating Officer on the last Wedensday of every month between 10.00 am and 11.00 am.

d) Petitioner shall not commit any similar offences while they are on bail.

e) Petitioners shall not influence or attempt to contact any of the prosecution witnesses.

f)  Petitioners shall not leave the State of Kerala without the permission of the Court having jurisdiction.

In case of violation of any of the above conditions, the jurisdictional Court shall be empowered to consider the application for cancellation, if any, and pass appropriate orders in accordance with the law, notwithstanding the bail having been granted by this Court.