D Vinod Kumar vs State Of Kerala

Bechu Kurian Thomas, J

This application is filed under Section 439 of the Code of Criminal Procedure, 1973, seeking regular bail.

Petitioners are accused Nos.1 and 2 in Crime No.282 of 2023 of Bedakom Police Station, Kasaragod District, alleging offences punishable under Section 420 of the Indian Penal Code apart from Section 3 read with Section 21(1)&(2) and Section 5 read with Section 23 of the Banning of Unregulated Deposit Schemes Act, 2019.

According to the prosecution, the accused being the Managing Director and Director of GBG Nidhi Ltd. and an entity called Big Plus Finance, accepted a deposit of Rs.5,00,000/- from the defacto complainant during the period from 29.07.2022 to 12.09.2022 and thereafter failed to return the principal amount or the interest as promised, and thereby committed the offences alleged.

I  have  heard  Sri.T.Madhu,  learned  counsel  for  the petitioners, as well as Sri.K.A.Noushad, learned Public Prosecutor.

The petitioners have been in custody in other cases and was granted statutory bail on 09.05.2023. However, on the same day itself, arrest in this crime was recorded against the petitioners.

Having regard to the nature of allegations and also the period of detention already undergone in this case from 09.05.2023, I am of the view that further detention of the petitioners are not essential for the purpose of investigation. In the above circumstances, I am satisfied that the petitioners can be released on bail on conditions:

Accordingly, this application is 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 court having jurisdiction.

(b) Petitioners shall appear before the Investigating Officer as and when required.

(c) Petitioners shall not intimidate or attempt to influence the witnesses; nor shall they tamper with the evidence.

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

(e) Petitioners shall not leave India 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.