Prasant Meher vs State Of Odisha

A.K. Mohapatra, J

This matter is taken up through Hybrid Arrangement (Virtual /Physical Mode).

Heard learned Senior Counsel appearing for the Petitioners and learned Additional Government Advocate appearing for the State-Opposite Party.

The present bail application under Section 439 of Cr.P.C. has been filed by the Petitioners for regular bail in connection with G.R. Case No.149 of 2024, arising out of Cyber Crime & Economic Offences, Balangir P.S. Case No.04 of 2024, pending in the Court of learned S.D.J.M., Balangir, for alleged commission of offences punishable under Sections 420/467/468/471/120-B of I.P.C. and Sections 4/5/6 of Prize Chits and Money Circulation Schemes (Banning) Act, 1978.

It is submitted by the learned Senior Counsel appearing for the Petitioners that earlier this matter was not before any other Bench of this Court. He further submitted that the Petitioners are in custody since 20.01.2024. He further contended that in the meantime the investigation has progressed substantially and charge sheet is likely to be filed very soon. It is further contended by the learned Senior Counsel appearing for the Petitioners that there is no legal bar to carrying a crypto currency business as of now. He further contended that the Petitioners have been falsely implicated in the present case by making an allegation in the F.I.R. for commission of offences under Sections 420/467/468/471/120-B of I.P.C. and Sections 4/5/6 of the Prize Chits and Money Circulation Schemes (Banning) Act, 1978. It is also contended that the Petitioners do not have any criminal antecedent.

Further referring to the F.I.R. lodged by the prosecution, learned Senior Counsel appearing for the Petitioners submitted that an allegation has been made that the fraud was committed to the tune of Rs.1 Crore. It was further contended that the F.I.R. was lodged by one Abinasha Nayak, describing himself to be SI, CC & EO P.S., Bolangir. In the aforesaid context, learned counsel for the Petitioners contended that none of the investors come forward alleging that the Petitioners have cheated them. In such view of the matter, learned counsel for the Petitioners at this juncture submitted that no case of cheating as has been alleged in the F.I.R. is made out against the present Petitioners. Further, it has been contended that the Petitioners belong to the locality, therefore, there is no chance of absconding and that in the event the Petitioners are released on bail, they shall cooperate with the investigation and shall abide by any terms and conditions that would be imposed by this Court as would be deemed fit and proper.

Mr. D. Nayak, learned Additional Government Advocate appearing for the prosecution, on the other hand, contended that investigation is still on going. He further contended that in the event this Court is inclined to release the Petitioners on bail, he insists that this Court may do so by imposing stringent conditions so that the Petitioners shall cooperate with the investigation and shall not operate the website which has been created by Petitioners for the purpose of doing business in crypto currency. In course of argument, Mr. Nayak, further contended that although there is no bar in doing business of crypto currency as of now, however, while doing business in crypto currency, the Petitioners have been making false promises to the investors that their money will be multiplied within a very short span of time, i.e. in the shape of a significant increase in the value of crypto currency. It is further contended that fraud was committed to the tune of Rs.1 Crore, however, on record, it appears that the total turnover of Rs.4.5 Crore for the financial year 2022-2023 and Rs.10 Crore for the financial year 2023-24. It was also contended that innocent people have been cheated in the process of the crypto currency business by the Petitioners and similarly situated other persons. It was also stated that the matter has been thoroughly investigated by the experts. On such ground, learned counsel for the Petitioners submitted that in the event the Petitioners are released on bail, then stringent conditions be imposed, by which, the Petitioners shall cooperate for early conclusion of the investigation.

Considering the submissions made by the learned counsels appearing for the respective parties and on a careful examination of the materials on record as well as the case diary and the statement of the witnesses, further taking into consideration the gravity and seriousness of the allegation involved in the F.I.R. and keeping in view the period of custodial detention of the Petitioners, this Court is inclined to release the Petitioners on bail subject to stringent conditions.

Hence, it is directed that the Petitioners be released on bail in the aforesaid case on furnishing bail bond of Rs.50,000/-(Rupees fifty thousand) each with two local solvent sureties each for the like amount to the satisfaction of the Court in seisin over the matter. The release of the Petitioners shall also be subject to the following conditions:-

I) they shall not indulge in any criminal offences while on bail;

II) they shall cooperate with the investigation by providing whatever materials are there in their possession and appear before the Investigating Agency as and when his presence is required by the Investigating Agency for the purpose of investigation;

III) they shall appear before the trial court on each and every date of posting of the case;

IV) they shall not operate the website till investigation is concluded by the I.O.;

V) they shall not tamper with the prosecution evidence while on bail; and

VI) while on bail, they shall not make any attempt to induce or entice the investors to increase their holding in crypto currency.

Violation of any terms and conditions shall entail cancellation of bail.

The BLAPL is, accordingly, disposed of.

Issue urgent certified copy of this order as per Rules.

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