Ria Ann Thomas vs State Of Kerala And Ors

These are applications seeking regular bail filed under Section 439 Cr.PC.

The applicants in B.A. No.468/2021 are accused Nos.1 to 4 in Crime No.1452/2020 of the Medical College Police Station, Thiruvananthapuram,

while the applicant in B.A. No.467/2021 is the 5th accused in Crime No.1423/2020 of the same police station. The accused are facing accusations for

offences punishable under Sections 406 and 420 read with Section 34 IPC. Offences under Section 5 of the Kerala Protection of Interest of

Depositors in Financial Establishments Act, 2013 (Act 7 of 2015), Sections 3, 21(2)(3) and 5 read with Sections 23 and 25(1) of Banning of

Unregulated Deposits Schemes Act, 2019 and Section 45(s) of the Reserve Bank of India Act, 1934, Sections 17 and 18 of Kerala MoneyLenders

Act, 1958 and Section 5 of Protection of Interests of Depositors in Financial Institutions Act, 2013 (Act 7 of 2015) also are intended to be

incorporated.

The first accused is the Managing Director/Managing Partner of the institutions named M/s.Popular Finance and its sister concerns. The second

accused, Prabha Thomas, is his wife, while accused Nos.3 to 5 are their daughters. They are all partners/directors of the institutions conducted by A1

in different names. The allegation against the accused persons is that they had collected money from various persons dishonestly inducing them to

deliver the money on account of returning the same with very high interests and accordingly, the money was deposited by the persons in the different

institutions belonging to the accused, namely M/s.Popular Finance, M/s.Popular Marine Products, M/s.Marirani Trading LLP etc. Promises were

given to the depositors that their amounts would be doubled in seven years. However, the depositors were not given the money and cheated. The

accused also committed violation of the various provisions of the Acts stated above.

The applicants state that the allegations are not true and that they did not induce the depositors to deposit money with the intention to misappropriate

the amounts. But because of the pandemic situation, they were not able to return the money, when all the depositors demanded the return of their

money. The money received from the depositors are deposited in the various establishments which are making a profit and the money received could

not be left to lie idle and that is why it was deposited in profit-making firms and Companies. Only then would the accused be able to return their

money with the promised interests.

The applicants were arrested on different dates. There are a number of cases registered against them. In some of the cases, they had already

completed the statutory period of 90 days and have been granted statutory bail. In yet other cases, they are yet to complete the statutory period. But

they have been granted regular bail by the jurisdictional court.

As per the order of this Court, the investigation in all the cases concerning the accused persons were ordered to be transferred to the Central

Bureau of Investigation. Accordingly, the CBI has taken control of the investigation. It is submitted by the learned Standing Counsel appearing for the

CBI that the CBI is making an application before the court which directed registration of separate FIRs in each of the complaints received against the

accused to consolidate all the complaints together and to file a single FIR against the accused before the CBI Court. While directing the investigation

to be conducted by the CBI, this Court had directed the Special Court constituted for trying offences registered by the CBI in the Special Court.

However, the FIR is yet to be filed and it is likely that it may be delayed. The learned counsel appearing for the applicants therefore, seeks bail on the

premise that the applicants have all been subjected to custodial interrogation in the different cases. All the documents have been seized and therefore,

there is no possibility of the applicants being subjected to custodial interrogation again. They are willing to cooperate with the investigation. In matters

where they have been granted bail, they are directed to surrender their passports and conditions have been imposed directing them not to tamper with

evidence and also directed them to appear before the investigating officer to cooperate with the investigation. It is submitted that the applicants are

willing to abide by any condition that may be imposed by this Court.

Under the circumstances, I find that further incarceration of the applicants may not be required. However, some more FIRs are yet to be registered

against the applicants in consequence of the receipt of further complaints against them by depositors who have not yet filed any complaint. In those

cases, the applicants could be arrested and also be subjected to custodial interrogation, if so required by the CBI. In the pending cases in which the

applicants have filed the aforesaid applications, I find that there is no need to detain them for any reason. Under the circumstances, the bail

applications are all allowed and the applicants are directed to be released on bail on the execution of a bond for Rs.5,00,000/- (Rupees five lakhs only)

each in each of the cases, with two solvent sureties each for the like amount to the satisfaction of the jurisdictional court, which had remanded them,

and in case, the matters are transferred to the CBI Court, the same bail bond shall continue. The granting of bail will also be on the following further

conditions:

(i) They shall appear before the investigating officer as and when called for and cooperate with the investigation.

(ii) They shall not tamper with evidence or intimidate or influence the witnesses.

(iii) They shall surrender their passports before the jurisdictional court.

(iv) They shall not get involved in any similar offence during the currency of the bail.

In case of breach of any of the above bail conditions, the prosecution is at liberty to approach the jurisdictional court for cancellation of the bail.