G.B.PRASHANTH Vs. STATE OF KARNATAKA

JUDGEMENT

(1.) This petition is filed by petitioner/accused No.4 under Sec. 439 of Cr.P.C., for granting bail in Crime No.109/2020 registered by Alanahally Police, Mysuru for the offences punishable under Ss. 406, 420 read with 34 of IPC and Sec. 9 of the Karnataka Protection of Interest Depositors in Financial Establishment Act, 2004 ('KPID Act' for brevity).

(2.) Heard the learned counsel for the petitioner and the learned HCGP for the respondent.

(3.) The case of the prosecution is that one Basavaraju filed the complaint before the Police on 7/12/2020. The Police registered the case against the Directors, Managing Directors, President and Vice-President of Yashaswini House Building Co-operative Society ('Petitioner's Society' for brevity) alleging that they have collected more than Rs.80,00,00,000.00(Rupees Eighty Crores) from the complainant and from 1,500 members by giving false promise that they will provide sites to them on payment of equal installment under different schemes. Nearly 1500 members who have invested the amount in the Petitioner's Society were not allotted any sites from the year 2011 till date. Therefore, the complaint was filed to take action against the petitioner/accused. After registering the case, the police arrested accused Nos.1 and 4 and the petitioner herein (in Crime No.117/2020) on 11/2/2021, a body warrant has been issued and taken this petitioner into the custody on 18/3/2021. The petitioner has approached the trial Court as well as the Sessions Court for grant of bail, which came to be rejected. Hence, he is before this Court.