C. PARTHASARATHY Vs. STATE

JUDGEMENT

(1.) This petition is filed under Sec. 438 of Cr.P.C. praying this Court to enlarge the petitioner on bail in the event of his arrest in respect of Crime No.295/2021 registered by Jayanagar Police Station, Bengaluru, for the offences punishable under Ss. 406 , 417 , 420 read with 34 of IPC .

(2.) Heard the learned counsel for the petitioner and the learned High Court Government Pleader appearing for the respondent-State.

(3.) The factual matrix of the case of the prosecution is that in the complaint given by Bharath Cooperative Bank Limited, an allegation is made that they have invested an amount of Rs.29,50,00,000.00 at the instance of the person, who was giving services to the Bank, Sri M. Sridhar, who is the Managing Director of M/s. Suvith Investment Consultancy Services Private Limited, for investment in different sectors. This petitioner is the Chairman of Karvy Stock Broking Private Limited and while investing the money, agreed to pay the interest at the rate of 9.6% and did not repay the amount, which was invested and also not paid the interest. Hence, an allegation is made in the complaint that in collusion with Sridhar, an amount of Rs.29,50,00,000.00 got deposited with Karvy Stock Broking Private Limited and at the inception of the investment itself, they played fraud on the complainant and hence based on the complaint, case has been registered against the petitioner, who is the Chairman of the said firm Karvy Stock Broking Private Limited.