SHREESHA Vs. STATE OF KARNATAKA

JUDGEMENT

(1.) This petition is filed by the petitioner/Accused No.1 under Sec. 439 of Cr.P.C. for enlarging him on bail in Crime No.11/2022 of Shankarapura Police Station, Bengaluru City, registered for the offences punishable under Ss. 420, 419, 406, 403, 120-B and 506 of IPC; under Ss. 4 and 9 of the Karnataka Protection of Interest of Depositors in Financial Establishments Act, 2004 (for short, 'KPIDFE Act') and also Ss. 5 and 21(3) of Banning of Un-Regulated Deposit Schemes Act, 2019 (for short, 'BURDS Act'), which is now pending on the file of Principal City Civil and Sessions Judge at Bengaluru, in Spl.C.C. No. 1792/2022

(2.) The brief factual matrix of the prosecution case are that, the complainant and her family members have invested Rs.17,50,00,000.00 towards purchase of high value shares through a company called M/s Sunness Capital India Pvt. Ltd., having its registered office at 213, II Floor, V-Main, Opp.: Bank of India, RPC Layout, Vijayanagar, Bengaluru. The present petitioner/Accused No.1 and others are Directors of the company. After investment of said money, the authorities of the said company have neither issued any share nor repaid the invested amount and an enquiry, they alleged to have given vague and untenable excuses in order to shirk from responsibility and avoided payments with the sole intention of defrauding the complainant and several other investors. It is further alleged that, the petitioner/Accused No.1 and other accused by colluding with their staff members were alleged to have diverted the entire funds to utilize the same for their personal use and not for the purpose for which the funds were collected from various other investors. In that context, a complaint came to be lodged against this petitioner/Accused No.1 and others in the jurisdictional Police Station.

(3.) On the basis of the said complaint, a case in Crime No.11/2022 came to be registered against the petitioner/Accused No.1 and in that context, he was arrested and remanded to judicial custody. Hence, the petitioner/Accused No.1 has approached the learned Sessions Judge with a bail petition seeking regular bail and that bail petition came to be rejected. Therefore, the petitioner is before this Court by filing a petition under Sec. 439 of Cr.P.C..