PARASHIVAMURTHY K G Vs. STATE OF KARNATAKA

JUDGEMENT

(1.) This is a petition filed by the petitioners-accused Nos.1 to 4 under Section 438 of Cr.P.C. seeking grant of anticipatory bail directing the respondent-Police to release the petitioners-accused Nos.1 to 4 on bail in the event of their arrest for the offences punishable under Sections 403, 406 and 420 read with Section 34 of IPC registered by the respondent-Police in Crime No.194/2017.

(2.) The brief facts of the case is that the KSFC Employees' Housing Co-operative Society Limited collected about Rs.9.00 Crores from its employees promising to register BMRDA approved housing sites by the end of 2012. At the time of collecting money, accused No.1-Sri Parashiva Murthy, President of the Housing Society, accused No.2-Sri B V Basavaraja, Vice President, accused No.3-Sri P G Raghunath, Director and accused No.4- Sri L Venkatesh, Secretary and its other Directors have promised to pay interest on the initial deposits that were to be made by the members till the date of allotting the sites. More than five years have lapsed, still there is no sign of any preliminary work being seen on the ground.

(3.) Heard the arguments of learned Senior counsel appearing on behalf of the counsel appearing for the petitioners on record and also learned High Court Government Pleader appearing for the respondent-State.