VENUGOPAL VAIDYA Vs. STATE OF KARNATAKA

JUDGEMENT

(1.) This petition is filed by the petitioner/accused No.5 under Section 438 of Cr.P.C. seeking anticipatory bail in the event of his arrest in connection with Crime No.82/2019 registered at Udyambag Police Station, Belagavi for the offences punishable under Sections 420 , 417 read with Section 34 of IPC.

(2.) The facts briefly stated in this petition are that on the complaint filed by one Smt. Vijayalaxmi Tavanappa Desai, the Police have registered the case. It is stated in the complaint that she was working as agent in Jana Sneha Real Wealth Solutions Private Limited in Udyambag, Belagavi, from 2013. Accused Nos.1 to 20 were holding different posts in the said Company. As per the instructions by the Directors, the deposits were collected from the general public through agents by assuring higher rate of interest and also to pay double the amount of deposit within five year six months. In November 2016, following demonetization, the accused persons began avoiding repayment of money to its customers. The complainant and other agents have collected deposits of Rs.91,93,716/- from different customers in the form of fixed deposits or recurring deposits. In December 2017, the accused persons locked the company with dishonest intention for making illegal gains. Thereby, they have committed fraudulent acts. On registering the case, the Police are making attempts to arrest the petitioner. The anticipatory bail petition filed before the Sessions Court is rejected.

(3.) Heard the learned counsel appearing for the petitioner and learned HCGP appearing for the respondent-State, perused the prosecution papers available at this stage.