VANDANA BALASAHEB BHAPKAR Vs. STATE OF CHHATTISGARH

JUDGEMENT

(1.) This is the second bail application filed under Section 439 of the Code of Criminal Procedure for grant of regular bail to the applicant who has been arrested in connection with Crime No.78/2015 registered at Police Station- Rajhara, District Balod (C.G.) for the offence punishable under Section 420 r/w 34 of Indian Penal Code, Section 3, 4, & 5 of Prize Chits & Money Circulation Scheme (Banning) Act, 1978 and 58(F) of RBI Act, 1934.

(2.) As per the prosecution case, applicant was the Director of Sai Prasad Properties Limited, Sai Prasad Food Limited and Sai Prasad Company Limited. Applicant being Director of the Company, on instructions the Companies have collected various amount from 13,49,616 customers and thereafter only have refunded claim to 456 customers. The money were collected and invested in different schemes of company with assurance to deposit the same in recurring deposit, fixed deposit and monthly deposit with an assurance to return the same with high interest. Further to few of the customers they having deposited amount the bonds were issued. According to the prosecution, applicant's company was not authorized by the SEBI, Reserve Bank to collect amount for like nature and therefore offence is committed under Section 3, 4, 5 of the Prize Chits and Money Circulation Schemes (Banning) Act, 1978 and Section 34 and 420 of the Indian Penal Code and Section 58- F of the RBI Act, 1934.

(3.) Learned counsel for the applicant would submit that the case is registered under the Prize Chits & Money Circulation Scheme (Banning) Act, 1978 wherein the cognizance of the offence cannot be taken directly and in the instant case, the depositors who alleged to have deposited the amount in 2014, the date of maturity has not been reached as it is late in the year 2017-2018. Consequently, the Company of the applicant cannot be said to have defaulted. It is further submitted on the basis of the documents at the present fair market value of the property at Chhattisgarh estimated Rs.32,71,95,000/- and the distress value would come to Rs.26,17,56,000/-, therefore, the applicant who is a lady is in custody since 11.09.2015 and as such the punishment has already been suffered by the applicant as she is in jail since more than one year, therefore, she may be released on bail.