RAGHUVIR SINGH RATHORE Vs. STATE OF CHHATTISGARH

JUDGEMENT

(1.) This is the first bail application filed under Section 439 of the Code of Criminal Procedure, 1973 for grant of regular bail to the applicant who has been arrested in connection with Crime No.23/2016, registered at Police Station- Ganj, Raipur, District- Raipur(C.G.) for the offence punishable under Section 420 r/w 34 of the Indian Penal Code , 1860 and Section 10 of the Protection of Depositors Interest Act, 2005.

(2.) Learned counsel for the applicant submits that applicant is innocent and has been falsely implicated in this case. It is not denied that applicant was Director of Dhanwarsha Developer Pvt. Ltd. and the complainant made investments in the said company in the year 2013 and for which a deposit certificate was issued. The investment was to mature in the year 2019, but only for the reason that office of the company at the given address was found closed by the complainant, he has in panic and lodged false FIR against this applicant and others. It is also submitted that out of the investments collected from complainant and others, lands have been purchased in the State of Madhya Pradesh and the applicant had promised that after the sale of said lands he will repay the amount to all the investors, as promised by him. The company of the applicant is registered under the Companies Act , 1956 and thus authorized to deal in non-banking financial transactions. Hence, it is prayed that applicant may be released on regular bail.

(3.) Learned State counsel opposes the bail application and submissions made in this respect. It is submitted that applicant is one of the Directors of said Dhanwarsha Developers Pvt. Ltd. The applicant being one of the Directors of the said company, is not entitled for grant of bail. It is further submitted that as many as 68 persons of the area have invested in the said company on account of inducement given by this applicant through his various agents and collection has been made to the tune of more than Rs.10,79,15049/- and subsequent to taking these deposits, the office was closed and all the Directors and staff of the company have vanished, which shows that the applicant and others had no intention to return the amount of investment of various investors. It is further submitted that the company of the applicant is not authorized by the Reserve Bank of India and Security & Exchange Board of India to take any deposit and issue bonds or certificate for the same. Hence, this applicant is not entitled for grant of bail.