RITESH JAIN Vs. STATE

JUDGEMENT

(1.) BY this order I shall dispose of the aforesaid two bail applications filed by the petitioners related to each other as husband and wife for the grant of anticipatory bail in FIR No. 355/2007 under Sections 420/468/471 IPC registered at Police Station Prasad Nagar, Delhi registered on the complaint of the owner of 8200 UTI bonds bearing ID No. 99602741 for value of Rs. 8,20,000/-which it is alleged have been fraudulently transferred in the name of the petitioners who claims to have purchased the same from one Yogesh Tyagi by making payments through demand drafts of Rs. 8,12,500/- stated to have been encashed by Yogesh Tyagi, which according to the prosecution is not correct and that the transfer has taken place on the basis of fabricated documents and forged transfer deed. The bank Account opened at Ghaziabad has also been found opened on the basis of the false identity.

(2.) APPREHENDING their arrest, the petitioners filed applications for anticipatory bail before the Additional Sessions Judge which application was dismissed vide order dated 20. 02. 2008. It is important to take note of the observations made by the learned Additional Sessions Judge which reveals the modus operandi adopted in committing the offence;

(3.) THE petitioners thereafter filed the present bail applications before this Court. It is submitted that under the orders of this Court, the petitioner has already deposited a sum of Rs. 4,10,000/- with the Registry which amount as per order dated 24th April, 2008 has been kept in an FDR initially for a period of one year, to be kept renewed till further orders of this Court. It is also submitted that the petitioner has already joined the investigation and that they have purchased the bonds in the normal course of business from one Yogesh Tyagi who had represented to the petitioners as a genuine dealer and who is also an employee of UTI. The petitioners have not committed any offence. They are neither previous convict nor implicated in any other case.