M.C. KAMARUDHEEN Vs. STATE OF KERALA

JUDGEMENT

(1.) Applications for regular bail under Section 439 of Cr.P.C.

(2.) The applicant is an accused in several cases of economic fraud. The three applications before this court are concerning Crime Nos.121/2020, 150/2020 and 180/2020 of the Crime Branch, which was re-registered after the initial Crimes were registered at Chandera Police Station. The offences alleged against the applicant and others are punishable under Sections 406, 409 and 420 read with Section 34 of the I.P.C.; under Section 5 of the Kerala Protection of Interests of Depositors in Financial Establishments Act, 2013 (for short "the Financial Act "); and under Section 3 read with Section 5 of Banning of Unregulated Deposit Schemes Act, 2019 (for short "the BUDS Act").

(3.) The prosecution cases pertain to the complaints filed by different depositors and the general allegation is that the applicant and other accused involved in these crimes had dishonestly induced gullible persons to deposit their hard earned money in the company named Fashion Gold International Pvt.Ltd., Cheruvathoor and its sister concerns and misappropriated all those amounts and used those amounts to buy properties in their names.