KRISHNAN NAIR N. Vs. STATE OF KERALA

JUDGEMENT

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

(2.) The applicant is arrayed as accused for being Director cum General Manager of Kerala Housing Finance Limited and crimes were registered in different police stations like Thiruvalla, Chengannoor, Aroor, Mavelikkara, Cherthala and Venmani for the aforesaid offences. The applicant and the other Director as well as the Managing Director who is the 2nd accused had dishonestly induced several persons to deposit money in their organization with promises of very attractive returns and the amounts were misappropriated and not repaid to the depositors and thus they were all cheated. In consequence of which, various crimes were registered.

(3.) The applicant states that he is only a paid employee and was made a Director because of his faithfulness to the company where he was working for about 25 years. In fact he has not been personally enriched from the deposit and the entire amount has gone to the company and accused Nos.1 and 2 are the Director and Managing Director of the company. The liquidation proceedings are also initiated before the company law board and a list of the depositors have been prepared. The company has sufficient assets which could be distributed among the depositors who had been allegedly cheated and therefore further detention of the applicant may not be serving any purpose as he has already been subjected to custodial interrogation.