HAREESH BABU Vs. STATE OF KERALA

JUDGEMENT

(1.) This is an application for regular bail filed under Sec. 439 of Code of Criminal Procedure, 1973.

(2.) Petitioner is the 2nd accused in Crime No.415 of 2022 of Kondotty Police Station, Malappuram District. The offences alleged against the petitioner are punishable under Sec. 420 r/w Sec. 34 of the Indian Penal Code, 1860 and Sec. 4 of the Prize Chits and Money Circulation Schemes (Banning) Act, 1978 apart from Ss. 21(1), 21(2) and 21(3) of the Banning of Unregulated Deposit Schemes Act, 2019.

(3.) According to the prosecution, the accused being the director of a company named One Infotrade Pvt. Ltd. promoted an investment plan with intent to make an unlawful gain and canvassed the defacto complainant and obtained a deposit from her on 7/12/2020 and also compelled her to join other persons in the scheme, assuring a return of Rs.27,000.00 per week for ten weeks within two years and failed to abide by the said promise and thereby caused a loss of Rs.23,00,000.00to the defacto complainant and thus committed the offences alleged.