SALEEL KUMAR V.S Vs. STATE OF KERALA

JUDGEMENT

(1.) The challenge in this Crl.M.C. is to the order dtd. 15/2/2023 in Crl.M.P. No.391/2023 in crime No.42/2023 of Thrissur East Police Station passed by the Designated Court (Additional Sessions CourtIII, Thrissur) constituted under Sec. 8 of the Banning of Unregulated Deposit Schemes Act, 2019 (hereinafter referred to as 'BUDS Act').

(2.) The petitioner is accused No.2 in the above crime. The offences alleged against the petitioner and other accused are punishable under Ss. 406 and 420 of IPC, Sec. 3 r/w Sec. 21, and Sec. 5 r/w Sec. 23 of the BUDS Act.

(3.) The prosecution allegations are as follows: 3.1. The accused were Directors of Safe and Strong Business Consultant Pvt. Ltd. Thrissur. The petitioner and the other accused, being deposit takers of the firm, issued an advertisement soliciting deposits in pursuance of an Unregulated Deposit Scheme. They intentionally made promises to induce depositors to invest in the firm.