RIYAS RAHIM Vs. STATE OF KERALA

JUDGEMENT

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

(2.) The petitioner is the first accused in Crime No.367/2023 of Binanipuram Police Station, Ernakulam, registered for offences punishable under Ss. 420, 406 r/w. 34 of the Indian Penal Code.

(3.) The prosecution allegation is that the 1st petitioner was also a victim of the MTFE scam by an international online trading platform and the petitioner also lost nearly 45 lakhs of rupees. 2nd and 3rd petitioners are the wife and mother of the 1st petitioner. The MTFE was a pyramid model business and the allegation against the 1st petitioner is that he introduced the de facto complainant into this online platform, offered huge profits and collected money and all those payments were misappropriated for his use without making the promised profit. According to the allegation by the aforesaid acts petitioner and other accused made wrongful gain to the tune of 752366/- lakhs and made the complainant sustain unlawful loss for the same amount. The accused thereby committed the aforesaid offences.