VLJEESH Vs. STATE OF KERALA

JUDGEMENT

(1.) The application is filed under Sec. 438 of the Code of Criminal Procedure, 1973(in short, 'Code'), for an order of pre-arrest bail.

(2.) The petitioner is the second accused in Crime No.61/2024 of Palakkad Town South Police Station, registered against the accused (two in number) for allegedly committing the offences punishable under Ss. 406, 420 read with Sec. 34 of the Indian Penal Code,1860, Ss. 3, 4, 5 and 6 of the Prize Chits and Money Circulation Scheme (Banning) Act, 1978 (in short 'PCMCS Act') and Ss. 3 and 21 of the Banning of Unregulated Deposit Schemes Act, 2019 ( 'BUDS Act' in short).

(3.) The essence of the prosecution case is that, the accused Nos. 1 and 2 without any sanction or permission collected money from the public for an online project named 'Metaforce'. They made the third respondent believe that they are the promoters of the said project. They conducted motivation classes at various hotels in Palakkad Town and induced the general public to deposit money in the said project. The accused Nos.1 and 2 induced the third respondent to transfer an amount of Rs.28,77,500.00 to the bank account of the first accused during the period from 1/8/2023 to 31/12/2023. However, the accused failed to give any profit or return the deposited amount to the third respondent. Thus, the accused have committed the above offences.