REGHUNATH P MENON Vs. STATE OF KERALA

JUDGEMENT

(1.) The applications are filed under Sec. 439 of the Code of Criminal Procedure, 1973, by the fifth accused in Crime Nos.47, 1918, 1919 and 1921 of 2023 of the CBCID, Thrissur, registered against the accused for allegedly committing the offences punishable under Secs.406 and 420 of the Indian Penal Code and Sec.3 read with Sec.21 and Sec.5 read with Sec.23 of the Banning of Unregulated Deposit Schemes Act, 2019 (BUDS Act). The petitioner was originally arrested on 9/10/2023. The petitioner's arrest was recorded in crime Nos 47, 1919 and 1921 of 2023 on 31/1/2024 and the petitioner's formal arrest was recorded in crime No.1918/2023 on 8/2/2024. As the petitioner is the same and the crimes have been registered in connection with the similar transactions, the applications were consolidated, jointly heard and are being disposed by the common order.

(2.) The crux of the prosecution allegation is that : the accused 1 to 6, the Directors of a company named, Safe and Strong Business Consultancy Private Ltd, had violated the provisions of the BUDS Act and received deposits from the defacto complainants and cheated them by not paying them interest and not returning the capital amount. Thus, the accused have committed the above offences.

(3.) Heard; Sri.Unni Sebastian Kappen, the learned counsel appearing for the petitioner and Smt.Neema T.V, Smt.Seetha.S and Sri.C.S Hrithwik. the learned Public Prosecutors.