PRENI MOHAN Vs. STATE OF KERALA

JUDGEMENT

(1.) These bail applications have been filed under Sec. 483 of Bharatiya Nagarik Suraksha Sanhita, 2023, seeking regular bail and the petitioner is the 5th accused in Crime Nos.1734, 907, 596, 336, 261, 271, 234 of 2023 and 4th accused in Crime No.162 of 2023 of Thiruvalla Police Station, Pathanamthitta.

(2.) In Crime No.1734/2023, the prosecution allegation is that, the 1st accused being the Managing Director and other accused, who are the Directors of M/s SN Chitty Fund and Bankers, jointly collected Rs.7,95,000.00 starting from 2013 (Rs.3,31,000.00 from the defacto complainant and Rs.4,64,000.00 from the daughter of the defacto complainant] offering 12% interest on assuring that M/S. S.N. Chitty Fund and Bankers obtained licence from Reserve Bank to run finance business after suppressing the fact that they had no licence to do financial business. Accordingly, the accused illegally collected the above said amount and they failed to give interest along with the principal amount as agreed and thereby committed breach of trust as well as cheating punishable under Ss. 406, 409 and 420 read with 34 of the Indian Penal Code ('IPC' for short hereinafter) and under Ss. 3 read with 21(1)(2)(3) and 5 read with 23, and 25(1) of the Banning of Unregulated Deposit Schemes Act, 2019 (hereinafter referred to as 'BUDS Act).

(3.) In Crime No.907/2023, the prosecution allegation is that, the 1st accused being the Managing Director and other accused, who are the Directors of M/s SN Chitty Fund and Bankers jointly collected Rs.9,00,000.00 from the defacto complainant during the period from 1/1/2013 to 20/7/2023, in similar fashion. Accordingly, the accused illegally collected the above said amount and they failed to give interest along with the principal amount as agreed and thereby committed breach of trust as well as cheating punishable under Ss. 406, 409 and 420 read with 34 IPC and under Ss. 3 read with 21(1)(2)(3) and 5 read with 23, and 25(1) of the BUDS Act.