N. BASURANGAN Vs. STATE OF KERALA

JUDGEMENT

(1.) This is an application for anticipatory bail filed by the petitioner, who is the 1st accused in Crime No.1032/2024 of Crime Branch, Thiruvananthapuram, where the prosecution alleges commission of offences punishable under Ss. 120B, 201, 406, 409, 420, 465 and 475 of the Indian Penal Code and under Sec. 13(1)(a) r/w 13(2) of the Prevention of Corruption Act, 1988, by the accused persons.

(2.) The prosecution case, in brief, is that the 1st accused, being the elected President of Kandala Service Co-operative Society T No.197 of Thiruvananthapuram District, and accused Nos.2 to 5, who served as Secretaries of the bank during the period from 2005 to 2022, along with accused Nos.6 to 17, who were the elected members of the Board of Directors during the said period, being public servants, with the intention to deceive the depositors, conspired together and floated various deposit schemes by offering exorbitant rates of interest without obtaining sanction from the Co-operative Registrar. Thereafter, in contravention of the existing statutory provisions, the accused indulged in unauthorised appointment of staff, unauthorised constructions, grant of loans to their henchmen without obtaining proper collateral securities, diversion of funds to Maranalloor Milk Co-operative Society, and other unauthorised acts. These overt acts resulted in bankruptcy of the Society, and consequently the deposits entrusted with the accused were misappropriated by them for their own use. The total amount eroded due to the acts of the accused comes to Rs.1,01,00,67,858.00 (Rupees One hundred and one crore sixty-seven thousand eight hundred and fifty-eight only).

(3.) The learned counsel for the petitioner seeks anticipatory bail on the submission that the petitioner is innocent and he is aged 71 years. According to the learned counsel, the petitioner got involved in 66 cases, and one among the same is a case registered by the ED. The petitioner had been in custody for a substantial period in the said crime, though he was granted regular bail later. Then, he was granted anticipatory bail by the Hon'ble Apex Court in some cases. Thus, by offering co-operation in the matter of investigation, the learned counsel counsel for the petitioner pressed for relief of pre-arrest bail to the petitioner.