K.V. VISWANATHAN Vs. STATE OF KERALA

JUDGEMENT

(1.) These applications are filed under Section 439 Cr.P.C seeking regular bail by the 1st and 2nd accused involved in Crimes bearing Nos. 899, 908, 909, 912, 926, 960, 964, 969, 1019, 1020, 1021, 1023, 1022, 1023 of 2018 of Kottayam West Police Station and Crime Nos.1376, 1386, 1420 & 1421 of 2018 of Changanassery Police Station, Kottayam District.

(2.) The aforesaid crimes are registered for the offences punishable under Sections 406, 409, 420, 421 & 422 r/w 34 Indian Penal Code. The First Information Statement was lodged by one Mr. K.V. Soman, who was a depositor with 'Kunnathukalathil Jewellers', a concern run by the first petitioner, who is the first accused, in the crime.

(3.) According to Mr. K.V. Soman deposits have been received by the aforesaid concern for a duration of one year and the monthly interest agreed was 13.5%. Once the deposit for one year got matured, the depositors could extend the period of deposit for another one year. Getting information about the concern and its activities, he made a fixed deposit of Rs.5 Lakhs in the concern on 16.07.2010. The amount was deposited intending thereby to obtain monthly interest as aforesaid for a period of one year. Thereafter, the amount was redeposited after one year. The said deposits are about to mature on 16.07.2018. According to him a monthly interest of Rs.5625/- was received by him till 30.05.2018. Thereafter on 14.06.2018, he received the monthly interest and redeposited the amount. In the similar manner various other deposits were also made. He visited the concern with a demand to get back the amount, which would mature on 21.06.2018. But to his surprise, he was found the office of the concern at Bakery Junction, Kottayam closed. In the said circumstances, he had lodged the First Information Statement before the Kottayam West Police Station and got crime No.899 of 2018 registered. According to the defacto complainant similar deposits have also been made by his wife in the concern and those were also not returned. According to him, the petitioners have cheated himself and his wife and in a similar manner other depositors also. According to the defacto complainant, the amount deposited was the housing loan amount obtained by him from the Punjab National Bank. Altogether 30 lakhs and Rs.17,50,000/- are the amount respectively due to himself and his wife from the concern run by the petitioners. Other depositors, who had faced similar situations and aggrieved thereby have also lodged FIS before the Chenganassery Police Station and Kottayam West Police Station and accordingly the other crimes have also been registered. Both petitioners were arrested on 17.07.2018 from their son-in-law's house at Kodungalloor in Crime No.899 of 2018 of Kottayam West Police station. They were produced before the Jurisdictional Court on the same day and remanded to judicial custody. In all the other crimes their formal arrest was recorded subsequently. In the aforesaid circumstances that these petitioners have approached this Court seeking regular bail.