PRALAY KUMAR PALIT Vs. STATE OF GUJARAT

JUDGEMENT

(1.) Heard learned Senior Advocate Shri Asim Pandya with learned advocate Mr. Vishal J. Dave and learned advocate Mr. Hiral Mehta and leaned Mr. Sandeep Sharma for the applicant and learned APP Ms. Moxa Thakkar for the Respondent - State.

(2.) By way of the present application under Sec. 438 of the Code of Criminal Procedure, 1973, the applicant-accused has prayed for anticipatory bail in connection with the FIR being C.R. No. 11201001200002 of 2020 registered with C.I.D. Crime, Gandhinagar Zone Police Station, District: Gandhinagar for the offences punishable under Ss. 406, 409, 420 and 120-B of the Indian Penal Code and Sec. 3 of the Gujarat Protection of Interest Depositors (In Financial Establishments) Act, 2003 read with Ss. 4, 5 and 6 of the Prize Chits and Money Circulation Schemes (Banning) Act.

(3.) The brief facts of the case are that the directors and employees of Sahara Credit Co-operative Society hatched a conspiracy to lure the investors like the present complainant and others to invest in the said society and promised high returns. That, the said society defaulted in returning the deposits or paying interest to its investors to the tune of Rs.11,53,860.00 and thereby committed the alleged offence and therefore, the FIR in question came to be fled.