MODI JITESHBHAI NATVARLAL Vs. STATE OF GUJARAT

JUDGEMENT

(1.) Heard the learned advocates for the respective parties.

(2.) By way of the present application under Sec. 438 of the Code of Criminal Procedure, 1973, the applicant-accused has prayed for bail in connection with the FIR being C.R.No.11217020201161 of 2020 registered with "B" Division, Patan City Police Station, District Patan for the offences under Ss. 34 , 406 , 409 , 420 , 477A and 120B of the Indian Penal Code, 1860.

(3.) The brief facts of the case are that the applicant came in the contact of one of his relative namely, Chetanbhai Hargovanbhai Patel, accused No.5 and came to know that the owner of his company is Tribhovanbhai Ramabhai Patel- accused No.1. Tribhovanbhai Ramabhai, who is the resident of Visnagar, runs a firm in the name of Gurudev Investment (MCX Trading). The said Tribhovanbhai Ramabhai Patel has a net-worth of crores of rupees and he offers return of 5 to 7% to his clients on their investment and if he earns more profit he offers more return. The first informant having faith on his relative, got ready to invest in the company of Tribhovanbhai Patel. The first informant on 18/7/2018 transferred an amount of Rs.1,00,000.00 through R.T.G.S. in the bank account of Tribhovanbhai Patel and further invested sum of Rs.4,00,000.00. The said amount was also transferred through R.T.G.S. in the bank account of Tribhovanbhai Patel on 10/9/2018 and in the similar maner he invested Rs.50,00,000.00 in his account. subsequent thereto and after receiving two or three returns, as the first informant did not receive any further gains and after so many efforts also, the returns remain unpaid.