PATEL CHETANBHAI HARGOVANBHAI 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 first informant, who was in acquaintance with the applicant, who happens to be one of the co- accused in the impugned F.I.R., met the first informant in the month of June, 2018 at his shop and told him that one Patel 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. Thereafter, the applicant and one Vimal Patel i.e. another co-accused visited the shop of the first informant and introduced the first informant with Tribhovanbhai on mobile phone and the first informant was informed by Tribhovanbhai that if he invests with him, he should be rest assured about his investment and the more he invest, the more handsome return he shall earn. 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. Subsequently, as the first informant was satisfied with the return he gained from his investment of the said amount, he 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. subsequent thereto and after receiving two or three returns, as the first informant did not receive any further gains , he visited the office of Tribhovanbhai Patel along with the applicant and Vimalbhai and was assured by the son of Tribhovanbhai namely, Akash that in coming Diwali he would be getting handsome returns and also showed him the trading, which was carried out in the office. During the visit to the office of Tribhovanbhai at Visnagar, one Hasmukhbhai Patel and one V.M.Thakore, who were present there, introduced themselves as partners of Tribhovanbhai and further assured the first informant about the returns on his investment. The first informant thereafter, was handed over a promissory note bearing the signature of Tribhovanbhai Patel. After so many efforts also, the returns remain unpaid.