KIRTIRANJAN NIRANJAN BASATIYA Vs. STATE OF GUJARAT

JUDGEMENT

(1.) This application is filed by the applicant under Section 439 of the Code of Criminal Procedure, 1973 for regular bail in connection with FIR registered as C.R. No.I-02 of 2016 with CID Crime, Vadodara Zone Police Station for the offence punishable under Sections 409, 420 and 120(B) of the Indian Penal Code and under Section 3 and 7 of the Gujarat Protection of Interest of Depositors (In Financial Establishments) Act, 2003.

(2.) Learned advocate appearing on behalf of the applicant submits that considering the nature of offence, the applicant may be enlarged on regular bail by imposing suitable conditions.

(3.) On the other hand, the learned Additional Public Prosecutor appearing for the respondent-State has opposed grant of regular bail looking to the nature and gravity of the offence. Learned Additional Public Prosecutor submits that the co-accused Ravindra Prasad Swain to whom the authorization was was issued is still at large and even after the investigation of almost two and half years, he is yet to be apprehended. Learned Additional Public Prosecutor draws attention of this Court to the statement of one Dipak Khatri in whose name some of the assets of the Oscar Co-operative Society Limited are handed over for the purpose of sale and disbursement of money to the investors, has now been arrested and his statement to the effect that he had received the consideration from the sale of the assets of the Oscar Co-operative Society Limited. Beyond that, nothing is coming out insofar as money trail of consideration received after the disposing of the assets of the Oscar Co-operative Society Limited.