STATE Vs. K. JAGANNATHAN

JUDGEMENT

(1.) This petition has been filed by the prosecution in Cr.No. 16 of 2022 registered under Ss. 409, 420, 120(b) IPC and Sec. 5 of TNPID Act 1997, Ss. 3, 5, 21(1), 21(2), 21(3), 23 and 25 of BUDS Act, 2019, seeking to cancel the bail granted to the respondent/A-13 in Crl.M.P.No. 4834 of 022 dtd. 15/12/2022 by the learned Special Judge for TNPID Act Cases, Chennai.

(2.) In the affidavit filed by the Investigating Officer, Additional Superintendent of Police, EOW-II at Chennai, it had been stated that Cr.No. 16 of 2022 had been registered consequent to a complaint received about a firm called International Financial Services (IFS) at Sathuvachari, Vellore and another firm LNS, International Financial Services at Chennai with the allegations that the companies had collected deposits promising high rate of interest and that the defacto complainant had invested an amount of Rs.6.30 crores. During the course of investigation, searches were conducted at 31 places and Rs.1,12,19,880.00 cash and 623.25 gms of gold to the value of Rs.29,23,665.00 and 72 property documents to the value of Rs.12,23,67,438.00 had been seized. It had also been stated that 7 cars of the accused had also been seized to a total value of Rs.2.5 crores. It had been further stated that the accused had collected substantial amounts of money from various depositors.

(3.) The respondent herein A-13 was arrested on 13/8/2022 and remanded to custody on 14/8/2022. From him and his family members, 21 property documents had been seized to a total value of Rs.2,27,43,371.00. He was also taken into police custody and at that time, a Mercedes Benz Car and white Maruthi Ertiga car were also seized.