UDAY MOHANLAL ACHARYA Vs. STATE OF MAHARASHTRA

JUDGEMENT

(1.) THE applicant/original accused Uday Mohanlal Acharya has approached this Court once again, being aggrieved by the order dated 31st July, 2000 passed by the Special Judge, Greater Bombay, appointed to try offences under Maharashtra Protection of Interests of Depositors (In Financial Establishments) Act, 1999, in Remand Application No. 10 of 2000 in C. R. No. 36/99.

(2.) THE allegation against the applicant is that he has cheated about 29, 100 depositors under a scheme, admittedly, promoted by him. It appears that the amount involved in this case of cheating is to the extent of Rs. 450/- crores. Offence of cheating is registered against the applicant under C. R. No. 36 of 1999 by the GB, CB, CID (Economic Offences Wing), Crawford Market, Mumbai. The applicant was arrested in connection with this case for offence punishable under section 406 and 420 of the Indian Penal Code, so also under the Maharashtra Protection of Interests of Depositors (In Financial Establishments) Act, 1999 on 17th June, 2000. He was then remanded to police custody till 19th June, 2000. Thereafter, he was again remanded to police custody till 3rd July, 2000. The Special Judge, while considering the application of the prosecution for further remand for a period of fourteen days, and while considering the bail application of the accused, rejected the bail application and remanded the accused to police custody for another period of fourteen days.

(3.) BEING aggrieved, the applicant approached this Court, and after hearing both the sides, and as per the ratio of the Supreme Court judgment reported in 1992 (3) Bom. C. R. 562 : 1992 (3) S. C. C. 141 (C. B. I. v. Anupam J. Kulkarni), this Court set-aside only that part of the order with respect to the nature of custody of the applicant, and remanded the applicant to judicial custody. Thus, from 17th July, 2000, the applicant is in judicial custody and is lodged at Byculla Jail.