KATIKALASHIVABHAGYA RAO Vs. STATE OF A.P.

JUDGEMENT

(1.) This Criminal Petition, under Ss. 480 and 483 of the Bharatiya Nagarik Suraksha Sanhita, 2023, has been filed by the petitioner/A1, seeking regular bail, in Crime No.222 of 2025 of II Town Police Station, Visakhapatnam for the offences under Ss. 420, 406, 411, 414, 120b r/w 34 IPC, Sec. 21(1)(2)(3), 23 of Banning of Unregulated Deposit Schemes Act, 2019 and Sec. 3 and 4 of the Prize Chits and Money Circulation Schemes (Banning) Act, 1978.

(2.) Case of the prosecution, in brief, is that the defacto complainant belonging to SC community and he deposited sum of Rs.50,00,000.00 in Sneha Macs, which was established by the 1st accused with the slogan of Dr.Ambedkar's idelogy (pay back to society), on believing the accused he along with five others deposited a total amount of Rs.1,73,75,000.00, while nearly 2500 depositors collectively invested around Rs.51.00 crores, Sneha Macs Bhaditha depositors parirakshana Sangam with 166 members deposited Rs.27.00 crores in Sneha Macs with the assurance of 12% interest, later they deviated depositors funds for the purchase of properties and assets and failed to repay matured deposits and thereby the accused committed the alleged offences.

(3.) Heard the learned counsel for the petitioner and Ms.K.Priyanka Lakshmi, learned Assistant Public Prosecutor.