SANTOSH DEVSAT Vs. STATE OF MADHYA PRADESH

JUDGEMENT

(1.) This is the first application filed by the applicant /accused under Sec. 439 of the Code of Criminal Procedure,1973 for grant of bail.

(2.) The applicant is in custody since 12/10/2020 in connection with Crime No.402/2020 registered at Police Station Anjad, District Barwani for the offence punishable under Sec. 420,34 of the IPC, u/s. 4, 76, 79 of the Chit Fund Adhiniyam, 1982; and u/s. 6(1) of M.P. Nikeshepako Ke Hito Ka Sanrakshan Adhiniyam, 2000.

(3.) As per prosecution story, the applicant was one of the Director of Guru Sai Real Estate. The applicant (MD), Smt.Munni Devsat (Director) and Rohit Devsat got registered the Company for the purpose of real estate work. Without obtaining any licence from SEBI, the Company has started collecting the amount as a financial institution. The innocent public invested the amount in the form of FDs for a period of five years with a hope to get double amount after expiry of five years. When the aforesaid amount was not returned, the complainant lodged FIR against these accused persons.