BISHNU PRASAD SAHU Vs. STATE OF ODISHA

JUDGEMENT

(1.) The petitioner Bishnu Prasad Sahu has filed this application under Sec. 439 of Code of Criminal Procedure (hereinafter 'Cr.P.C.') seeking for bail in connection with E.O.W., Bhubaneswar P.S. Case No.04 of 2021 corresponding to C.T. Case No.02 of 2021 pending on the file of Presiding Officer, Designated Court, O.P.I.D. Act, Cuttack in which charge sheet has been submitted for offences punishable under Sec. 406, 420, 467, 468, 471 read with sec. 120-B of the Indian Penal Code and sec. 6 of the Odisha Protection of Interests of Depositors (in Financial Establishments) Act, 2011 (hereafter 'O.P.I.D. Act') keeping the investigation open under Sec. 173(8) of Cr.P.C.

(2.) On 18/2/2021 one Shubhranshu Shekhara Rauta, resident of Khallingi, P.S.- Pattapur in the district of Ganjam lodged the first information report before the Superintendent of Police, Economic Offences Wing, Odisha, Bhubaneswar (hereafter 'E.O.W.') stating therein that during the year 2017, he came in contact with the petitioner, who was the proprietor of M/s. Sahil Enterprises, the lease holder of the Odisha Govt. owned MARKFED Cold Storage at Patia in front of KIMS Medical College, Plot No.17, Bhubaneswar. In course of acquaintance, the petitioner along with some of his associates encouraged the informant to invest in the ongoing potato business and Sea Food Trading/Prawn business made by M/s. Sahil Enterprises, with assurance to return him the principal plus dividend on the next 15th November and that the said scheme could be renewed in case of willingness of the informant to continue with the business. Being allured with the scheme and believing the words of the petitioner and others, the informant paid Rs.66,89,868.00(rupees sixty six lakhs eighty nine thousand eight hundred sixty eight) to the petitioner in installments during the period from March 2017 to March 2018. It is further stated in the F.I.R. that the aforesaid amount has been paid by the informant in installments through NEFT from his bank accounts maintained with S.B.I., Konkorada Branch and City Bank, MG Road Branch, Bangalore and also from the account of one of his relatives maintained with ICICI Bank, Bhubaneswar Branch. The amounts were paid in the accounts of M/s. Sahil Enterprises maintained with Union Bank of India, Patia Branch and HDFC Bank, Sriya Talkies Square Branch, Bhubaneswar. It is stated that the aforesaid amount was paid by the informant by availing loans from different banks and till the date of lodging of F.I.R., he was repaying the loan through EMI. It is further stated that initially an agreement was executed by the petitioner in favour of the informant during December 2017 and the petitioner had assured to return at least minimum 30% annually on investment with potato business and flat 35% annually on investment with Sea Food Trading/Prawn business. It is further stated that initially during the period from June 2017 to December 2018, the petitioner paid back an amount of Rs.7,82,950.00 (rupees seven lakhs eighty two thousand nine hundred fifty), which was transferred to the S.B.I. account of the petitioner from the accounts of M/s. Sahil Enterprises, but thereafter in spite of repeated request made by the informant, the petitioner did not repay the balance amount to him. It is further stated that the petitioner had taken money from him in a deceitful manner and he had the dishonest intention right from the very beginning of the transaction to deceive the informant and M/s. Sahil Enterprises also stopped running its business. It is further stated that with dishonest intention, the petitioner had executed false agreements with the informant and in that process, cheated an amount of Rs.59,06,918.00 (fifty nine lakhs six thousand nine hundred eighteen). The informant also came to know that the petitioner in similar manner cheated twenty one investors by using fake/false documents and duped them to the tune of about Rs.2.5 Crores and misappropriated the same.

(3.) During course of investigation, it was ascertained that the proprietorship firm, namely, M/s. Sahil Enterprises in which the petitioner was the proprietor, was registered under sub sec. (5) of sec. 25 or sub-sec. (2) of sec. 26 of the Odisha Value Added Tax Act, 2004 and was assigned with Identification Number vide TIN No. 21485505503 w.e.f. 16/5/2016 by Deputy Commissioner of Sales Tax, Bhubaneswar III Circle. The registered office address of the firm was Plot No.D/65, Essen Residency, Raghunathpur, P.O.-Patia, Bhubaneswar and the petitioner had taken lease from Odisha Govt. owned MARKFED Cold Storage at Patia, situated in front of KIMS Medical College, Plot No. 17, Bhubaneswar having 5000 MT capacity multi commodity cold storage on monthly lease rent basis for eleven months w.e.f. 1/3/2019 by executing an agreement in between Managing Director, MARKFED, Odisha, Bhubaneswar and M/s. Sahil Enterprises through Prop. Bishnu Prasad Sahu (petitioner). The above deed of agreement was made with M/s. Sahil Enterprises basing on a tender process floated by MARKFED to let out its cold storage on monthly rent basis for storing of potato, fruits, vegetables etc. The investigation further revealed that before expiry of eleven months lease period, the petitioner had breached the terms of the agreement and did not pay the rent etc. as per the agreement and left the premises of cold storage with his bags and baggage without any intimation to the first party MARKFED. When it came to the notice of the MARKFED on 23/9/2019, the authorities of MARKFED terminated the agreement made with the petitioner and took possession of the cold storage on 18/12/2019.