BIRANCHI KUMAR NAIK Vs. STATE OF ODISHA

JUDGEMENT

(1.) This matter is taken up through Hybrid Arrangement (Virtual /Physical Mode).

(2.) This is an application U/S.439 of Cr.P.C. by the petitioner for grant of bail in connection with C.T. Case No.54 of 2023 arising out of Nuapada P.S. Case No.55 of 2023 pending in the file of learned J.M.F.C., Sinapali, being charge-sheeted for commission of offences punishable under Ss. 420/409/120-B of IPC, on the allegation of committing financial fraud and misappropriation of Rs.2,18,99,547.00 (Rupees Two Crores Eighteen Lakhs Ninety-nine Thousand Five Hundred Fourty-seven) approximately from 815 innocent depositors, along with co-accused persons by diverting the aforesaid amount for their personal use.

(3.) In the course of hearing of the bail application, Mr. Debasis Panda, learned counsel for the petitioner submits that the petitioner is in custody since 18/3/2023, but in the meanwhile, trial has already commenced and the material witnesses have stated nothing against the present petitioner. It is further submitted by him that the present petitioner had neither played any role nor was stated by the witnesses to have any connection in committing the offence, rather all the allegations are directed against the principal accused, who is not the petitioner in this case. Mr. Panda by drawing attention of the Court to the depositions of PWs.1 to 3 submits that the cross examination of these witnesses clearly proves that the petitioner has no role in committing the offence. It is, accordingly, prayed by Mr. Panda to grant bail to the petitioner.