DHANANJAYA SAHOO Vs. STATE OF ORISSA

JUDGEMENT

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

(2.) This is a bail application U/S.483 of BNSS by the petitioner for grant of bail in connection with EOW, CID CB, Bhubaneswar PS. Case No. 02 of 2025 corresponding to CT Case No.02 of 2025 pending in the file of learned Presiding Officer, Designated Court, OPID Act, Cuttack for commission of offences punishable U/Ss. 420/467/468/471/120-B of IPC r/w.Sec.21(1)/ 21(3) of BUDS Act on the main allegation of misappropriating a sum of Rs.3,58,39,475.00 by taking investments from 48 investors on the assurance of providing double benefit within ten months.

(3.) In the course of hearing, Mr.Dharanidhar Nayak, learned Senior Counsel who is being assisted by Ms. Bini Mishra, learned counsel for the petitioner submits that although the petitioner has provided near about Rs.45.00 lakhs to 22 investors, but the investigating agency has unnecessarily arrested the petitioner and put him behind the bar which itself is not in consonance with law of bail since the petitioner has intention to refund the money, however, the petitioner having been detained in custody with all his property seized by the investigating agency, he is not in a position to refund the money at present and no fruitful purpose would be served by keeping the petitioner in custody which amounts to pre-trial punishment. Mr.Nayak also submits that no offence of forgery is made out against the petitioner and some of the investors had allegedly deposited the amount in cash for which there is no valid document. On the aforesaid submissions, Mr.Nayak prays to grant bail to the petitioner.