SABYASACHI PANI Vs. REPUBLIC OF INDIA (CBI)

JUDGEMENT

(1.) This is an application under Section 439 of Cr.P.C. moved by the petitioner for allegedly implicated in the offence punishable under Sections 120(B)/420/409 of I.P.C. read with Sections 4, 5 and 6 of the Prize Chits and Money Circulation Schemes (Banning) Act, 1978.

(2.) The factual matrix leading to the case of the prosecution is that the petitioner is one of the promoter and Director of M/s. Swastik India Multi State Credit Co-operative Society Ltd. Office at Sundargarh. It is alleged inter alia that the Company was collecting public deposits by promising high interest rates and is indulged in money circulation. It has office at different places of the State including at Balasore while the Hon'ble Apex Court directed in W.P.(C) No.401 of 2013 to handover all cases of 44 Companies including this Company to investigate cases where innocent depositors have been cheated and money collected from them trailed by such Companies and their so called Directors and other employees being involved with such commission of offences.

(3.) It is alleged that C.B.I. after registering a case against the present Company investigated the matter. During investigation it came to know that the petitioner being the promoter and Director of the said Company has allured the innocent depositors to invest money with the promise to award high returns within short period but the depositors could not get back such matured amount and finally found the office at Balasore where the present petitioner was indulged in such activity has remained closed. Not only this but also there are other officials and Directors of the Company equally indulged in such illegal activities. So, the petitioner was arrested in 2016 and remained in custody.