STATE OF HARYANA Vs. RADHEY SHYAM

JUDGEMENT

(1.) Present petition has been filed under Section 439 (2) Cr.P.C. read with Section 482 Cr.P.C. for cancellation of regular bail granted to the respondent by Learned Additional Sessions Judge, Fatehabad, vide order dated 06.02.2019, in FIR No. 358 dated 08.09.2018, under Sections 406, 420, 467, 468, 471, 120B/ 34 IPC; Sections 4, 5, 6 of Prize Chits and Money Circulation Schemes (Banning) Act, 1978, (for short 'the 1978 Act'), and Sections 2 and 3 of Haryana Protection of Interest of Depositors (in Financial Establishment) Act, 2013, (for short 'the 2013 Act'), registered at Police Station Sadar, Fatehabad. Brief allegations in the present case levelled on the basis of complaint submitted by one Anil Sihag are that, there are thousands of bogus Chit Fund Companies functioning throughout India and Future Maker Life Care Pvt. Ltd., hereinafter referred to as 'Company', is having its Head Office at D.S.S. 45, Red Square Market, Hisar (Haryana). The said Company appoints agents in the name of selling its products by inducing general public and collects crores of rupees in cash, and causes loss of Income Tax to the Government while taking for ride. The Company instead of getting the deposits invested, transects the business of crores of rupees daily in illegal manner as it is neither having any product; nor any manufacturing unit. It has tied-up with other companies only on papers, but does not purchase any product and receives approximately Rs.10 crores daily from its agents at Hissar, in cash, but no receipts are issued and it collects approximately Rs.40 crores daily through its agents in the entire country. On receipt of cash amount from the agents, after 15 days the Company takes IDs of persons and issues bills of his product @ Rs.7500/- per ID, but no product is supplied to anyone and profit is passed on to its agents on the basis of Bills only. The money is refunded to its agents in the Bank Account. For example, if someone has deposited Rs.252000/- in cash with the Company, after 15 days, on taking IDs of other person, different Bills of its product are issued and he is induced that within a period of 24 months, an amount of Rs.5 lacs would be deposited in his Bank account. The Company is not paying any Income Tax and issues half of the actual number of Bills and it is having one office at Village Dhangar, where there is no product and only by taking the IDs from agents, people are being misled.

(2.) It is contended by learned State counsel that bail has been granted to the respondent in the present case by learned Additional Sessions Judge, which involves a scam of Rs.2956 crores, while observing that a report under Section 173 Cr.P.C. has already been submitted and respondent has been granted bail in other cases. Further submitted that as a matter of fact, investigation in the matter is still going on and the respondent being the CMD of the Company; is fully responsible for its affairs and there is every possibility of hampering the investigation. Further contends that respondent is still inducing public at large to come forward for making deposits with the Company and misguiding them so that they may not support the prosecution case. Also submitted that there are approximately 15 criminal cases pending against the respondent all over the Country and Bansi Lal, Managing Director of the Company has already been declared as proclaimed offender in this case.

(3.) On the other hand, learned Senior counsel for the respondent opposed the prayer and submitted that since the report under Section 173 Cr.P.C. has already been submitted and the respondent is in custody since long, therefore, his further incarceration was not justified, consequently, the learned Additional Sessions Judge has rightly granted the bail pending trial. Heard both sides and perused the paper book.