GURBACHAN SINGH DUTTA Vs. STATE AND ORS.

JUDGEMENT

(1.) THIS is petitioner's subsequent application for his release on Bail after filing of the charge sheet for offences under Sections 406, 409, 420, 468, 471 & 120 -B RPC in FIR No. 302/2012 of P.S. Gandhi Nagar against him and three others by the Crime Branch Police, Jammu. The earlier application has been dismissed by the learned trial Court. Prosecution case, briefly, is that the petitioner and the co -accused have floated a company, namely, M/S. Dutta Financers India Pvt. Limited. Petitioner's son, accused, Harpal Singh Dutta, is its Managing Director, whereas the petitioner, his wife, accused, Bhajan Kour and accused, Gurdeep Singh are its Directors. The accused obtained huge deposits to the tune of 20 crores rupees from a number of depositors with a promise of paying them double the amount in five years and giving 10% interest on the deposited amount. The accused, however, hatched a criminal conspiracy and utilized the deposited amount for purchasing lands, godown and a fleet of oil tankers. One of the depositors, namely, S. Joginder Singh lodged a written information at Police Station, Gandhi Nagar, Jammu alleging that about one thousand depositors of Jammu, Kathua, Samba, Poonch, Baramulla and Srinagar districts had deposited their hard earned money over the years with the Finance Company floated by the accused and when in the month of March, 2011 some of the depositors approached the Company for payment of interest to them and some of them for payment of deposited amount for their personal necessity, the directors and other officials of the company refused to make any payment. After registration of the FIR and transfer of investigation to the Crime Branch vide PHQ Order No. 52 dated 02.01.2013, the Investigating Officer seized the record and on completion of investigation found commission of above mentioned offences by the accused.

(2.) IN the course of investigation, petitioner was arrested on 22.05.2013 and he is now in judicial custody. Accused, Bhajan Kour, was granted anticipatory bail by this Court. Accused, Harpal Singh Dutta and Gurdeep Singh are said to have absconded and could not be arrested. Accused, Harpal Singh Dutta, reportedly moved to USA. The Crime Branch, therefore, filed charge sheet for aforementioned offences in the court against the four accused with a prayer for proceeding under Section 512 Cr.P.C. against the absconding accused and reserving its right to file supplementary charge sheet, after conducting further investigation in the case.

(3.) STATE has opposed petitioner's release on bail. It is contended that the petitioner and the other accused have committed big fraud with poor and illiterate persons and committed heinous offences punishable severely under different sections of RPC. There is apprehension that after release of the petitioner, entire family will leave the country for USA.