SYED MUQTAR AFI Vs. STATE OF TELANGANA

JUDGEMENT

(1.) This petition is filed under Sections 437 and 439 of the Code of Criminal Procedure, 1973 (for short, 'CrPC) by the petitioner/sole accused seeking to grant regular bail in Cr.No.108 of 2020 pending on the file of the Station House Officer, CCS, DD, Division-I, Hyderabad, registered for the offences under Sections 406, 420 and 506 IPC, and under Section 5 of the Telangana State Protection of Depositors of Financial Establishments Act, 1999 (for short, 'the Act' ).

(2.) Heard Sri Komireddy Karam Chand, learned counsel for the petitioner and learned Public Prosecutor. Perused the record.

(3.) The complaint dated 29.08.2020 and the remand report dated 02.10.2020 would reveal that the accused has collected money from the investors including the defactocomplainant and used the said money to develop his business in the name and style of 'Tijarah Stock Investments'. Later he attracted the investors and influenced them to deposit money in his business for getting huge profits. He has induced the investors by offering profit of Rs.3,000/- to Rs.3,500/- per month on every one lakh. Later he failed to return money as promised by him. As such, the petitioner herein has committed the offence under Sections 406, 420 and 506 IPC and also Section 5 of the Act.