2021 (1) TMI 1292 - HC - Indian Laws

Seeking grant of bail - offence of cheating and forgery - co-accused were running two investment companies in the name of Veliss Investment Solution and Goodwill Wealth Management Pvt. Ltd. and invited deposits by offering lucrative return of interest at the rate of 20% per month - HELD THAT - As per the complainant he himself opened the Dmat account in the name of his wife and invested the money in anticipation of getting more returns than offered by the nationalized banks. He is an educated person and after understanding the scheme of the company he himself invested his money in the company, therefore, now he cannot say that he was not aware about the hidden risk and volatility of the money market. The applicant is in custody since 02.10.2020. The investigation is complete and Challan has been filed. All the documentary evidence has been seized by the police. The trial may likely to take time to conclude. The main accused Vinayak Nakaswal is already in custody. The applicant is also having parity with the case of co-accused who have already been enlarged on bail by this court. The applicant is directed to be released on bail on her furnishing a personal bond in the sum of Rs.1,00,000/- with one solvent surety of the like amount to the satisfaction of the trial Court for her regular appearance before the trial Court during trial with a condition that she shall remain present before the Court concerned during trial and shall also abide by the conditions enumerated under section 437(3) Cr.P.C. - the application is allowed.

Summary

Issues: Bail application under section 439 Cr.P.C for offences under sections 420, 467, 468, 471, 406 & 34 of the IPC.

Analysis:

1. Bail Application under Section 439 Cr.P.C:
- The applicant filed a bail application under section 439 Cr.P.C seeking bail in connection with a case registered for offences under sections 420, 467, 468, 471, 406 & 34 of the IPC at a police station in Indore.
- The complainant alleged that the applicant, along with co-accused, operated investment companies and induced investments with promises of high returns. The complainant deposited a significant amount but did not receive the assured returns, leading to accusations of cheating and forgery.

2. Arguments by Applicant's Counsel:
- The applicant's counsel argued that the co-accused had already been granted bail by the Court. The firms were registered entities, and the complainant himself deposited funds willingly, aware of the risks involved. The investigation was complete, and further custodial interrogation was unnecessary, as the charge sheet had been filed.

3. Opposition by State and Complainant:
- The State's lawyer and complainant's counsel opposed the bail application, alleging that the applicant had defrauded not only the complainant but many other residents. They contended that the promised returns were not provided, indicating a lack of entitlement to bail.

4. Court's Consideration and Decision:
- The Court noted that the complainant, an educated individual, invested willingly after understanding the company's scheme, implying awareness of potential risks. The investigation was complete, and the trial was expected to be lengthy. The main accused was already in custody, and the applicant had parity with co-accused who were granted bail.
- Without delving into the case's merits, the Court allowed the bail application, directing the applicant's release on furnishing a personal bond and surety. The applicant was required to appear before the trial Court, abide by specified conditions, and undergo a medical examination for COVID-19 before release.

5. Final Order:
- The Court granted bail to the applicant, emphasizing the need for compliance with bail conditions and court appearances. Additionally, the jail authorities were instructed to conduct a medical examination for COVID-19 before the applicant's release.

This detailed analysis encapsulates the key aspects of the judgment, addressing the bail application, arguments presented by both sides, the Court's considerations, and the final decision granting bail to the applicant.