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TMI Blog2021 (7) TMI 1256X X X X Extracts X X X X X X X X Extracts X X X X ..... er Sections 409 and 420 of Indian Penal Code, 1860 (for short 'IPC') and Section 9 of the Karnataka Protection of Interest of Depositors in Financial Establishment Act, 2004 (for short 'KPID Act') pending on the file of Principal Sessions Judge, Bengaluru Rural District, Bengaluru. 2. Heard the arguments of Sri Kiran Javali, learned counsel appearing for Sri K.Chandrashekhara, learned counsel for the petitioner and Sri P.Prasanna Kumar, learned counsel for the Directorate of Enforcement (ED) and also learned High Court Government Pleader appearing for respondent assisted by Sri Madhukar Deshpande, learned counsel for the victim. 3. The case of the prosecution is that in Crl.P.No.45/2021, the Directorate of Enforcement filed a complaint in ECIR No.BGZO/20/2020 registering the case on 09.03.2020 by taking investigation in respect of the case registered by the Basaveshwaranagar Police Station, Vijayanagar Sub-Division for the offence punishable under Section 420 of IPC which came to be transferred to the CCB, F & M, Bengaluru on 19.12.2019. It is alleged that petitioner-Nanjundaiah is the Founder/Director of Kanva Souhardha Co-operative Credit Limited (hereinafter referred to as 'So ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Act and he has committed the offence under Sections 3 and 4 of the PML Act. Accordingly, the petitioner has been arrested and he was remanded to the judicial custody. 4. In criminal petition No.43/2021 registered against this petitioner in crime No.304/2020 by the Hosakote Police Station on the complaint by one Nagesh B.A alleging that they have also invested deposits in the Society for an amount of Rs. 1,18,000/- on 3.11.2018 and purchased 80 shares bearing certificate No.23766 and 20 shares bearing certificate No.24134 having face value of Rs. 1,000/- and he has invested Rs. 1,80,000/- in the name of his younger brother-Suresh and also deposited Rs. 3,75,000/- in the name of his younger sister B.A.Pushpa by obtaining share certificates and the Society assured double the amount. But they closed their office and cheated them. On the complaint filed by one Nagesh, the Police registered a case and during the investigation, it was revealed that so many cases were registered against this petitioner in various Police Station limits and the petitioner-Society has cheated more than 600 people about Rs. 39,08,76,232/- and 111 properties worth Rs. 426 crores have been seized etc. The peti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f Cr.P.C., but later it was withdrawn. He is ready to abide by the conditions that may be imposed by this Court for the purpose of assisting the Administrator appointed by the High Court and also the Competent Authority appointed under the KPID Act. Hence, prayed for granting bail. 6. Learned counsel further contended that the petitioner is suffering from the first stage of cancer apart from Diabetes and Hyper tension. He is also in depression and taking treatment for the last two years. The petitioner is also suffering from Urinary Track Infection and prostate cancer. He requires proper treatment in a good hospital. Therefore, on the medical grounds, learned counsel prays for granting bail and he has produced various medical records in this behalf. 7. Learned counsel also relied upon the judgments of the Hon'ble Supreme Court and also different High Courts apart from this Court which are as under: 1) (1978) 4 SCC 47 2) (1984) 1 SCC 284 3) (1994) 4 SCC 260 4) (2003) 7 SCC 399 5) 2012(1) SCC 40 6) (2014) 16 SCC 623 7) 2012(8) SCC 273 8) (2018) 3 SCC 22 9) 2019 SCC 1549 10) 2020 SCC 75 11) Criminal Petition No.4598/2020 of this Court dated 5.11.2020. 12) Cri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .No.43/2021 and contended that the investigation is completed and charge-sheet has been filed. Still the Investigating Officer is recording the statement to show many witnesses, who are the investors who were cheated by the petitioner. If he is released on bail, he may tamper with the prosecution witnesses and selling the properties of the company is not ruled out. Hence, prayed for dismissing the petition. 10. Sri Madhukar Deshpande, learned counsel assisting the prosecution also objected the bail petition stating that the complainant himself has filed the writ petition before the Division Bench and the Hon'ble Division Bench is monitoring the property of the accused. He has cheated more number of people. A request is made by the complainant for Forensic Audit to verify the books of accounts maintained by the petitioner-company. Hence, prayed for dismissing the petition. 11. Upon hearing the arguments of learned counsel for the petitioner, learned counsel for the respondent and learned High Court Government Pleader and on perusal of the record, admittedly, the petitioner is the Founder/Director of the Society and the said Society is having 13,000 members and they received huge d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Chief Justice in a Public Interest Litigation Petition in WP No.8746/2020 dated 14.07.2020 is monitoring the progress of the work done by the Administrative Officers appointed by the Division Bench to look after the interest of the depositors. The Board of Administrators also directed to take assistance from the Department of Cooperative Society as well as the Competent Authority under KPID Act. The same is also available on record. The Government has also appointed Competent Authority under Section 5(1) of the KPID Act. Sri Harsha Guptha is required to prepare the report and submit the same to the Government. Looking to the entire facts reveals that the petitioner was involved in reinvesting the money by borrowing it from the Society out of the deposits which is nothing but proceeds of the crime is nothing but Money Laundering which attracts the offence under the PML Act. On merits, absolutely there is no case for the petitioner. 12. However, other grounds urged by the petitioner counsel is that the petitioner is suffering from Diabetes, Hyper Tension, first stage of cancer and prostate enlargement and other related diseases. In this aspect, the petitioner counsel has produced va ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Crl.P.No.4580/2020 dated 19.10.2020. The Co-ordinate Bench of this Court by relying upon the judgments in the case of Sanjay Chandra vs. CBI reported in (2012) 1 SCC 40 and Syed Abdul Ala vs. NCB ILR 2003 KAR 474 for granting bail on the health condition and medical ground wherein, the allegation of more than four crores involved in the said case. 14. Though the learned counsel for the respondent and the learned counsel for the petitioner have relied upon the various judgments which is for and against the petitioner and normally, the Court will not grant bail to the accused where economic offences are involved and huge public money is involved. But only on the ground for the purpose of providing medical treatment this Court is required to consider medical ground but not on merits of the case. Therefore, by looking to the facts and circumstances of the case, in order to provide proper medical care and protection to the petitioner, if bail is granted to the petitioner, no prejudice would be caused to the prosecution case. Apart from that, the Division Bench of the High Court is monitoring the case and the Administrators are appointed apart from the Competent Authority by the State ..... X X X X Extracts X X X X X X X X Extracts X X X X
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