Madhya Pradesh High Court
Shivam Agarwal vs The State Of Madhya Pradesh on 21 October, 2021
Author: Rajeev Kumar Dubey
Bench: Rajeev Kumar Dubey
1 MCRC-37957-2021
The High Court Of Madhya Pradesh
MCRC-37957-2021
(SHIVAM AGARWAL Vs THE STATE OF MADHYA PRADESH)
Jabalpur, Dated : 21-10-2021
Heard through Video Conferencing.
Shri Sanjay Sharma, learned counsel for the applicant.
Shri Pradeep Dwivedi, learned PL for the respondent/State.
Heard with the aid of case diary.
This is first bail application filed under Section 439 of Cr.P.C.
Applicant Shivam Agarwal was arrested on 08.07.2021 in connection with Crime No.102/2020 registered at Police Station Ishanagar, District Chattarpur for the offence punishable under Sections 420, 406, 467, 468 120-B of IPC and Section 76 of Chit Fund Act.
As per the prosecution case, the applicant and co-accused persons, who were the Director, Manager, Employees and Agents of Pincon Group of Company had collected huge amounts from innocent persons assuring them that they would get handsome returns after the stipulated period. However, they did not pay the money even after the maturity period. On the other hand, they closed down the company office. Thus they cheated innocent people. The specific allegation against the applicant is that the applicant was the Agent of the said company and he induced the innocent investors to deposit the money with the company and also collected money from them.
Learned counsel for the applicant submits that the applicant is innocent and has falsely been implicated in the offence. The offence was committed by the co-accused Manoranjan Rai, Chairman of the company The applicant is merely an agent of the company. The amount collected by the applicants was deposited by him in the company's account. The applicant has been in custody since 08.07.2021. Charge-sheet has been filed and the conclusion of the trial will take time. Hence prayed for the release of the applicant on bail.
Learned counsel for the State opposed the prayer and submitted that Signature Not Verified SAN the applicant and other accused persons played fraud upon innocent Digitally signed by MANOJ NAIR Date: 2021.10.23 17:34:52 IST 2 MCRC-37957-2021 investors and deprived them of their hard-earned money. Sufficient evidence is available on record to connect the applicant with the offence in question, so he should not be released on bail.
In the case diary statement of Deepak Agarwal, Matadeen Yadav and Chotu Raikwar, it is mentioned that the applicant induced them to deposit money in the company and also collected money from them. So, looking to the allegations and the enormity of fraud, this court is not inclined to grant bail to the applicant at this stage.
Hence, the application is rejected.
(RAJEEV KUMAR DUBEY) JUDGE mn Signature Not Verified SAN Digitally signed by MANOJ NAIR Date: 2021.10.23 17:34:52 IST