Karnataka High Court
Mr M Srinivas vs The State Of Karnataka on 25 November, 2016
Author: Rathnakala
Bench: Rathnakala
1
IN THE HIGH COURT OF KARNATAKA AT BENGALURU
DATED THIS THE 25TH DAY OF NOVEMBER, 2016
BEFORE:
THE HON'BLE MRS.JUSTICE RATHNAKALA
CRIMINAL PETITION No.7814/2016
BETWEEN:
MR.M.SRINIVAS
S/O MUNIPAPE GOWDA
AGED ABOUT 63 YEARS
OCC:BUSINESS
NO.969, "PUNARVASU", 5TH CROSS
11TH MAIN,
VIJAYA BANK COLONY
BANNERGHATTA ROAD
BENGALURU-560 076 ..PETITIONER
(BY SRI.C.H.JADHAV, SENIOR COUNSEL FOR SMT.RASHMI
JADHAV, ADVOCATE)
AND:
THE STATE OF KARNATAKA
BY JAYANAGARA POLICE STATION
BENGALURU
REPRESENTED BY
THE STATE PUBLIC PROSECUTOR
HIGH COURT BUILDING
BENGALURU-560 001 ..RESPONDENT
(BY SRI.K.NAGESHWARAPPA,HCGP)
2
THIS CRIMINAL PETITION IS FILED UNDER SECTION
439 CR.P.C BY THE ADVOCATE FOR THE PETITIONER
PRAYING THAT THIS HON'BLE COURT MAY BE PLEASED
TO ENLARGE THE PETITIONER ON BAIL IN
CR.NO.347/2015 OF JAYANAGAR P.S., BENGALURU FOR
THE OFFENCE P/U/S 420 R/W 34 OF IPC AND SECTION 9
OF KARNATAKA PROTECTION OF INTEREST OF
DEPOSITORS IN FINANCIAL ESTABLISHMENT ACT, 2004
AND SECTION 76 OF CHIT FUND ACT, 1982 AND SECTIONS
38, 39 AND 41 OF KARNATAKA MONEY LENDERS ACT,
1961.
THIS CRIMINAL PETITION COMING ON FOR ORDERS
THIS DAY, THE COURT MADE THE FOLLOWING:
ORDER
Petitioner-Accused No.1 along with his three family members is charge sheeted by the respondent-police in respect of offence punishable under Section 420 read with Section 34 of I.P.C and Section 9 of Karnataka Protection of Interest of Depositors in Financial Establishment Act, 2004 and Section 76 of Chit Fund Act, 1982 and Sections 38, 39 and 41 of Karnataka Money Lenders Act, 1961 in Crime No.347/2015 dated 20.10.2015.
2. The allegation is that accused persons who were engaged in finance business, lured the investors of excessive 3 interest, failed to return the amount cheated them to a tune of `81,47,10,957/- and all of a sudden disappeared from the scene. Petitioner is said to be in custody for last one year four months. On similar complaints filed by other investors except three cases listed today, he is granted bail by the concerned court. As per his submission at the bar, the audit report pertaining to the year 2014-15 depicts that the company owes 77 crores to its customers and 81 crores is due. Several civil suits are filed by the company for recovery of the money and several cases are yet to be filed and since the petitioner is in custody no legal action could be taken so far. The company owns several immovable property of value excess to the amount due from the company. The co- accused are all on bail.
3. Having regard to the above circumstances there is no impediment to allow the petition. Petition is allowed. Petitioner is enlarged on bail in Crime No.347/2015 4 registered with the respondent-police subject to following conditions:
(i) He shall execute a self bond for a sum of `5,00,000/-
with two sureties for the likesum.
(ii) Immediately on his release he shall surrender his passport to the court.
(iii) He shall attend court regularly on all the dates of hearing.
(iv) He shall not leave the jurisdiction of the court without prior permission.
Sd/-
JUDGE SBN