V.G.Arun, J
1. This is an application filed under Section 439 of the Code of Criminal Procedure seeking regular bail.
2. The petitioner is the 1st accused in 13 crimes registered for offences punishable under Sections 406, 409, 420 and 34 of the Indian Penal Code and
Sections 3 r/w 21, 4 r/w 22 and 5 r/w 23 of the BUDS Act.
3. The crimes are registered on the allegation that, after collecting deposits from various persons by promising to pay 10% of interest, the petitioner did
not pay the interest or refunded the deposited amount. The petitioner was arrested on 15.09.2023, in connection with Crime No.840/2023 of Aranmula
Police Station. Thereafter, his arrest was recorded in other 12 crimes.
4. The learned Counsel for the petitioner submits that the petitioner has been in custody since 15.09.2023 and the police having conducted detailed
investigation, continued incarceration of the petitioner is not required. It is submitted that the petitioner's mother is suffering from cancer, and his
presence by her side is essential, since the petitioner’s wife is also arrested and remanded in connection with the crimes. It is submitted that the
petitioner has been conducting the financial institution for the past many years and only because of the devastating floods of 2018, followed by the
Covid-pandemic, default in repayment of the deposits had occurred.
5. The learned Public Prosecutor submitted that more than Rs. 1 crore is due to the depositors under the 13 crimes are under consideration and in
such circumstances, enlargement of the petitioner on bail is not appropriate.
6. No doubt, the offence allegedly committed by the petitioner is serious in nature. At the same time, the fact that the petitioner is under incarceration
from 15.09.2023 onwards, is also to be considered. As the investigation has progressed much, continued custody of the petitioner is not necessary.
The submission of the learned Counsel for the petitioner is that the petitioner's wife, who is the second accused in all the crimes, has been granted bail
by this Court as per the order in B.A.No.9722/2023 dated 24.11.2023 is also taken note of.
Accordingly, these applications are allowed subject to the following conditions:-
(i) Petitioner shall execute a bond for a sum Rs.1,00,000/- (Rupees One Lakh only) with two solvent sureties each for the like sum to the satisfaction
of the jurisdictional Court;
(ii) The petitioner shall surrender his passport, if any, within ten days from the date of his release before the Court concerned. If the petitioner has no
passport, he shall file an affidavit to that effect.
(iii) Petitioner shall not transfer his immovable properties without obtaining permission from the jurisdictional court.
(iv) The petitioners shall report before the Investigating Officer between 10.00 am and 11.00 am on alternate Sundays, till final reports are filed.
(v) The petitioner shall not tamper or attempt to tamper with the evidence or influence or try to influence the witnesses;
(vi) The petitioner shall not be involved in any other crime while on bail or leave the Country without the prior permission of the Court concerned.
(vii) If any of the conditions are violated, the court concerned will be empowered to take steps for cancellation of bail as per law;
