Learned counsel for the applicant submits that as per FIR version, the applicant received a sum of Rs. 8 Crore 38 Thousand through cheque and cash by the informant, under the garb of deterirorated financial condition of Holy Angel's Public School Society, which was run and managed by the applicant and other co-accused. It is further submitted that when the financial condition of the Society could not improve the applicant handed over the charge of management of the aforesaid society to the informant. It is further submitted that when the informant wrote letter to the Deputy Registrar, Firm Societies & Chits and Bank about handing over Charge of Management of the aforesaid Society, the applicant made an objection. When an objection was filed by the applicant before the Deputy Registrar, Firm Societies & Chits and also to the Bank, the informant claimed that the applicant grabbed the money paid by the informant in favour of the Society as such the informant lodged an FIR. On the other hand, the applicant submits that the applicant had given Rs.33 Lacs in the year 2017 from account of the society and later on this amount was returned with interest in the year 2020 and an amount of Rs.82 Lacs was transferred in the account of the Society by the informant. There is no possibility of the applicant of fleeing away from the judicial process or tampering with the witnesses and, in case, the applicant is enlarged on bail, the applicant shall not misuse the liberty of bail. It is next contended that there is no criminal history of the applicant and he is languishing in jail since 16.11.2020.
