Balaram Prasad Alias Balram Prasad Vs State of Jharkhand

2026:JHHC:2579

IN THE HIGH COURT OF JHARKHAND, RANCHI A.B.A. No. 5905 of 2025

----

Balaram Prasad @ Balram Prasad, aged about 55 years, S/o Hulash Mahto, Regional Manager, Sahara Credit Co-operative Society Ltd., Regional Office, Sahara India, Gomia, Main Road Gomia, PO – Gomia, PS – Gomia, District – Bokaro, R/o Mithu Road, Saw Mension, near Bank More, Matkuria, District – Dhanbad .... Petitioner

¶5

-- Versus -- The State of Jharkhand .... Opposite Party

¶6

¶7

CORAM: HON’BLE MR. JUSTICE SANJAY KUMAR DWIVEDI

¶8

--For the Petitioner :- Mr. Sanjeev Kumar Sahay, Advocate For the State :- Mr. Fahad Allam, Advocate ----

¶9

03 /02.02.2026 Heard learned counsel appearing for the petitioner as well as learned counsel appearing for the State.

¶10

2. The petitioner is apprehending his arrest in connection with Sector-4 P.S. Case No.128 of 2023, for the alleged offences registered under Sections 323, 420, 406, 421, 424, 427, 468, 120B and 34 of Indian Penal Code and Sections 4 and 21 of Banning of Unregulated Deposit Scheme, 2019 pending in the Court of learned JMFC, Bokaro.

¶11

3. Learned counsel appearing for the petitioner submits that the petitioner happened to be the Regional Manager of Sahara Credit Co-operative Society Ltd. and was posted at Gomia Branch and the allegations are made of not repaying the matured amount

¶12

of the depositors including the complainant as per the assurance

¶13

--1-- A.B.A. No. 5905 of 2026

¶14

2026:JHHC:2579

¶15

given by the said society. He further submits that the account of said society was freezed by SEBI and several litigations arose which delayed the re-payment of matured amount to the depositors. He then submits that the matter relating to disbursement of the legitimate dues of the depositors of Sahara Group of Co-operative Societies was considered by Hon’ble Apex Court in Writ Petition (C.) No.191 of 2022 (Pinak Pani Mohanty vs. Union of India and Ors.) and the interlocutory order has been passed by Hon’ble Apex Court on 29.03.2023, wherein a direction has been passed that out of total amount of Rs.24,979.67/- crores lying in the “Sahara-SEBI Refund Account”, Rs.5,000/- crores be transferred to the Central Registrar of Co-operative Societies, who, in turn, shall disburse the same against the legitimate dues of the depositors of the Sahara Group of Co-operative Societies, which shall be paid to the genuine depositors in the most transparent manner and on proper identification and on submitting proof of their deposits and proof of their claims and to be deposited in their respective bank accounts directly. He next submits that in the said case by order dated 12.09.2025 Hon’ble Supreme Court has further directed that a sum of Rs.5,000/- crores be transferred from “Sahara-SEBI Refund Account” to the Central Registrar of Co-operative Societies and after receipt of the said amount Central Registrar of Co-operative Society was directed to disburse the amount to the genuine investors under the supervision of Hon’ble Mr. Justice R. Subhash Reddy, former

¶16

--2--

¶17

A.B.A. No. 5905 of 2026

¶18

2026:JHHC:2579

¶19

Judge of Hon’ble Supreme Court.

¶20

4. Learned counsel appearing for the State submits that allegations are there against the petitioner of not refunding the matured amount to the investors.

¶21

5. Hon’ble Supreme Court in Writ Petition (C.) No.191 of 2022 (Pinak Pani Mohanty vs. Union of India and Ors.) has

¶22

directed to transfer Rs.5,000/- crores from the account of SaharaSEBI Refund Account to the Central Registrar of Co-operative Societies and further directed to disburse the amount to the genuine investors under the supervision of Mr. Justice R. Subhash Reddy, former Judge of Hon’ble Supreme Court. In that view of the matter the petitioner is directed to surrender before the learned Court within two weeks and the learned Court shall release the petitioner on such terms and conditions or the sureties as the learned Court may deem fit and proper.

¶23

(Sanjay Kumar Dwivedi, J.)

¶24

Dated 02.02.2026 Sangam/

¶25

--3--

¶26

A.B.A. No. 5905 of 2026

Balaram Prasad Alias Balram Prasad v. State of Jharkhand

Case brief

What is this about?

What did the court decide?

Balaram Prasad Alias Balram Prasad v. State of Jharkhand

Case brief

What is this about?

What did the court decide?

Why is it important?

What the court decided

Issues for consideration

Cases cited

Statutes considered

Procedural history

Parties & counsel

Coram

Case details

Similar cases

Surendra Kumar Vs the State of Jharkhand

Anant Kumar Singh Vs the State of Jharkhand

Kuldip Saw Vs State of Jharkhand

Vikash Kumar Vs State of Jharkhand

Suraj Prasad Vs the State of Jharkhand

Surendra Kumar Vs the State of Jharkhand