The allegation is that Akshaya Gold Farms and Villas India Ltd., a Vishakhapat
nam based company through its agents has collected huge sum of money from more than 300 person
s under different deposit schemes alluring those persons with high returns and assuring with s
everal other benefits which have finally remained unfulfilled and in this way all those depos
itors has been cheated and their original deposited amount have not even been returned.
2. Learned counsel for the petitioner submits that this petitioner has resigned f
rom Directorship of above noted company since the year 2009-10 and therefore he has no involve
ment in such alleged activity of the company. It is also his submission that the petitioner ha
s nothing to do with the transactions which form the foundation of the case. He also contends
that no such material is available against the petitioner to show his complicity and as recent
ly on 1.10.2016 his residential premises was raided by the CBI, SCB, Bhubaneswar, there arises
strong apprehension as regards his arrest, detention and unnecessary harassment in the case.
He of course submits that the petitioner is always ready and willing to cooperate with the inv
estigation as and when required and there remains no material to suggest that there is any sco
pe for the petitioner to flee from justice or tamper the evidence at this stage. So he urges f
or grant of anticipatory bail to the petitioner.
