Successive bail application by the Managing Director of companies accused of collecting large deposits under chit-like schemes. The court held he was not similarly situated to co-accused on bail and declined bail despite prolonged custody.
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IN THE HIGH COURT OF ORISSA AT CUTTACK
BLAPL No.6375 OF 2023
Rameswar Podder @ Poddar
…. Petitioner Mr.C. Swain, Advocate
-versus-
Republic of India
…. Opposite Party Mr. Sarthak Nayak, Special Public Prosecutor (CBI)
CORAM:
MR. JUSTICE D.DASH
Order
No. 04.
ORDER 04.01.2024
Page 1 of 3
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also this Petitioner has been granted in connection with other case/s. He submits that the Trial by now has not even crossed the midway and, therefore, its conclusion in near future is not expected. Placing all those as the changing circumstances, he urges for grant of bail to the Petitioner.
The Petitioner is the Managing Director of 19 Companies which were floating different Schemes such as:Monthly Income Schemes, Fixed Deposit Schemes etc. offering high rate of interest ranging from 17.03% to 19.43%. It has been ascertained in course of investigation that in the process, there was collection of Rs.24,60,85,900/- and this Petitioner was the Authorized Signatory of the Bank Accounts. Record also reveals regarding direct transfer of the collected amount to the personal account of the Petitioner.
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Taking an overall view of the facts and circumstances obtaining in the case, the collection of deposits from huge number of innocent persons who have fallen victims under the plots hatched by the Petitioner being the Managing Director of the Company, I am not inclined to reconsider the prayer for grant of bail to the Petitioner, merely taking into account his period of detention in custody.
Gitanjali
Issue urgent certified copy as per rules.
(D. Dash),
Judge.
Signature Not Verified
Digitally Signed Signed by: GITANJALI NAYAK Designation: Junior Stenographer Reason: Authentication Location: OHC Date: 12-Jan-2024 15:10:19
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1 issue framed by the court
Whether the successive bail application of the petitioner should be granted given his long custody, bail to co-accused, and slow trial progress.
3 provisions across 3 enactments
Rameswar Podder @ Poddar
Republic of India
D.Dash
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
