Umesh Kumar Ramani Vs State of Odisha

Instant petition is filed for release of the petitioner on bail in connection with G.R. Case Nos.3462, 3361, 3362, 3360 and 704 of 2024 arising out of Sector-15 P.S. Case Nos.190, 183, 184 and 182 of 2024 and Chhend P.S. Case No.57 of 2024 pending in the file of learned SDJM, Panposh, Rourkela on the grounds stated therein.

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Perused the FIRs and the rejection orders as at Annexures-1 and 2 respectively.

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Perused the case diary and statements of the witnesses recorded under Section 180 BNS produced by Mr. Satpathy, learned ASC for the State and upon perusal of the same, the Court finds that the petitioner allegedly as an agent influenced the investors and ensured the deposits with a promise of refund of five times the investment made by them. In fact, the materials of record suggests

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that the petitioner and another accused, namely, Samuel Cyril Lakra motivated the depositors, who invest in a company by name My Victory Club (MVC), which is owned by the Managing Directors, namely, Ravi Jain and PC Jain. Since the investment was made and there was no return received by the informants, the reports have been lodged. The submission of Mr. Das, learned counsel for the petitioners is that such investment was in respect of crypto-currency and in so far as, the petitioner is concerned, he is a resident of Jharsuguda and alleged to be an agent. Admittedly, such investments are revealed from the report. The deposits have been made by the informants through an app owned by MVC, the details of which, are revealed from the statement of the accounts produced along with the records. According to Mr. Das, learned counsel, the informants having been approached, on their own made the investment. The Court finds that even after such deposits, when there was no expected return, the informants as a result have been cheated. However, in so far as, the role played by the petitioner is concerned, he appears to be an agent of the company in question. Such investment, as earlier stated, related to crypto-currency. Considering the same and the limited role played by the petitioner as an agent of the alleged company and he having remained in judicial custody from 10^th December, 2024, though, the investigation is still on, the Court is inclined to grant him on bail with stringent conditions.

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Accordingly, it is ordered.

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In the result, the petitions stand allowed. As a necessary corollary, the petitioner is directed to be released on bail in connection with G.R. Case Nos.3462, 3361, 3362, 3360 and 704 of 2024 arising out of Sector-15 P.S. Case Nos.190, 183, 184 and 182

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of 2024 and Chhend P.S. Case No.57 of 2024 subject to him furnishing a bail bond of Rs.50,000/- (rupees fifty thousand) each with two solvent sureties for the like amount to the satisfaction of the learned SDJM, Panposh, Rourkela, who shall impose such other suitable conditions as deemed just and proper in the facts and circumstances of the case besides the following, such as, he shall not be involved in any such similar criminal activities after being released and to furnish an undertaking at the local PS in that behalf; and shall not leave the jurisdiction of the PS without intimation and to surrender his passport, if he has any, with the court concerned.

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8. Urgent certified copy of this order be granted as per rules.

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(R.K. Pattanaik) Judge

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Rojina

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Signature Not Verified

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Digitally Signed Signed by: ROJINA SAHOO Designation: Junior Stenographer Reason: Authentication Location: OHC, CTC Date: 05-Mar-2025 19:24:45

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Umesh Kumar Ramani v. State of Odisha

Case brief

What is this about?

What did the court decide?

Umesh Kumar Ramani v. State of Odisha

Case brief

What is this about?

What did the court decide?

Why is it important?

What the court decided

Issues for consideration

Statutes considered

Procedural history

Parties & counsel

Coram

Case details

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