This short order dismisses a criminal petition for bail under Sections 437 and 439 Cr.P.C. filed by an accused alleged to have committed fraud and corruption offences involving crores of rupees, finding the matter not suitable for bail at this stage.
The criminal petition for bail is dismissed. The accused remains in custody.
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THE HONOURABLE SRI JUSTICE P. SWAROOP REDDY CRIMINAL PETITION NO.2535 OF 2010
ORDER:
This Criminal petition under Sections 437 and 439 Cr.P.C. is filed by the petitioner – accused seeking to grant bail in connection with crime No. R.C.5/E/2010 of CBI/EOW/Chennai, registered for the offence punishable under Sections 120-B read with 420 r/w 511, 467, 468, 471 and 419 IPC and Section 13(2) read with 13(1)(d) of the Prevention of Corruption Act.
2. Heard.
3. The offence alleged against the petitioner is under Sections 420, 467, 468, 471 and 419 IPC etc. The allegation is that the petitioner along with other accused used to commit fraud to the tune of crores of rupees by deceiving banks. In one instance in Tamilnadu, the petitioner has allegedly participated in such an offence involving Rs.25 crores and in the present case, it is alleged that he is involved in a fraud of Rs.30 crores.
4. Learned counsel appearing for the petitioner contends that there is no material at all against the present petitioner and that in the previous case, the Tamil Nadu High Court released the petitioner on anticipatory bail and in the present case, the petitioner is in jail for more than two months, though his name is not found in the FIR. It is not desirable to discuss in detail about the merits of the case in a bail petition. Though his name is not mentioned in the FIR, in view of the nature of allegations and in view of the prima facie material against the petitioner of his visiting the bank and the amount involved and the modus operandi that was being allegedly operated by him and other accused, it is too early to release the petitioner on bail.
5. In the circumstances, the criminal petition is dismissed.
___________________ P. SWAROOP REDDY, J.
6th April 2010, Rns.
2 issues framed by the court
Whether to grant bail to an accused alleged to have committed large-scale banking fraud and corruption offences under the IPC and Prevention of Corruption Act.
Whether the prima facie material and involvement in alleged fraud involvingRs.30 crores negates the case for bail despite the name not being in the FIR.
4 provisions across 4 enactments
THE ACCUSED
STATE
P. SWAROOP REDDY
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
