M.S.Sridharan vs Inspector Of Police

C.V.Karthikeyan, J

The petitioner/A1 who was arrested and remanded to judicial custody on 01.09.2023, registered by the respondent Police for the offences under Sections 406 and 420 of IPC in Crime No.108 of 2023, seeks bail.

2.It is stated that the petitioner was the proprietor of M.S. Associates, which supplies pharmaceuticals and medical equipments and had entered into an agreement with the defacto complainant for supply of medical equipments and four purchase orders have been issued by the defacto complainant on 06.08.2021 for value of Rs.15.40 crores. A sum of Rs.3 crores was paid as advance by Bank transfer and another sum of Rs.1.50 crores was paid by cash. The petitioner thereafter did not supply the materials and he has received the said sum.

3.The petitioner had been taken into custody on 01.09.2023 and the second accused had been taken into custody on 03.09.2023. This is the case where both the accused are shifting the blame on each other. Sofar as the second accused is concerned, this Court had granted bail on condition that he should deposit a title deeds of immovable property worth about Rs.80 lakhs and a sum of Rs.20,00,000/- in cash to the credit of Crime No.108 of 2023 and on such deposit, the amount should be paid to the defacto complainant. It had been indicated that the same condition should also be imposed on the petitioner herein.

4.The learned counsel for the petitioner however claims that the petitioner has also suffered and had transferred the amounts to A2. It is stated that the petitioner had not retained any of the amount paid by the defacto complainant. But, he has transferred substantial amount to A2.

5.It is seen that the petitioner has been in custody from 01.09.2023.

Even if the application is dismissed, investigation comes only remain static with no progress. The petitioner would not come forward to deposit any further amount and the investigation would also be remain as it is.

6.In view of that particular fact and taking a pragmatic view, this Court is inclined to grant bail to the petitioner with certain conditions.

7.Accordingly, the petitioner is ordered to be released on bail on condition to execute a bond for a sum of Rs.10,000/- (Rupees Ten Thousand only) with two sureties, each for a like sum to the satisfaction of the learned Metropolitan Magistrate for exclusive trial of CCB cases (Relating to cheating cases and CBCID Metro cases), Egmore and on further conditions that:

[a] the sureties shall affix their photographs and Left Thumb Impression in the surety bond and the Magistrate may obtain a copy of their Aadhar card or Bank pass Book to ensure their identity.

[b] the petitioner shall deposit a title deeds of immovable property worth about Rs.50 lakhs which is stands in the name of the petitioner or his relatives or his friends to the credit of Crime No.108 of 2023; further, the petitioner shall deposit a sum of Rs.10,00,000/- (Rupees Ten Lakhs only) to the credit of Crime No.108 of 2023 now pending on the file of the respondent. On such deposit, the defacto complainant is permitted to withdraw the said amount, after providing necessary undertaking, identification and proper acknowledgement and this may be issued through the learned judicial Magistrate; Time for deposit of title deeds and sum of Rs.10 lakhs is two weeks from the date of receipt of a copy of this order; the title documents may be detained till the judgment is pronounced;

[c] the petitioner shall report before the respondent police, everyday at 10.30 a.m., for a period of two weeks and thereafter, as and when required for interrogation;

[d] the petitioner shall not abscond either during investigation or trial.

[e] the petitioner shall not tamper with evidence or witness either during investigation or trial.

[f] On breach of any of the aforesaid conditions, the learned Magistrate/Trial Court is entitled to take appropriate action against the petitioner in accordance with law as if the conditions have been imposed and the petitioner released on bail by the learned Magistrate/Trial Court himself as laid down by the Hon'ble Supreme Court in P.K.Shaji vs. State of Kerala [(2005)AIR SCW 5560].

[g] If the accused thereafter absconds, a fresh FIR can be registered under Section 229A IPC.