R.K.Ravi And Others vs State

Sunder Mohan, J

The petitioners, who were arrested and remanded to judicial custody on 28.02.2023, for the offence punishable under Sections 406, 420 & 120(B) of I.P.C. and Sections 21(1), 21(2), 21(3), 23 and 25 of BUDS Act 2019 and Section 4 of TNPID Act, 1997 @ Sections 406, 420 & 120(B) of I.P.C. and Sections 21(1), 21(2), 21(3), 23 and 25 of BUDS Act 2019 and Section 5 of TNPID Act, 1997, in Crime No.03 of 2023, on the file of the respondent police, seek bail.

The case of the prosecution is that the petitioners have collected deposits from the de-facto complainant and several others to invest in their Company named Siva Sakthi Benefit Fund Ltd., and they have collected Rs.1,88,88,000/- from the de-facto complainant, Rs.33,95,020/-from his wife and a sum of Rs.14,00,000/- from his son and totally Rs.2,36,00,000/- from the family of the de-facto complainant; then the petitioners have misappropriated the funds deposited by the depositors and have purchased properties in the name of their family members and failed to repay the depositors and cheated them.

Mr.John Sathyan, learned Senior Counsel appearing for the petitioners would submit that the petitioners are running benefit fund in the name of Siva Sakthi Benefit Fund Ltd for the past 25 years with an unblemished record. He would further submit that since due to the sudden rush by the general public to refund their deposits including the deposits, which are not even matured, the petitioners were unable to settle the claim of depositors on time. They have no intention to cheat the general public and they are ready to settle the dues of the de-facto complainant and other general public, since there are properties in the name of the company worth about more than Rs.300 crores and further, several other persons have to pay their dues to the petitioners and it can be utilised to settle the depositors. He also submit that the value of the properties will be sufficient to satisfy the claim of the petitioners. Further, the learned counsel for the petitioners would submit that the petitioners are in custody from 28.02.2023, if they are released on interim bail, they will cooperate with the investigation, identify the properties belonging to the company and also to take further action for satisfying the claim of the depositors. He would also submit that the petitioners, in order to show their bonafide, without prejudice to their defense and contention, are ready and willing to deposit the original title deeds in respect of 13 properties, which valued about several crores, before the trial Court. Hence, he seeks for grant of interim bail to the petitioners.

The learned Additional Public Prosecutor would submit that the petitioners along with others have collected the deposits from more than 3000 depositors and cheated them to the tune of Rs.295crores. He would further submit that some of the accused A2, A6 & A7 are yet to be apprehended and further, the case has to be transferred to EOW, thereby, steps are being taken by the respondent to transfer the same. Therefore, if the petitioners are let out on bail, the investigation would be hampered and hence, he opposed the grant of bail.

Learned counsel for the Intervener submitted that the accused have cheated the de-facto complainant and other 3000 depositors and if the petitioners are released on bail, they would affect the progress of the investigation and also, the depositors would be put to a lot of hardship and suffering. Hence, she opposed the grant of bail.

In view of the above, this Court finds that the petitioners have been running benefit fund in the name of Siva Sakthi Benefit Fund Ltd for the past 25 years and the primary allegation of the depositors of the company is that the petitioners have not refunded their amount on time. It is submitted by the learned counsel for the petitioners that the petitioners have properties in the name of their company and the petitioners would identify those properties, which would help the respondents to take further action on the attachment of those properties and also to satisfy the claim of the depositors. Further, the petitioners, in order to show their bonafide, ready and willing to deposit the original title deeds before the trial Court in the crime number and the survey numbers of the 13 properties are extracted hereunder:-

S.No

Document No.

Survey No

Area

1

1185/2007

52-1C

1.56

2

1186/2007

22-3A, 22-1

0.42, 0.27

3

1792/2008

52-1, 59-2

1.64, 0.77

4

590/2009

28-5, 46-6

0.37, 0.54

5

2051/2010

51-11, 53-6, 51-5

0.48,2.95,0.26

6

1779/2012

59-2B, 52-1A

0.77, 0.30

7

1982/2013

63-6

0.73

8

2089/2013

25-6, 50-3B

0.46, 0.56

9

1543/2015

55-6

0.36

10

1206/2001

390/2B

4.13

11

1207/2001

390/2A

3.99

12

1208/2001

391/2, 507/2

0.53, 1.23

13

1331/2001

509/1B

0.15

Considering the facts and circumstances of the case and the submissions of the learned counsel for the petitioners that the petitioners have the properties; they would identify them, which would help the investigation to take further steps in accordance with law and that in order to show their bonafide, the petitioners have volunteered to deposit the original title deeds of the aforesaid properties to the credit of crime number, this Court is inclined to grant interim bail to the petitioners till 12.06.2023, on the following conditions;

[a] the petitioners are directed to deposit the original title deeds of the aforesaid properties to the credit of Crime No.03 of 2023, without prejudice to their rights and contentions before the trial Court and on such deposit, the petitioners are ordered to be released on interim bail till 12.06.2023, on their executing separate bond each for a sum of Rs.1,00,000/- (Rupees one lakh only) with two sureties, each for a like sum to the satisfaction of the learned Special Judge under the TNPID Act, Chennai.

[b] 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.

[c] the petitioners shall report before the respondent police daily at 10.30 a.m. until further orders.

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

[e] the petitioners 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 petitioners in accordance with law as if the conditions have been imposed and the petitioners 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.

The petitioners shall surrender before the learned trial Court on 12.06.2023. In the mean while, the petitioner shall cooperate for the investigation and identify all the properties in the name of the Company Siva Sakthi Benefit Fund Ltd and the Directors of the Company and furnish the details to the respondent.

List the matter on 09.06.2023.