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2017 (9) TMI 1931 - SC - Indian LawsAttachment of Bank accounts - fraudulent inducement to make investment - principal submission which has been urged on behalf of the State is that there was a manifest abuse of the process by the Respondent and that in consequence, he was disentitled to any relief - HELD THAT:- The MPID Act is intended to secure the interests of small depositors. The Respondent initially filed an undertaking before the Special Judge to set out the manner in which he would secure an amount of ₹ 14,26,36,300/-. Besides an amount of ₹ 2 crores which he had deposited, the Respondent undertook to deposit an amount of ₹ 1.5 crores every month commencing from 15 February 2016. He was released on bail by the Special Judge on 11 January 2016 by requiring him to deposit an amount of ₹ 1.5 crores each month, commencing from 15 February 2016. The Respondent applied for modification of the condition of deposit in Miscellaneous Criminal Application No. 350 of 2016 which was dismissed on 1 July 2016. The High Court was then moved in an application (Criminal Application No. 178 of 2016) Under Section 482 of the Code of Criminal Procedure, with a specific prayer for de-freezing his bank accounts. This prayer, together with the other reliefs (including that for quashing the FIR) was not pressed and the application was disposed of as withdrawn on 29 June 2016 by the Division Bench. The learned Single Judge was evidently not apprised of the fact that the earlier application seeking virtually the same relief had not been pressed before the division bench and had been withdrawn - there are merit in the submission urged on behalf of the State of Maharashtra. The learned single Judge ought not to have entertained the application Under Section 482 - appeal allowed.
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