Home Case Index All Cases Indian Laws Indian Laws + HC Indian Laws - 2019 (2) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (2) TMI 1978 - ORISSA HIGH COURTSeeking grant of bail - conspiracy - cheating poor investors - collection of huge deposits from the poor public of rural area alluring of high returns and also to provide them domestic animals like goat, sheep, pig etc. - company was not registered with RBI or SEBI for conducting such type of business/money transaction and investment of public money in their own business - offences punishable under sections 120-B, 420, 409 of the Indian Penal Code and sections 4, 5 and 6 of the Prize Chits and Money Circulation Schemes (Banning) Act, 1978 - HELD THAT:- Law is well settled that detailed examination of evidence and elaborate discussion on merits of the case need not be undertaken for grant of bail. The Court has to indicate in the bail order, reasons for prima facie conclusion why bail was being granted, particularly, when the accused is charged of having committed a serious offence. Economic offences are considered grave offences as it affects the economy of the country as a whole and such offences having deep rooted conspiracy and involving huge loss of public fund are to be viewed seriously. Economic offence is committed with cool calculation and deliberate design solely with an eye on personal profit regardless of the consequence to the community. In such type of offences, while granting bail, the Court has to keep in mind, inter alia, the larger interest of public and State. The nature and seriousness of an economic offence and its impact on the society are always important considerations in such a case and those aspects must squarely be dealt with by the Court while passing an order on bail applications. Taking into account the oral as well as documentary evidence available on record against the petitioner relating to the commission of the offences under which charge sheet has been submitted, the nature and gravity of the accusation, the nature of supporting evidence, the severity of punishment in case of conviction, the manner in which huge amount of money was collected in contravention of the provisions of SEBI Act and CIS Regulations and the innocent poor persons were cheated of their hard earned money on the basis of the false assurance, it would not be proper to release the petitioner on bail. Bail application dismissed.
|