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2019 (12) TMI 220 - SC - Indian LawsGrant of bail - Money laundering - siphoning of funds - case of the CBI revolves around the allegation that all the accused conspired amongst themselves to run collective investment schemes in the name of the accused company; and by inducing the public to invest under these schemes with the allure of high returns, collected funds amounting to ₹ 255,91,00,541/, but did not repay the amount to the tune of ₹ 15,69,35,003/, thereby cheating the investors of such amount. HELD THAT:- This Court is conscious of the need to view such economic offences having a deeprooted conspiracy and involving a huge loss of investors’ money seriously. Though further investigation is going on, as of now, the investigation discloses that the Respondent played a key role in the promotion of the chit fund scam described, thereby cheating a large number of innocent depositors and misappropriating their hardearned money. Thus, if the Respondent continues on bail, there is little chance of realising any amount by selling the properties of the Tower Group of companies, since he may use unlawful tactics to keep prospective buyers away. Moreover, it is relevant to note that the investigating agency has not yet assessed the exact total amount invested by the people of Orissa in the accused company, so as to find out the specific liability of the company in that regard. Having regard to the material on record, and since a huge amount of money belonging to investors has been siphoned off, as well as for the aforesaid reasons, the High Court should not have released the Respondent on bail. The impugned order granting interim bail to the Respondent stands set aside. His bail bonds are cancelled - Appeal allowed.
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