The main legal point established in the judgment is the requirement for further investigation by the police to recover misappropriated amounts and the lack of entitlement to bail at this stage.

JUDGMENT

1. This petition is filed by 8the petitioner/accused Nos.1 and 2 under Section 439 of Cr.P.C. seeking for granting regular bail in Crime No.147/202 registered by Ashok Nagar Police Station for the offences punishable under Sections 418, 406, 420, 120 of IPC pending on the file of IV Additional Chief Metropolitan Magistrate, Bengaluru.

2. Heard the arguments of learned Senior Counsel for the petitioners and learned High Court Government Pleader for the respondent-State and counsel who assisted the prosecution.

3. The case of the prosecution is that on the complaint of one Diana Mathew the Director of Smart Owner Services India Pvt. Ltd., filed the first information to the respondent police on 26.05.2022 alleging that the petitioner No.1/accused No.1 said to be working as a Business Head Sales and petitioner No.2/accused No.2 is working as Regional Manager of Sales of his Company as full time employees. They are responsible for selling apartments, villas and investment opportunities to prospective buyers through direct sales as well as through companies channel partners (brokers). It is alleged that while discharging their duties, they made unlawful gain and wrongfully caused loss to the Company by the accused No.1 in collusion with the accused no.2 and created fake channel partners account in the name of accused No.3 to 5 family members of accused No.1 and they said to have misappropriated fund of Rs.41,40,370/- where they stated they said to be paid as brokerage to the channel partners but in fact they opened a fake Company in the name of his family members and even though there was direct sales but they created the documents and obtained 2% brokerage in the name of the company created in the names of accused Nos.3 to 5 and also the accused No.1 was trying to sell two plots bearing No.707 and 708 in the name of his own wife through one Ramya Pradeep. Thereby he has caused loss of Rs.80 lakhs. Hence, prayed for taking action.

said to be granted anticipatory bail and this petitioner said to be arrested by the police on 16.6.2022 and they are remanded to judicial custody. The investigation is completed and charge sheet has been filed. They are ready to abide by any conditions. The case is based on the documentary evidence and there was an assignment agreement executed by the complainant company to the accused No.3 through the assignor-Ramya Pradeep. Apart from that the complainant company filed a suit and obtained the injunction not to disburse an amount of Rs.2.63 crores. Therefore, there is no offence committed by the petitioner as alleged. Even otherwise, the offence is punishable with 7 years and is triable by the Magistrate. Hence prayed for granting bail.

5. Per contra, learned High Court Government Pleader seriously objected for the bail petition and contended that the petitioner/accused No.1 created a fake Company channel partners and transferred more than Rs.48 lakhs as per the charge sheet. In fact the entire money has been misappropriated by the petitioner/accused Nos.1 and 2. It was given to the family members of the accused No.1 who are accused Nos.3 to 5. The accused No.2 also transferred some amount more than Rs.5 lakhs to CW6/Mohan Kumar and later got it transferred to his account. The statement of the witnesses under Section 164 Cr.P.C reveals the amount has been transferred and received by the accused persons. Though the charge sheet is filed, further investigation is still under progress there is no recovery of single rupee from the accused persons. There are so many fake transactions made by the petitioners and trying to transfer the flats in the name of the accused No.3 wife of the accused No.1. That apart, the accused No.3 who was granted bail by the Sessions Judge, now she has made threat to the one of the prosecution witnesses and lodged complaint to the police. The NCR is registered by the police, if the petitioner granted bail, they may threaten the witnesses and tamper with the prosecution witnesses