IMPORTANT POINT
Anticipatory bail – Merely because an arrest can be made because it is lawful, does not mandate that arrest must be made – Distinction has been made between existence of power of arrest and justification of exercise of it.

ORDER

This matter is taken up through hybrid arrangement (virtual/physical) mode.

2. The Petitioner apprehending his arrest and likely detention in connection with CMC (PMLA) Case No.34 of 2016 on the file of learned Sessions Judge-cum-Special Court, Khurda at Bhubaneswar has filed this application under Section 438 of the Code of Criminal Procedure, 1973 with a prayer for his release on bail in the above event.

3. Heard learned counsel for the Petitioner and learned counsel for the Enforcement Directorate (ED).

I have gone through the averments taken in the application filed by the Petitioner as also the documents annexed thereto. The objection affidavit with the annexed documents and the additional affidavit filed by the Petitioner have also been perused.

4. On registration of Kharavelanagar P.S. Case No.44(4) of 2013, on receipt of an F.I.R. on 07.02.2013, after investigation, charge-sheet was filed on 10.07.2013. Another F.I.R. being received at the same Police Station on 27.05.2013, investigation being made, charge-sheet was also filed on 28.07.2013.

When the matter stood thus, the Central Bureau of Investigation (CBI) took up investigation of these cases together with one case with similar allegation as had been registered at Sahadev Khunta Police Station and some more cases being clubbed together. Upon investigation at their level on 11.12.2014 they filed the first charge-sheet in the Court of learned Special Chief Judicial Magistrate, Bhubaneswar, placing 23 persons to stand their trial for commission of offence under Section 120- B/294/341/406/409/420/467/468/471/506/34 of the IPC read with Section 4/5 & 6 of the Prize Chit and Money Circulation Scheme (Banning) Act, 1978. The present Petitioner is one among them in F.I.R. No. RC47/S/2014-SCB/ Kol dated 05.06.2014 registered as CBI, SPE, SCI Kolkata corresponding SPE Case No.42 of 2014 on the file of CJM (CBI), Bhubaneswar. In that case supplementary charge-sheets were also filed.

5. The Enforcement Directorate on the basis of the initiation of the above criminal cases and submission of charge-sheets, registered a case for commission of certain Schedule Offences under the Prevention of Money Laundering Act (PMLA) and the investigation commenced. It is said to have been found that Artha Tatwa Group of Companies and its various other sister Companies having collected huge amount from innocent depositors by floating different alluring schemes in falsely promising them with very high returns and benefits, they all had ultimately cheated those investors by not returning their deposits as promised and misappropriated the same.

A large number of investors are said to have been defrauded and that illegal money circulation activities which was not the aim and objectives of the Company had been carried out by the persons associated with the Companies. They hatching the conspiracy forming a number of companies; through credential advertisement, propaganda, awareness programmes etc. attracted as much as depositors as possible by approaching them through various ways all throughout the State and ultimately the huge funds collected has been siphoned in phased manner in a planned way. This Petitioner is said to have made some personal financial gain and acquired properties utilizing the said diverted money.

6. This specific allegations against the Petitioner is that he started systematic investment having 50% partnership with Pradip Kumar Sethy, the founding Managing Director of the leading Company of Artha Tatwa Group as also others. It is stated that some properties have been acquired in the name of this Petitioner with the help of the amount collected from large number of investors by way of cheating through those through different alluring schemes as floated.

The Petitioner is said to have the direct and indirect indulgement in these activity of the Companies and knowingly assisted and became a party in the processed activity connected with the proceeds of the crime.