JUDGMENT :

Ilesh J. Vora, J.

1. By way of the present application under Section 438 of the Code of Criminal Procedure, 1973, the applicant-accused has prayed for anticipatory bail in connection with the FIR being C.R. No. I-01 of 2021 registered with CID Crime Police Station, District: Ahmedabad for the offences under the provisions of Sections, 406, 420, 114 and 120(B) of the Indian Penal Code, Sections 3, 4, 5 and 6 of the Price Chits Money Circulation Schemes (Banning) Act, 1978 and Section 3 of the Gujarat Protection of Interest and Depositor (In Financial Establishment) Act, 2003.

2. Learned advocate for the applicant submits that the applicant is innocent and he has been falsely implicated in the alleged offence. He has no past antecedent of like nature and custodial interrogation of the applicant is not essential for the purpose of investigation.

3. Learned Additional Public Prosecutor appearing on behalf of the respondent-State has opposed grant of anticipatory bail stating inter alia that the allegations against the applicant are grave and serious in nature and custodial interrogation is necessary for further investigation of the case.

4. Having heard the learned advocates for