The main legal point established in the judgment is the court's consideration of the provisions of the GPID Act in granting bail and ensuring repayment to the depositors.

ORDER :

1. Since both the captioned applications are arising out the common F.I.R., those were heard analogously and are being disposed of by this common order.

2. These applications have been filed under section 439 of the Code of Criminal Procedure for regular bail in connection with the F.I.R. being C.R.No.11203004220360 of 2022 registered with ‘C’ Division Junagadh Police Station, District - Junagadh, for offences punishable under sections-409, 420 r/ w.114 of I.P.C. and Section-3 of G.P.I.D. Act.

3. Heard Mr. Nirupam Nanavati, learned senior counsel alongwith Mr. Jagdish Satapara, learned advocate appearing for the applicants and Mr. Pranav Trivedi, learned APP appearing for the respondent – State.

4. Mr. Nanavati, learned senior counsel for the applicants submits that E.S.P.N. Global Company is situated at Dubai, which is not accused in the matter and accordingly, the applicant of Cri.M.A. No.15859 of 2022 had become the agent and he had himself invested in the company. As per the scheme of E.S.P.N. Global Company, the person who become the agent after his investment would receive profit on its returns and as promised by the Company, the commission would be paid in the member’s account. As per complaint, Mr. Nanavati submits that the complainant and all other members had received returns on their investment on regular basis, but later on, they could not receive even applicants and other victims did not receive money after March, 2022 and therefore, it is submitted by Mr. Nanavati that the applicant of Cri.M.A. No.15859 of 2022 had lodged a complaint against the Director viz. Karan Dwivedi @ Chandan Dwivedi before the Puna Police Station, Surat on 07.04.2022 and the Director – Karan Dwivedi assured all the members through telegram that the profit returns and commission would be transferred shortly in the members’ account. Mr. Nanavati thus submitted that there was no intention to dupe any persons or harm the interest of any of the members of the company. Mr. Nanavati further submits that almost all the properties of the applicant of Cri.M.A. No.15872 of 2022 have been seized by the police during the course of investigation and submitted that the amount could be recovered by the authority concerned under provisions of the G.P.I.D. Act. It was, therefore, prayed that the present application may be allowed and the applicant herein may also be released on regular bail.

5. By order dated 10.10.2022, the police was asked to produce a report in terms of the issues raised by this Court and today, learned APP Mr. Pranav Trivedi produced a report of the Police Sub Inspector, ‘C’ Division Police Station, Junagadh. The report suggests that about 03 plots; 01 open land, and 01 car of Maheshbhai Kalubhai Ranpariya Patel have been seized and 01 car of applicant of Cri.M.A. No.15859 of 2022 has been seized. The value of the property has been approximately noted in the report. Mr. Trivedi, learned APP submitted that as per the prosecution case, the applicant of Cri.M.A. No.15859 of 2022 had initially joined the E.S.P.N. Global Company, whose CEO is Karan Dwivedi @ Chandan Dwivedi, who had explained the road-map of the investment to the said accused and according to scheme, to open an account, ETP token or Crypto Coin Ethereum or Tron would be necessary and after having account in the company, weekly ETP token would be deposited in the investor’s account and further, for withdrawal of ETP token, Crypto Coin Ethereum or Tron would be converted or new account would be formed and accordingly, ETP tokens would be given for investment in the company. Mr. Pranav, learned APP further submitted that there would not be any dealing of cash transaction. For forming the account in the company, 07 accounts ranging from 50 ETP to 6350 ETP would be found and ETP tokens would be deposited in the account and thereafter, on the side of left and right, another accounts would be created to form the main account and commission would be paid through the ETP tokens.