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GITA GOPI
Pravinchandra Harilal Shah – Appellant
Versus
State Of Gujarat – Respondent
ORDER :
Gita Gopi, J.
1. Present application under Section 439 of the Criminal Procedure Code, 1973, is filed by the applicant with a prayer of bail in connection with the FIR No.11196010230014 of 2023 registered with DCB Police Station, Vadodara City, Vadodara dated 21/09/2023 for the offences punishable under Sections 406, 409, 420, 507, 120-B of the Indian Penal Code and Section 3 of the Gujarat Protection of Interest of Depositors (In Financial Establishments) Act, 2003 (for short ‘the GPID Act”).
2. Ms. Krupa Soni, learned advocate for the applicant submitted that the applicant is authorized signatory of the registered company under the Company Act namely Suth Commerce Pvt. Ltd. having its Identity No.U74999GJ2018PTC100637, Pan No.AAJDCS7630L, having its registered office at 98, Ramdevnagar Society, Bapod, Vadodara and also having certificate of incorporation given by the State Government. Main function of the company is to finance in the share bazaar and to make MOU regarding investor’s funds and impress upon the investors by giving security cheques.
3. Ms. Soni, learned advocate submitted that original complainant and other investors used to invest their funds in share markets a
The court established that the severity of financial crimes and the potential for flight are critical factors in bail considerations under the Criminal Procedure Code.
The main legal point established is that the proper maintenance of ledger accounts and absence of evidence of inducement of investors can be considered in granting bail in financial fraud cases.
Entrustment of investor funds creates a basis for criminal breach of trust allegations; economic offences involving large-scale fraud necessitate close scrutiny and denial of bail.
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.
Bail cannot be granted when there is substantial evidence of fraud, a significant flight risk, and a history of similar offenses by the petitioner.
The court considered the duration of custody, progress of trial, and principles of parity and Supreme Court guidelines for granting bail for certain offences in deciding to grant bail to the petition....
The court balanced the right to personal liberty with the need for the accused's presence at trial, emphasizing that continued custody should be based on the risk of interference in the administratio....
The court held that the age and health of the applicants, along with the nature of the allegations, justified granting bail despite serious charges under economic offences.
The delay in trial, seriousness of economic offences, and the larger interest of the public are crucial factors in determining bail applications for serious economic offences.
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