The judgment emphasizes the seriousness of economic offences, the large scale public interest involved, and the need for prima facie satisfaction of the court in support of the charges.

Judgment

B.N. Mahapatra, J.

The present petition has been filed under Section 439, Cr. P.C. in connection with G.R. Case No.4657 of 2012, now pending in the Court of S.D.J.M., Bhubaneswar, arising out E.O.W. Bhubaneswar P.S. Case No.11 of 2012 with a prayer to release the petitioners on bail on any terms and conditions.

2. Petitioners in the present case are three in number. They are (1) Dr. Tirupati Panigrahi, Chairman, Hi-Tech Medical College and Hospital, Bhubaneswar and Managing Director, Hi-Tech Estates and Promoters Private Limited, Bhubaneswar, (2) Sri Tirupati Choudhury, Director of Hi-Tech Estates and Promoters Private Limited, Bhubaneswar, and (3) Sri Madhusudan Panigrahi, Director, Hi-Tech Estates and Promoters Private Limited, Bhubaneswar.

3. The petitioners are alleged to have committed offences punishable under Sections 120-B/420/506/34, IPC.

4. Prosecution case in a nutshell is as follows:

The informant Lokanath Das filed a written report before the Superintendent of Police, EOW on 23.12.2012 alleging that he had booked four numbers of homestead plots, two in his own name and other two in the name of his younger brother, Laxmidhar Das in the project of the Company, namely, “Kalyan Nagar, Phase-II, Sundarpada” in the year 2006 in response to the advertisement floated by Hi-Tech Estates and Promoters Private Ltd. for sale of plots. Rs.1,80,000/-(rupees one lakh eighty thousand) was paid for four plots, i.e., at the rate of Rs.45,000/-per plot, towards cost of the land and Rs.1,000/-for documentation. To this effect, the Company has entered into agreement with the informant as well as his brother. It is further alleged that the informant had deposited money in the name of Rajadhani Systems and Estates Private Limited, which is a sister concern of Hi-Tech Estates and Promoters Pvt. Ltd. When the informant did not get the land as promised in the agreement, he approached petitioner No.1-Dr.Tiriputi Panigrahi, Managing Director of the Company, who told that since land could not be purchased by the Company, he cannot do anything in this regard. Thereafter, the informant contacted the Directors of the Company, who have told him that the Company had some income tax problem for which they could not do anything for sale of the land. The informant was further told that the land could not be converted to homestead land since the same is Chaka land. Subsequently, the informant met Bandana Mohapatra, Manager, HRD of the Company, who told that the documentation of the land could not be made for which they could not give the land but she advised that the informant can take an apartment at Rs.15 to 20 lakhs. Finally, the petitioner was threatened and was forced to take back the money. Though the informant has paid all the instalments, the petitioners did not sell the land in question on the pretext of different pleas. On the basis of the written report of informant Lokanath Das, Superintendent in-charge, Economic Offence Wing (for short ‘EOW’), CID, CB, registered Economic Offence Wing PS Case No.11/2012 and directed to investigate the case.

5. Further case of the prosecution is that in the agreement entered into with the informant, it is clearly mentioned that the lands have been acquired at Kantilo, Orbals, Botanda and Hata Sahi, for Kalyan Vihar Phase-II project which has commenced in August, 2003 and was to be completed in the last part of 2008. The housing plots would be given in the area after completion of instalments. Investigation reveals that petitioners received money from the informant without having ownership over the land. They have collected money from the people at large by showing land of others. Many people like the informant paid the money, but were not provided with the plots. They cheated many innocent people. The Company after collecting money from the people has invested in construction of apartments in different places and sold them in high price to financially sound people. With the money collected for sale