JUDGMENT

S.K.SAHOO, J. - “The God who gave us life, gave us liberty at the same time.”

– Thomas Jefferson

The petitioner Rashmi Ranjan Paikray who is an accused in Olatpur P.S. Case No. 26 of 2015 corresponding to C.T. Case No.16 of 2015 pending before the learned 1st Addl. Sessions Judge -cum- Designated Court, Cuttack registered under Sections 420, 406, 120-B of Indian Penal Code and Section 18 of the Odisha Protection of Interests of Depositors (in Financial Establishments) Act, 2011 (Odisha Act 21 of 2013) (hereafter “the OPID Act”) has knocked the doors of this Court craving for bail as his prayer for bail was turned down by the said Court on 08.06.2015.

2. The criminal investigative machinery was set into motion by lodging of the First Information Report by Dipak Kumar Baral, Agent and the depositors of Ashribad Multi-purpose Co-Operative Ltd. on 27.03.2015 before the Inspector in charge of Olatpur Police Station in relation to commission of cognizable offences by the petitioner and others.

It is the case of the prosecution as per the First Information Report that a Chit Fund Organization namely Ashribad was functioning since 2009 by opening branch offices in the State of Odisha