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 at Adaspur, Jagatsinghpur, Banamalipur, Bhubaneswar, Khurda, Tangi, Bhapur, Gopalpur, Dasapalla, Badamba-Narasinhpur, Ganjam, Nuapatna, Berhampur and Jajpur and it has got different Sections like Ashribad Goat Rearing India Ltd., Ashribad Future Care, Ashribad Multitech and Infracon Ltd., Ashribad Multipurpose Co-Operative Ltd. and was collecting huge amounts from the depositors by circulating different alluring schemes through its agents. It is mentioned that Ashribad Organization has collected more than Rs.2 crores from 3600 depositors of Adaspur branch. It is further stated that after the collection of money was stopped since May 2013, the depositors are not getting back their dues in respect of their Pass Books and bonds even after the maturity period. When the depositors and the agents came to the Head Office, they found the office had been locked. The Directors of the Organization were either not responding to the phone calls of the agents and depositors or threatening them for which they were harassed. It is stated that the petitioner is the Director of Ashribad Multipurpose Co-Operative Ltd.

On receipt of the First Information Report, Olatpur P.S. Case No. 26 of 2015 was registered under Sections 420, 406, 120-B of Indian Penal Code and Section 18 of the OPID Act against the petitioner and four others namely Niroj Kumar Das, Swetanga Pattanayak, Subash Srichandan and Sukant Mohapatra.

3. During course of investigation, as prima facie evidence against the petitioner was made out, he was arrested on 02.04.2015 and forwarded to the Court of learned J.M.F.C., Rural, Cuttack on 03.04.2015 and the forwarding report indicates that there is ample evidence against the petitioner regarding commission of offences under Sections 420, 406, 120-B of Indian Penal Code and Section 18 of the OPID Act.

5. Mr. Satyabrata Pradhan, learned counsel appearing on behalf of the petitioner contended that in the forwarding report, it is mentioned that since the offences alleged against the petitioner prescribes punishment up to seven years, the provisions of Section 41-A Cr.P.C. was complied with. He further contended that after the case records were transmitted from the Court of learned J.M.F.C., Rural, Cuttack to the Court of the learned 1st Addl. Sessions Judge, Cuttack who was functioning as Designated Court under the OPID Act, the petitioner moved for bail and during pendency of the bail application before the Designated Court, since it was the cognizance taking Court under the OPID Act as per Section 15 of the OPID Act and can try any offence other than an offence specified in Section 6 of the OPID Act as per Section 8(4) of the OPID Act, another application was filed under Section 167 (2) Cr.P.C. by the petitioner for bail in the Designated Court as the final f