The Odisha Protection of Interests of Depositors (in Financial Establishments) Act, 2011 was not intended to apply to real estate transactions and the misuse of criminal proceedings to settle commercial disputes should be discouraged.

JUDGMENT :

1. The present application is preferred under Section 439 of the Criminal Procedure Code, 1973 in relation to EOW Bhubaneswar P.S. Case No.21 of 2019 corresponding to C.T. Case No.10 of 2019, pending before the court of the learned Presiding Officer, Designated Court, under the O.P.I.D. Act, Cuttack.

2. On the basis of the FIR lodged before the Superintendent of Police, Economic Offence Wing, Bhubaneswar, EOW Bhubaneswar P.S. Case No.21 of 2019 was registered against the petitioner and two others for the offences punishable under Sections 406/420/120-B of the I.P.C. read with Section 6 of the Odisha Protection of Interests of Depositors (in Financial Establishments) Act, 2011.

3. The succinct facts of the case narrated by the informant is that he met one Biswa Bhushan Biswal around seven years back who introduced himself as a land broker being in the business of plotting, land developing, constructing buildings, flats and apartments through his company, one M/s. B.N. Infra Services Pvt. Ltd. He also allegedly introduced the Petitioner herein, his wife as the Managing Director and one Binapani Biswal as Director of the said company. It has been further alleged that all the affairs of the said company were being managed by said Biswa Bhushan Biswal. On being thus assured by Mr. Biswal, the informant invested a sum of Rs.1,89,00,000/-(rupees one crore eighty-nine lakhs) in the said company. The said amount were disbursed pursuant to two agreements dated 26.08.2015 and 08.11.2016. However, the accused did not make repayment as per their commitment. So, being pressurized by the informant to return his money, Shri Biswal gave an undertaking that if he failed to pay his money back by September, 2016, he would register his plot situated in l.R.C. Village in the name of the informant. The informant came to know that the said plot has been sold to some other person and thus he confronted Shri Biswal. Shri Biswal agreed for amicable settlement and made another agreement on 25.01.2017 for paying back the money. As per the said agreement, Shri Biswal and the petitioner herein committed to pay an amount of Rs.1,76,00,000/-(rupees one crore seventy-six lakhs) as full and final amount out of which they have paid Rs.1,00,000/-at the time of agreement. After agreement was executed, ten cheques amounting to Rs.1,50,00,000/-(rupees one crore fifty lakhs) with different dates were issued in favour of the informant. When the cheques were presented in the bank which were dishonoured with a remark of “insufficient fund”. It is further alleged that Shri Biswal had the knowledge that he had no money in his account to honour the cheque but he, nonetheless, issued the same with an intention to cheat.

4. On receipt of informant’s information, C.T. Case No.10 of 2019 commenced before the Ld. Presiding Officer, Designated Court, under the O.P.I.D. Act, Cuttack. After registration of the case, the Investigating Officer during the course of investigation arrested Mr. Biswal and two others including the petitioner in connection with the case, on 1.12.2019. On being produced before the learned Presiding Officer Designated court under the O.P.I.D. Act, Cuttack, the petitioner and others filed an application for bail but the same was rejected by the Ld. Trial Court vide its order dated 9.1.2020.

5. Ld. Senior Counsel for the Petitioner Mr. D.P. Dhal submitted that the petitioner is a house wife and is the wife of the co-accused Mr. Biswal. While, it is true that she has been designated as Managing Director of M/s. B.N. Infra Services Pvt. Ltd. but Mr. Biswal was looking after the day to day affairs of the said company. He contends that there is a suppression of the fact that agreements have been entered into between the parties which find no mention in the First Information Report. The first agreement with the informant was on 19.05.2014 with regard to purchase of property and the second agreement was made on 23.06.2016 for another property. It was further