The judgment emphasizes the need for caution in exercising the power under Section 482 of the Code of Criminal Procedure, especially in cases involving economic offences with a deep-rooted conspiracy and a significant impact on the economy and society. It underscores the importance of a fair trial to determine the veracity of the allegations.

JUDGMENT

S.K. Panigrahi, J. - This Petition under Section 482 of the Code of Criminal Procedure, 1973 (hereinafter referred to 'the Cr.P.C.' for brevity) has been filed with a prayer to quash the proceedings pending before the Learned Special C.J.M. (CBI), Bhubaneswar which arises out of SPE case No.42/14 under Sections 120(B), 406, 409, 411, 420, 468 and 471 of the Indian Penal Code, 1860 (hereinafter referred to as 'the I.P.C.' for brevity) read with Sections 4, 5 and 6 of the Prize Chits and Money Circulation Schemes (Banning) Act, 1978 (hereinafter referred to as 'the PCMCSB Act' for brevity) and all proceedings emanating therefrom.

2. The facts leading to the present petition, shorn of unnecessary details, are briefly summarised as under:

(i) One Artha Tatwa Multi-Purpose Co-operative Society Ltd. (hereinafter referred to as 'ATMPCSL' for brevity) was registered by the Asst. Registrar, Co-operative Societies, Bhubaneswar on 31.11.2011 under the name and style of 'AT Group of Companies' and the said ATMPCSL was purportedly engaged in the multiple businesses which included enrolling members with the promise to provide exorbitant and lucrative rates of interest on their deposits.

(ii) In view of the promise of higher returns in terms of interest and incentives under various schemes floated by AT Group of Companies, the informants along with other depositors invested huge amount with AT Group of Companies for the purchase of cheap flats/plots under various projects/schemes undertaken by the AT Group of Companies represented by its Chief Managing Director, one Pradeep Kumar Sethi.

(iii) However, the said Group of Companies failed to deliver on their promise. Neither did it return the amount due to the depositors/investors as agreed upon nor did it construct the flats as agreed upon.

(iv) When the investors/depositors attempted to contact the representatives of the AT Group of Companies seeking refund of the money, the said Pradeep Kumar Sethi and others so connected to the companies fled from the office, thereby cheating the investors/depositors of their hard earned money and savings.

(v) After collecting such deposits from the innocent depositors for some period, the Company allegedly completely stopped functioning and thus in that process many investors who had invested money with the company were duped.

(vi) Kharvelnagar P.S. Case No.44 of 2013 was instituted on the basis of the First Information Report lodged by one Sri Sukumar Panigrahi on 07.02.2013 and which was registered under Sections 420, 120B and 406 of the I.P.C. against 13 accused persons on 10.07.2013.

(vii) During investigation of Kharvelnagar P.S. Case No. 44 of 2013, it was revealed that a Non-Banking Financial Company under the name of 'AT Group of Companies' were running their business with their branch offices in various places in Odisha including Lewis Road, Bhubaneswar, Cuttack, Balasore, Baripada, Dhenkanal, Berhampur etc. and Mr. Pradeep Kumar Sethi (main accused) was the Managing Director of the said Artha Tatwa Multi Co-operative Society Ltd. and Artha Tatwa State Credit Co- operative Society. The registration of the Artha Tatwa Multi Purpose Co-operative Society was granted on 03.11.2011 by the Asst. Registrar of Co-operative Societies, Bhubaneswar Circle, Bhubaneswar. It was also found that the Company was indulging in wide propaganda, multiple awareness programmes, distributed leaflets and circulated brochures through agents to attract investors to deposit money in the different schemes floated by the said Company. The aforesaid Co-operative Society collected funds from the common people through various bodacious schemes. After a few months of such operation, the Company unilaterally stopped paying interest to the depositors on the plea of income tax raid in the Company and cheated the depositors by dubiously duping them of their hard earned money. On 10.07.2013 Inspector-In-Charge, Kharvelnagar Police Station submitted a preliminary charge sheet aga