The severity of the accusations, the impact on the society, and the ongoing investigation are crucial factors in deciding bail applications.

JUDGMENT

S.K. Sahoo, J. - The petitioners Pitambar Sahoo, Saroj Kumar Prusty, Debasis Hazra and Lalit Kumar Soni in the above bail applications have approached this Court for bail under section 439 of Code of Criminal Procedure in connection with Mangalabag P.S. Case No.297 of 2020 corresponding to G.R. Case No.1504 of 2020 pending in the Court of learned J.M.F.C. (City), Cuttack in which charge sheet has been submitted against the petitioners on 14.05.2021 for the offences under sections 419, 420, 411, 406, 409, 467, 468, 471, 379 read with section 120-B of the Indian Penal Code keeping the investigation open under section 173(8) of Cr.P.C.

The applications of the petitioners for bail before the learned Sessions Judge, Cuttack were rejected as per orders dated 01.03.2021, 18.02.2021, 16.04.2021 and 12.04.2021 respectively.

Since all bail applications arise out of one case, with the consent of the learned counsel for the parties, those were heard analogously and disposed of by this common order.

2. The factual matrix of the case at hand, is that one Samir Debnath, the Area Head of Link Road area of M/s. Manappuram Finance Ltd., Cuttack Division (hereafter in short Manappuram) lodged the first information report before the Inspector in-charge, Mangalabag police station against twenty four accused persons including the four petitioners stating therein that Manappuram used to lend money against pledged gold ornaments through its branches. Accused nos.1 to 20 were the customers of Manappuram and accused nos.21 to 24 were the previous employees of Manappuram. The Branch Head/Assistant Branch Head was the custodian and authorized to sanction the loans against the pledging of gold basing on the purity of the gold after verification of KYC of the customers.

It is further stated in the F.I.R. that the Inspector in- charge of Lalbag Police Station came to Manappuram on 25.11.2020 and seized 6714.3 grams of gold ornaments from the Bajrakabati Branch of Manappuram on the accusation that those ornaments were involved in Lalbag P.S. Case No. 294 of 2020. During course of investigation of the said case, which was under section 395 of the Indian Penal Code and sections 25 and 27 of the Arms Act, basing on the statements of the customers/accused, the ornaments were seized. In the said case, the police had already seized gold from the pledged accounts belonging to accused nos. 1 to 20 as they had taken gold loan by pledging theft gold ornaments and that they had stolen away gold ornaments from 2018 gradually on various dates and fraudulently they availed gold loans from Manappuram. During enquiry by police officials, the accused nos. 1 to 20 confessed that they had pledged those stolen gold ornaments in Manappuram to avail loans.

It is further stated in the F.I.R. that at the time of pledging of the gold ornaments, Manappuram used to collect a declaration from each and every customer that the gold ornaments pledged were the absolute property of the customer and that no other person was having any right, title, claim or interest over the gold ornaments and that he had got absolute right to pledge the gold. Further the customer is to accept all the terms and conditions of the gold loan and also issue demand promissory note as part of the loan documentation. It is stated that Manappuram received the pledged gold as security for the loan advanced on the implied and lucid promise from the accused persons that those ornaments pledged were their absolute property. It is also stated in the F.I.R. that Manappuram lost the gold ornaments which were the only security to the loan and thereby Manappuram sustained a total loss of Rs.2,13,24,884/- (rupees two crores thirteen lakh twenty four thousand eight hundred eighty four only) and interest thereon.

It is further stated in the F.I.R. that Manappuram used to collect KYC (Know Your Customer) documents i.e. Aadhar Card/PAN Card/Votor ID Card/Ration Card/Driving License as per RBI guidelines whenever a new customer