The court emphasized the balance between individual liberty and the interest of society in deciding bail applications, considering the nature and seriousness of economic offences and their impact on society.

JUDGMENT

S. K. Sahoo, J. - The petitioner Ambika Prasad Mohanty has filed this application under section 439 of Code of Criminal Procedure seeking for bail in connection with E.O.W., Bhubaneswar P.S. Case No.09 of 2019 corresponding to C.T. Case No.03 of 2019 pending on the file of Presiding Officer, Designated Court, O.P.I.D. Act, Cuttack for offences punishable under sections 467, 468, 471, 420, 406, 120-B of the Indian Penal Code read with section 6 of the Odisha Protection of Interests of Depositors (in Financial Establishments) Act, 2011 (hereafter 'O.P.I.D. Act').

2. The prosecution case, as per the first information report lodged by one Sri Ratikanta Samal is that one Prafulla Kumar Sarangi, S/o. Bidyadhar Sarangi of Vill.-Baghathenga, P.O.- Taladanda, P.S.-Kujanga, Dist.-Jagatsinghpur, at present Plot No.LB-239, Bhimtangi, P.S.-Airfield, Bhubaneswar being an employee of Andhra Bank formed a Co-operative Society in the year 1995 namely 'Andhra Bank Employees Housing Cooperative Society' vide Certificate of Registration No.33 dt.26.10.1995 in the office of Registrar of Co-operative Societies, Orissa with a view to provide housing plots to the employees of Andhra Bank at Bhubaneswar. He was the Secretary of the Society. In the year 2009, Sri Sarangi launched a plotting scheme in the name of 'Hindustan Valley' at Madanpur, P.S.- Chandka, Bhubaneswar in Madanpur Mouza within an area of five acres. Sri Sarangi promised many of the bank employees and other known persons to have a litigation free residential plot in the project. In order to attract the customers, he constructed temporary approach road and installed some electric poles inside the project area. Initially, the land cost was Rs.120/- to Rs.145/- per sq.ft. which was enhanced up to Rs.225/- per sq.ft. Being attracted by this project, many of the bank employees, doctors and other renowned persons comprising of one hundred sixty persons booked plots in this project for their residential houses and to construct a good society in a compact area. The informant also booked a plot in this project and invested his hard earned money to have a litigation free residential plot. All the investors booked plots through payments by cheques and bank drafts to Andhra Bank Employees Housing Co-operative Society of which Sri Sarangi was the Secretary and handling the account single handedly maintained at Andhra Bank, Chandrasekharpur Branch, Bhubaneswar. After receiving the considerable amount of around Rs.7.00 crores from different investors, Sri Sarangi engaged one Bhubaneswar based builder namely Hindustan Builder represented by its Managing Director Manoj Kumar Mohapatra, S/o.-Muralidhar Mohapatra of Nuapatana near Durga Mandap, Cuttack and the petitioner who was the Director to provide five acres of land in Madanpur mouza of the project. In this connection, one memorandum of understanding was signed by Hindustan Developers represented by its Managing Director Manoj Kumar Mohapatra and the petitioner as Director and Andhra Bank Employees Housing Co-operative Society represented by its Secretary Prafulla Kumar Sarangi on 03.04.2009 to provide five acres of land and to develop the project. As such both Manoj Kumar Mohapatra and the petitioner of Hindustan Developers executed sale deeds in the name of the customers of the project on the direction of Sri Sarangi during the year 2009 to 2011. Out of one hundred sixty investors, the names of forty five investors could be ascertained who were their group members. Despite their persistent demands made since 2011 to Sri Prafulla Kumar Sarangi, Manoj Kumar Mohapatra and the petitioner to deliver the actual physical possession of the plots/lands, they failed to deliver the same. Though eight years passed in the meantime, neither Prafulla Kumar Sarangi nor the petitioner and Manoj Kumar Mohapatra did take any initiative to give possession of the plots to the customers. On the contrary, they avoided the customers continuously with different ple