Bail should not be withheld as pre-trial punishment; the presumption of innocence and right to a speedy trial are paramount in granting bail.

JUDGMENT :

G. Satapathy, J.

1. This is an application U/S.483 of BNSS by the petitioner for grant of bail in connection with Kolkata PS CBI/SCB/KOL RC-30-S-2014-KOL in connection with Baliapal PS Case No. 82 of 2013 corresponding to SPE/25 of 2014 which further corresponds to TR No. 3/2023, for commission of offences punishable U/Ss. 420/409/120-B/34 of the IPC read with Sec. 4, 5 & 6 of Prize Cheat & Money Circulation Scheme (Banning Act), 1978 pending in the file of learned Special Judge(CBI) No.I, Bhubaneswar.

2. The allegation involved in this case arises out of an FIR being lodged by ASI of Police, Baliapal PS under Baliapal PS Case No. 82 dated 14.05.2023 against the company “M/s. Infinity Realcon Limited”, Baliapal (in short, “IRL) and its CMD namely Pranab Mukherjee and Directors-Sarbari Mukherjee, Prabir Mukherjee, Soumen Mallick and Branch Manager, Baliapal Brnach, Ganesh Kar and it is alleged therein that the company without having any statutory authorization is illegally collecting public deposits through its officials by alluring the innocent depositors with promise of high returns, but subsequently on the intervention of Apex Court , the CBI took up the investigation and in the course of investigation, it was unearthed that the Directors of M/s.IRL through illegal investment schemes have collected a substantial sum of Rs.565 crores during 2009-10 to 2013-14, out of which an amount of Rs.343 crores have not been returned to the investors. Accordingly, the CBI submitted first supplementary charge sheet on 30.12.2016 against the CMD Pranab Mukherjee and Directors Prabir Mukherjee, Soumen Mallick & M/s. IRL for commission of offences punishable U/Ss. 120-B/420/409 of IPC & Sec.4, 5 & 6 of the Prize Cheat & Money Circulation Schemes (Banning Act), 1978 (in short, “the Act”) keeping the investigation open U/S. 173(8) of CrPC, however, finding the complicity of the present petitioner, he was taken into custody being arrested on 13.07.2021 on the allegation that he being the proprietor Consultancy firm namely M/s. Devson Consultants, Kolkata engaged in registering different companies with Registrar of Companies (ROC) aided and facilitated illegal deposit collection scheme of M/s.IRL by creating and registering of charges for Secured Debentures worth Rs.50 Crores from the office of ROC, Kolkata by receiving illegal payment of Rs.23 Lakhs from co-accused Pranab Mukherjee. Accordingly, second supplementary charge-sheet was submitted by the CBI against the present petitioner Debabrata Sinha and others.

3. In the course of hearing, Mr. Atul Kumar Mohanty, learned counsel for the petitioner submits that the petitioner was neither named in the FIR nor was charge-sheeted in the first charge-sheet, but subsequently, he was arrested on 13.07.2021 and charge-sheeted in the supplementary charge-sheet on 09.11.2021, however, the trial is yet to commence. It is further submitted by him that principal co-accused namely Pranab Mukherjee has already been granted bail by the Apex Court, so also other co-accused persons namely Lakshman Srinivasan, Subha Kumar Banerjee, Uttam Munshi and Pravat Kumar Dash. It is, however, submitted that this Court has also granted bail to co- accused Swapan Kumar De. Accordingly, Mr. Mohanty prays to grant bail to the petitioner by taking into account the pre-trial detention of the petitioner in custody.

3.1. On the other hand, Mr. Sarthak Nayak, learned counsel for the CBI opposes the bail application of the petitioner not only by making oral submission, but also by filing written objection. It is, accordingly, submitted by Mr. Nayak that the petitioner has actively aided and facilitated the illegal deposit of collection