The court has the discretion to grant bail after considering the facts and circumstances of the case, without commenting on the merit of the case.

JUDGMENT

Vivek Rusia, J. - This is the first application filed by the applicant /accused under Section 439 of the Code of Criminal Procedure,1973 for grant of bail.

2. The applicant is in custody since 12.10.2020 in connection with Crime No.402/2020 registered at Police Station Anjad, District Barwani for the offence punishable under Section 420,34 of the IPC, u/s. 4, 76, 79 of the Chit Fund Adhiniyam, 1982; and u/s. 6(1) of M.P. Nikeshepako Ke Hito Ka Sanrakshan Adhiniyam, 2000.

3. As per prosecution story, the applicant was one of the Director of Guru Sai Real Estate. The applicant (MD), Smt.Munni Devsat (Director) and Rohit Devsat got registered the Company for the purpose of real estate work. Without obtaining any licence from SEBI, the Company has started collecting the amount as a financial institution. The innocent public invested the amount in the form of FDs for a period of five years with a hope to get double amount after expiry of five years. When the aforesaid amount was not returned, the complainant lodged FIR against these accused persons.

4. Learned counsel for the applicant submits that in this case the applicant has been formally arrested. The company was registered in the year 2010. In the year 2012, Economic Offences Wing, Bhopal registered a case against seven persons under Sections 420, 409, 467, 468, 471, 120-B of the IPC & Section 45(1-A) of the Indian Reserve Bank Act, in which the name of the present applicant was not included. Thereafter, the Company stopped its illegal activities. After eight years, four FIRs' have been registered against the applicant and other Directors at different police stations. It is further submitted that the applicant in the jail since 12.10.2020. Investigation is complete and he is no more required for interrogation. The other co-accused persons Shobharam, Bhagirath and Yogesh have also been granted bail by this Court vide order dated 26/12/2016, 22/07/2022 and 02/09/2022 in M.Cr.C.Nos. 12893/2016, 34277/2022 and 40387/2022 respectively. The EOW has already registered a case, thus the police ought not to have registered separate FIR against the applicant. In such premises, he prays for grant of bail to the applicant.

5. Learned counsel for the respondent/State opposes the bail application by submitting that this applicant along with other Directors misappropriated hard money of public without there being any license, therefore, he is not entitled for Considering the facts and circumstances of the case, without commenting anything on the merit of the case, this application is allowed subject to deposit a sum of Rs.2,00,000/- (Rupees Two Lacs Only) and on furnishing personal bond in the sum of Rs.40,000/- (Rupees Forty Thousand Only) with one solvent surety in the like amount to the satisfaction of the trial Court, the applicant is directed to be released on bail for his regular appearance before the trial Court during the trial with a condition that he shall remain present before the Court concerned during the trial and shall also abide by the conditions enumerated under Section 437(3) of the Cr.P.C.

6. Certified copy as per rules.