The seriousness of economic offences and the need for a different approach in the matter of bail for such offences.

ORDER :

1. This Criminal Petition is filed seeking to grant regular bail to the petitioner/A5 in Crime No. 93 of 2020 pending on the file of Central Crime Station (Detective Department), Hyderabad. The very same petitioner filed Crl. Pet. No. 5659 of 2020 seeking regular bail, who is A6 in Crime No. 92 of 2020 pending on the file of very same Police Station. The offences alleged against the petitioner herein in both the crimes are under Sections 406, 409, 420 r/w 34 of IPC. The defacto complainant is also same in both the crimes.

2. Heard Sri. Rases Parik, learned counsel representing Sri. Mr. M.A. Khader, learned counsel for petitioner herein and the learned Public Prosecutor. Perused the record.

3. The allegations against the petitioner in Crime No. 93 of 2020 are that the petitioner along with other Accused have cheated, committed breach of trust and induced the complainant under the guise of investment/funding of amount in share trading business and promised to give high returns over the investment and took Rs. 5.81 crores from the complainant and other victims. The petitioner deliberately, intentionally and with a mala-fide intention, in collusion with other Accused, cheated the complainant causing huge loss to him. It is further alleged that petitioner herein has approached the complainant, introduced himself as one of the shareholders of A1 company i.e. M/s. Conard Securities Pvt. Ltd. and M/s. Manoj Javery Stock Broking Pvt. Ltd. and offered to invest/funding amount in share trading through M/s. Manoj Javery Stock Broking Pvt. Ltd. Thereafter, the Directors of M/s. Manoj Javery Stock Broking Pvt. Ltd. and petitioner herein gave assurance to pay high returns to the defacto complainant. Accordingly, in the month of July, 2017, defacto complainant and his wife (LW-1 and LW-2) opened Demat Accounts and transferred funds into the account of M/s. Manoj Javery Stock Broking Pvt. Ltd. to a tune of Rs. 5.81 crores for shares trading through their Bank account. Thereafter, A1, A2 and A3 transferred the said amounts of LW-1 and LW-2 into the personal accounts of their shareholders i.e. A4 and A5. It is further alleged against the petitioner herein and other Accused that after knowing the cases filed against M/s. Manoj Javery Stock Broking Pvt. Ltd. and M/s. Conard Securities Pvt. Ltd. at National Stock Exchange, the defacto complainant requested for redemption of funds from A1 company. There was no proper response from the Directors i.e. A2 and A3 of the said M/s. Manoj Javery Stock Broking Pvt. Ltd. Thus, all the Accused including petitioner herein have colluded with each other and intentionally cheated and caused wrongful gain to the complainant.

4. In Crime No. 92 of 2020 similar allegations were made against the petitioner and other Accused i.e. petitioner and other Accused persons have taken an amount of Rs. 1.5 crores from the defacto complainant and other victims.

5. In the remand reports filed in both the crimes, the account numbers, the amount transferred and name of the transferee company etc., are specifically mentioned in a tabular form. It is specifically alleged against the petitioner and other accused that the petitioner herein along with other accused have committed cheating and criminal breach of trust by collecting deposits with promise to pay high returns. The petitioner, acting as Broker/Agent of M/s. Manoj Javery Stock Broking Pvt. Ltd. which was declared as defaulted company by SEBI in the year 2017, took Rs. 7.19 crores from the complainant and other victims and intentionally cheated the complainant in collusion with other accused and caused huge loss to the complainant.

6. It is further alleged that petitioner herein in both the crimes has lured the complainant for investment into M/s. Manoj Javery Stock Broking Pvt. Ltd. (A-1). Petitioner, as a CEO of M/s. Trillion Capital Pvt. Ltd. periodically sending fak