2025:CGHC:60101 NAFR HIGH COURT OF CHHATTISGARH AT BILASPUR MCRC No. 8863 of 2025 Sandeep Shankar S/o Shri Hari Shankar Saxena Aged About 54 Years R/o 24, Mahadev Nagar Extension, Sodala, Jaipur Rajasthan.

... Applicant versus State of Chhattisgarh Through P.S. Pulgaon District Durg Chhattisgarh.

... Non-applicant For Applicant : Mr. Bharat Lal Dembra, Advocate For Non-applicant/State : Mr. Jitendra Shrivastava, Govt. Advocate Hon'ble Shri Ramesh Sinha , Chief Justice

Order on Board

10.12.2025

1. This is the first bail application filed under Section 483 of the Bharatiya Nagarik Suraksha Sanhita, 2023 (for short ‘BNSS’) for grant of regular bail to the applicant who has been arrested in connection with Crime No. 483/2017 registered at Police Station RAHUL DEWANGAN Pulgaon District Durg (C.G.) for the offences punishable under Digitally signed by Sections 420 and 406 of the IPC, Sections 3, 4, 5 and 6 of the Prize RAHUL DEWANGAN Chits and Money Circulation Schemes (Banning) Act, 1978, and Section 10 of the Chhattisgarh Protection of Depositors’ Interest Act, 2005.

2. The case of the prosecution in brief is that the complainant, namely Tejram Gautam, lodged a written report alleging that Sai Prakash Properties Development Limited, which operates across the State of Chhattisgarh and has its corporate offices at Sansarchandra Road, Jaipur (Rajasthan) and Jail Road, Bhopal (M.P.), had cheated him. It is alleged that one Chaman Verma, who was working as an agent of the said company and was known to the complainant, induced him to purchase seven policies in his and his wife’s name, assuring that on maturity he would receive nearly three times the invested amount. However, after the maturity period expired, neither any amount was paid nor any information was provided by the company. It is further alleged that the said agent, in collusion with the directors of the company, deceived the complainant. Based on the report, FIR was registered on 26.10.2017 against the directors of Sai Prakash Properties Development Limited and the agent Chaman Verma. After completion of investigation, the police filed a charge-sheet on 24.03.2022 for the offences under Sections 420 and 406 of the IPC, Sections 3, 4, 5 and 6 of the Prize Chits and Money Circulation Schemes (Banning) Act, 1978, and Section 10 of the Chhattisgarh Protection of Depositors’ Interest Act, 2005, before the Court of the Sessions Judge/Special Judge (PDI Act), Durg. The directors of the said company have already been declared absconders vide list dated 22.03.2022. A copy of the FIR is filed herewith as Annexure A/2.

3. Learned counsel for the applicant submits that the applicant has been falsely implicated and the allegations against him are wholly baseless. It is submitted that pursuant to the order dated 07.10.2025 passed by this Hon’ble Court in Cr.M.P. No. 3042/2025, wherein the permanent arrest warrant was directed to be kept in abeyance, the applicant voluntarily surrendered before the trial court on 28.10.2025 and moved a bail application, which was rejected without proper appreciation of the documents placed on record. He further submits that the trial court erred in rejecting the application merely on the ground that the applicant was a Director at the relevant time, despite the fact that the documents showing his resignation and non-involvement were neither considered nor discussed. It is further submitted that no allegation of active participation or involvement in the financial affairs of the company has been attributed to the applicant, and even the SEBI enquiry has not found any material showing his involvement in money-mobilizing activities. The applicant had served as a Director only for a very brief period from 03.12.2009 to 22.04.2010, after which he resigned, his resignation was duly accepted, and Form-32 was submitted by surrendering his shares; hence, no prima facie case is made out against him. It is further argued that investigation has been completed, the charge sh