Completion of statutory detention period entitles accused to default bail under applicable laws.

ORDER

Heard Ms. T. Rajkhowa, learned counsel for the petitioner and Mr. K. K. Parasar, learned Additional Public Prosecutor, Assam for the State.

2. This application under Section 483 of Bharatiya Nagarik Suraksha Sanhita, 2023 , has been filed by the petitioners, namely, (1) Miss Kaju Saikia, daughter of Sri Mineswar Saikia, resident of Village-Jakhini Chuk, Khatar Gaon, Near Kharoi Guri L. P. School, P.S.- Gohpur, District-Biswanath and (2) Miss Madhusmita Borah, daughter of Kamala Borah, resident of Village-Dubia, P.S.- Biswanath Chariali, District-Biswanath, seeking bail in Gohpur P.S. Case No. 132/2024 registered under Sections 61(2) /316(2)/318(4) of the Bharatiya Nyaya Sanhita, 2023 and Sections 21(1) (2)(3) of the Banning of Unregulated Deposit Schemes Act, 2019 , corresponding to G.R. No. 256/2024, wherein, they were arrested on 09.09.2024 and are in custody since then.

3. As per the FIR dated 07.09.2024, the facts of the case is that a company in the name of “Manobkalan Nidhi Limited” under Gohpur Police Station registered itself under the Companies Act, 2013 , violating the guidelines/provisions laid down under Section 76 of Chapter V of the Companies Act, 2013 , whereby it is provided that it is mandatory for a company to obtain the rating (including its net worth, liquidity and ability to pay its deposits on due date) from a recognized credit rating agency for informing the public the rating given to the company at the time of inviting deposits from the public and in violation of the provisions of Section 406 of Chapter XXVI of the Companies Act, 2013 , which incorporated itself as a Nidhi Limited violating the provisions of consisting of the object for cultivating the habit of thrift and savings amongst its members, receiving deposits from and lending to, its members only, for their mutual benefit complying with such rules, as prescribed by the Central Government for regulation of such class of companies of Companies Act, 2013 as mentioned in the Banning of Unregulated Deposit Scheme Act, 2019. On verification, it is found that the said company has been found to collect unregulated deposits from the public by violating the provisions/guidelines of the above mentioned acts by issuing personal loan to the different customers of the entire area, thereby, committing offence under Sections 61(2)/316(2)/318(4) of BNS, 2023 and Section 21(1)(2) (3) of the Banning of Unregulated Deposit Scheme Act, 2019.

4. Accordingly, said FIR was registered as Gohpur P.S. Case No. 132/2024 under Sections 61(2)/316(2)/318(4) of the Bharatiya Nyaya Sanhita, 2023 and Sections 21(1) (2)(3) of the Banning of Unregulated Deposit Schemes Act, 2019 , corresponding to G.R. No. 256/2024.

5. During investigation of the case, it is found that the said “Manobkalan Nidhi Limited” using the word ‘Nidhi’, accepts and receives deposits, misleading the public, inducing them that the scheme of the said company is regulated, safe and guaranteed by the proper authority, like RBI and SEBI.

6. The present petitioners are the employees of the said company.

7. Perused the case diary placed before the Court today by Mr. Parashar, learned Additional Public Prosecutor, Assam.

8. Case diary reveals that the petitioners and other associates in their own process, collected huge amount of money from the innocent villagers, promising them to give them loans on depositing security amount like, if they paid Rs.5,000/-, they will get a loan of Rs.50,000/- and if they paid Rs.10,000/- they will get a loan amount of Rs.1,00,000/- and the money that is deposited for such loan will remain in the account and the interest have to be paid for 5 years along with the deposited amount and for the said process, on receiving such money as security deposit, the company used to provide Savings Bank Account in the Gramin Bank of the area in favour of the depositors promising such depositors that the amount of Rs.50,000/-/Rs.1,00,000/- will be credited in their Savings Bank Accounts as per the