IN THE HIGH COURT OF JHARKHAND AT RANCHI

A. B. A. No. 5257 of 2022

1.Rajesh Kumar Yadav

2.Md. Firoz Alam .

.... .. ... Petitioner(s)

Versus

Union of India through CBI

.. ... ...Opp. Party(s)

...........

CORAM :HON'BLE MR. JUSTICE GAUTAM KUMAR CHOUDHARY

.........

For the Petitioner : Mr. Rajesh Kumar, Advocate

Mr. P. Lala, Advocate

For the CBI

: Mr. Anil Kumar, ASGI

…...

14/ 27.01.2023. Apprehending their arrest, petitioners above-named have moved this Court

for grant of anticipatory bail in connection with R.C. Case No.74(S)/2017

EOW/Ranchi registered under Sections 406, 420, 467, 468, 471 read with Section

120B of the Indian Penal Code and Sections 76 & 79 of Prize Chits and Money

Circulation Schemes (Banning) Act 1978 and Section 70 of Prevention of Money

Laundering Act, 2002.

Heard the parties.

The instant case has been registered under the direction of this Hon’ble Court

vide order dated 11.05.2015 passed in W.P. (PIL) No.1635 of 2014 which was

initially registered being FIR No.398 of 2013 dated 23.11.2013 by Jamtara Police

Station. The main allegation in the original complaint petition lodged by Sarita Das,

the then LRDC, Jamtara is that M/s Life Care Resorts and Park Limited was doing

illegal banking business for the last four months and duping the innocent customers

and thereafter they fled away.

As per the prosecution case Loknath Gorai (A-2), Md. Firoj Alam (A-

3)/petitioner no.2 and Rajesh Kumar Yadav /Petitioner no.1 were founding directors

of the company with registered office at Kolkata with authorized share capital of

Rs.5 Lakh. The Directors of the company used to take deposits and issue certificates

in four different company which were running under the umbrella of said Life Care

and were headed by these three Directors. The scheme of the company was under

three main heads; Fixed Deposits scheme, monthly income scheme and recurring

deposits scheme. The companies collected documentary evidence which show that

above four mentioned companies received deposits collection from the District of

Jamtara in Jharkhand and in other Districts of West Bengal. The deposits were

mobilized through the agents. The interest offered varied in the range from 15% to

25% which was not as per the RBI Guidelines. During investigation, no evidence

was found that the said four companies were doing business in real estate, jewellery

firm, hotel and resorts etc., which were projected to lure the customers. These

companies collected a sum of Rs.5,95,27,033/- whereby the Bank record showed

that deposit of an amount of Rs.1,65,08,009/-. Both these petitioners shared account

of Allahabad Bank i.e. Managing Director [Loknath Gorai] which received a deposit

of about Rs.42 Lakhs.

After investigation, CBI submitted charge-sheet on 30.09.2019.

It is submitted by learned counsel for the petitioners that being villager, they

also got into and trapped by the main accused [Lok Nath Gorai] and family members

discovering which both these petitioners filed Complaint against said Lok Nath

Gorai and others and the same was registered as Asansol (S) P.S. Case No.421 of

2013 under Sections 120B, 406, 409, 420, 468, 471 of the Indian Penal Code. It is

further submitted that the petitioners being disillusioned by the manner in which the

business of the company was being run filed the criminal case against the

petitioners.

It is submitted that although these petitioners were themselves victim, but

they have returned Rs.28,48,532/- to the investors and all the accused persons have

returned Rs.76,76,884/-. There was no intention to defraud the investors and amount

could not be returned within the stipulated time because of financial hardship of the

petitioners.

Learned ASGI for the CBI has vehemently opposed the prayer. It is submitted

that there is direct and specific allegations that these petitioners were founding

Directors and their intention will be apparent from the