The court's decision was based on the necessity of the petitioner's further detention, considering the stage of investigation and the potential impact on the ongoing investigation.

The applications are filed under Section 439 of the Code of Criminal Procedure, 1973, by the fifth accused in Crime Nos.47, 1918, 1919 and 1921 of 2023 of the CBCID, Thrissur, registered against the accused for allegedly committing the offences punishable under Secs.406 and 420 of the Indian Penal Code and Sec.3 read with Sec.21 and Sec.5 read with Sec.23 of the Banning of Unregulated Deposit Schemes Act, 2019 (BUDS Act). The petitioner was originally arrested on 9.10.2023. The petitioner’s arrest was recorded in crime Nos 47, 1919 and 1921 of 2023 on 31.1.2024 and the petitioner’s Bail Application Nos. 2010, 2015, 2018 and 2022 of 2024 formal arrest was recorded in crime No.1918/2023 on 8.2.2024. As the petitioner is the same and the crimes have been registered in connection with the similar transactions, the applications were consolidated, jointly heard and are being disposed by the common order.

2. The crux of the prosecution allegation is that : the accused 1 to 6, the Directors of a company named, Safe and Strong Business Consultancy Private Ltd, had violated the provisions of the BUDS Act and received deposits from the defacto complainants and cheated them by not paying them interest and not returning the capital amount. Thus, the accused have committed the above offences.

3. Heard; Sri.Unni Sebastian Kappen, the learned counsel appearing for the petitioner and Smt.Neema T.V, Bail Application Nos. 2010, 2015, 2018 and 2022 of 2024 Smt.Seetha.S and Sri.C.S Hrithwik. the learned Public Prosecutors.

4. The learned counsel appearing for the petitioner submitted that the petitioner is totally innocent of the accusations levelled against him. He has been falsely implicated in the crime. In any given case, the petitioner has been in judicial custody since 9.10.2023, the investigation in the case is complete and final reports have been laid. By Annexure-2 order, this Court has enlarged the petitioner on bail in a similar crime. Hence the application may be allowed.

5. The learned Public Prosecutors opposed the applications. They submitted that the petitioner is an accused in 271 cases. The investigation in the case is being conducted by the Crime Branch and is still in progress. If the petitioner is let off on bail, there is every likelihood of him sabotaging the investigation. Hence, the applications may be dismissed. Bail Application Nos. 2010, 2015, 2018 and 2022 of 2024

6. After bestowing my anxious consideration to the facts, the rival submissions made across the Bar, the materials placed on record, especially taking into account the fact that the petitioner has been in judicial custody since 9.10.2023 and by Annexure-2 order, this Court has already enlarged the petitioner on bail in a similar offence, I am of the definite view that the petitioner’s further detention is not necessary. Hence, I am inclined to allow the bail applications.

In the result, the applications are allowed, by directing the petitioner to be released on bail on him executing a bond for Rs.1,00,000/- (Rupees One lakh only) with two solvent sureties each for the like sum, to the satisfaction of the court having jurisdiction, which shall be subject to the following conditions:

(i) The petitioner shall appear before the Investigating Officer on every alternate Saturday between 9 a.m. Bail Application Nos. 2010, 2015, 2018 and 2022 of 2024 and 11 a.m for a period of two months or till the final report is filed, whichever is earlier. He shall also appear before the Investigating Officer as and when required;

(ii) The petitioner shall not directly or indirectly make any inducement, threat or procure to any person acquainted with the facts of the case so as to dissuade him from disclosing such facts to the court or to any Police Officer or tamper with the evidence in any manner, whatsoever;

(iii) The petitioner shall not directly or indirectly make any inducement, threat or procure to any person acquainted with the facts of the case so as to diss