ORDER

This is an application filed u/s 439 of the Code of Criminal Procedure seeking regular bail.

2. Petitioner is the 3rd accused in Crime No.951 of 2023 Of Crime Branch Police Station. The offences alleged against the petitioner in all these cases are under Sections 420, 406 & 34 of IPC, under Section 3 read with Section 21 & Section 5 read with Section 23 of BUDS Act, 2019 and also under Section 45 of the RBI Act.

3. The prosecution case is that, the petitioner was the Vice President of an establishment named ‘Masters Finserve’ and the said establishment has collected huge amounts from general public, as deposit without any authorization, offering high returns. However,the returns as promised were not provided by the accused persons and the amounts were also not refunded. The aforesaid crimes were registered in such circumstances. As part of the investigation the petitioner was initially arrested on 16.07.2023. Since then the petitioner has been under judicial detention. This application for regular bail were submitted in such circumstances.

4. Heard Sri.Vinay N.V., learned counsel for the petitioner, Sri. C.S. Hrithwik, learned Public Prosecutor appearing for the State.

5. The learned counsel for the petitioner submits that the petitioner is innocent of all the allegations. According to him, he was only an employee of the establishment, and the Directors of the Company were already arrested and released on bail. According to him the petitioner was not having any decisive role in the management of the affairs of the company. He is ready and willing to cooperate with the investigation and shall abide by any conditions that may be imposed by this Court.

6. On the other hand, the learned Public Prosecutor opposes the said application by pointing out that there are serious allegations against the petitioner and the other accused. He has collected huge amounts from large number of persons and investigation is in progress in those cases. The dismissal of the application was sought in such circumstances.

7. I have gone through the records. It is true that, there are allegations against the petitioner. However, it is an undisputed fact that the petitioner was an employee of the establishment who was working as the Vice President of the Company. It is also confirmed that the Directors of the Company were already arrested and released on bail. Now the petitioner has been in judicial custody since 16.07.2023. There is substantial progress in the investigation as well. In such circumstances, I do not find any necessity of further incarceration of the petitioner. Therefore, the petitioner can be released on bail with appropriate conditions to ensure that the petitioner is cooperating with the investigation.

8. Accordingly, these applications are allowed and the petitioner is directed to be released on bail subject to the following conditions:

i) The petitioner shall be released on bail on 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 jurisdictional Court.

ii) The petitioner shall fully cooperate with the investigation.

iii) The petitioner shall appear before the Investigating Officer between 10.00 a.m and 11.00 a.m on every Wednesday until the filing of final report.

iv) The petitioner shall appear before the Investigating Officer as and when required.

v) The petitioner shall not commit any offence of similar nature while on bail.

vi) The petitioner shall not make any attempt to contact any of the prosecution witnesses, directly or through any other person, or in any other way try to tamper with the evidence or influence any witnesses or other persons related to the investigation.

vii) The petitioner shall not leave India without the permission of the jurisdictional court.

In case of violation of any of the above conditions, the jurisdictional Court shall be empowered to consider the application for cancellation of bail, if any, and pass appropriate orders in accor