Bail granted due to time served and other bail grants, despite serious allegations of financial misconduct.

ORDER

This bail application is filed under section 483 of the Bharatiya Nagarik Suraksha Sanhita, 2023 (for short ‘ BNSS ’).

2. Petitioner is the first accused in Crime No.1168/2025 of Vadakkencherry Police Station, Palakkad District, registered alleging offences punishable under Sections 4 06 and 420 r/w Section 3 4 of the Indian Penal Code, 1860 (for short ‘ IPC ’), apart from r/w Section 21 , Section 4 r/w Section 22 , Section 5 r/w Section 23 of the Banning of Unregulated Deposit Schemes Act, 2019 (for short ‘BUDS Act’).

3. According to the prosecution, the first accused, who is the Managing Director of the financial institution by the name Finspot India Nidhi Limited, had collected Rs. 78.5 lakhs from the de facto complainant as a deposit, promising to repay the same with interest, and thereafter failed to repay the amount, and thereby committed the offences alleged.

4. Petitioner was arrested in connection with another similar crime on 04.10.2025, and in the instant case, his formal arrest was recorded on 29.10.2025, and has been in custody since then.

5. I have heard the learned counsel for the petitioner as well as the learned Public Prosecutor.

6. The learned counsel for the petitioner submitted that the petitioner has been in custody since 29.10.2025 in this case and hence he ought to be released on bail.

7. The learned Public Prosecutor opposed the bail application.

8. Petitioner is involved in several crimes, all of similar allegations. He is alleged to have collected deposits from the public without authority and failed to repay the same, including interest. Though the allegations are serious, considering the fact that petitioner has been in custody since 29.10.2025 in this case, and further that he has been granted bail in most of the other cases, I am of the view that further detention of the petitioner is not necessary. Therefore, the petitioner is entitled to be released on bail.

In the result, this application is allowed on the following conditions:-

(a) Petitioner shall be released on bail on him executing a bond for Rs.50,000/- (Rupees fifty thousand only) with two solvent sureties each for the like sum to the satisfaction of the court having jurisdiction.

(b) Petitioner shall appear before the Investigating Officer as and when required.

(c) Petitioner shall not intimidate or attempt to influence the witnesses; nor shall he tamper with the evidence.

(d) Petitioner shall not commit any similar offences while he is on bail.

(e) Petitioner shall not leave India without the permission of the Court having jurisdiction.

In case of violation of any of the above conditions or if any modification or deletion of the conditions are required, the jurisdictional Court shall be empowered to consider such applications, if any, and pass appropriate orders in accordance with the law, notwithstanding the bail having been granted by this Court.