Court grants bail to the accused in economic offences considering age, health, and previous custody, despite serious allegations of financial misappropriation.

COMMON ORDER

These bail applications have been filed by one Balakrishnan Nair, seeking regular bail.

2. Bail Application Numbers, Crl.M.P Numbers, FIR details and his date of arrest in each crime are extracted hereunder:

“Offences alleged: u/Ss 406,409,420 r/w sec 34 of  IPC and sec 13(1)(a) r/w sec 13(2) of Prevention of Corruption Act and sections 21 r/w 3, 22 r/w 4, 23 r/w 5 of BUDS Act .

3. Heard the learned counsel for Balakrishnan Nair as well as the learned Public Prosecutor appearing for VACB in detail. Perused the orders impugned and the case diaries along with the report submitted by the Investigating Officer.

4. The prosecution case is that the 1^st accused, who held the post of Secretary and the 2^nd accused, who held the post of President of the Kollam Co-operative Building Society (`Society’ for short hereafter), bearing Registration No.Q157, had misappropriated huge sum from the Society on various heads and on this premise the prosecution alleges commission of the offences punishable under Sections 409 , 420 r/w 34 as well as under Section 13 (1)(a) read with (2) of the Prevention of Corruption Act, 1988 (`PC Act, 1988 ’ for short hereafter) as well as under Sections 21 r/w 3, 22 r/w 4 and 23 r/w 5 of the ... (` BUDS Act ’ for short hereafter).

5. In paragraph 9 of the order in Crime No.1289/2025, corresponding to B.A.No.857/2026, the Special Court summarised the allegations therein as under:

“9. The first accused was the Secretary and the second accused was the President of the Kollam Co-operative Building Society bearing No.Q157 at Anchukallummoodu. The accused persons made the complainant believe that they would provide a job for the son of the complainant if she invested Rs.40,00,000/- in the Society. Thereafter fixed deposits were made on behalf of the complainant. The son of the complainant was granted a temporary job on 18/02/2021. The accused persons also made several persons join in chitties and after receiving the amounts towards fixed deposits and chitties from various depositors the accused person failed to repay Rs.61,93,542/-and cheated the depositors. Accordingly, it is alleged that the accused persons have Committed the offences punishable under Section 409 , 420 & 34 IPC & Sections 21 r/w 3, 22 r/w 4, 23 r/w 5 of BUDS Act & Section 13 (1)(a) r/w 13(2) Prevention of Corruption Act.”

6. In paragraph 9 of the order in Crime No.1288/2025, corresponding to B.A.No.848/2026, the Special Court summarised the allegations therein as under:

“9. The petitioner/2^nd accused was the President of the Kollam Co- operative Building Society Bearing No Q-157. The petitioner along with the other accused persons cheated the complainant by assuring him that his son will be provided with a job in the society and compelled the complainant to invest huge amounts as fixed deposits in the Society. Pursuant to the false assurances, the complainant invested huge amounts in the Society in the names of his relatives. Thereafter though part refunds of fixed deposits were made, the Society failed to repay the entire amount invested together with promised interest . The complainant came to know about the cheating committed by the petitioner and other accused and he demanded the balance amount. However the Society failed to refund the amounts deposited and the accused person cheated and defrauded the complainant to the tune of ₹17,00,000/-.”

7. In paragraph 9 of the order in Crime No.1288/2025, corresponding to B.A.No.858/2026, the Special Court summarised the allegations therein as under:

“9. The first accused was the Secretary and the second accused was the President of the Kollam Co-operative Building Society Bearing No Q-157 functioning at Anchukallumodu in Kollam. The petitioner/2nd accused de