JUDGMENT

Dated this the 16^th day of June, 2026 The order in Crl.M.P. No.4093/2023 dated 15.05.2024 on the files of the Additional Sessions Court-IV, Thalassery (the Designated Court) under the Banning of Unregulated Deposit Schemes Act, 2019 [hereafter referred as ‘BUDS Act, 2019’ for short] is under challenge in this appeal filed under Section 19 of the BUDS Act, 2019, at the instance of respondent Nos.1 and 2 in the above petition. As per the order impugned, the learned Designated Court allowed Crl.M.P. No.4093/2023 filed under Section 14 of the BUDS Act, 2019 to make the provisional attachment order issued by the Competent Authority as absolute.

2. Heard the learned counsel for the appellants, the learned Public Prosecutor and the learned counsel appearing for the additional 3^rd respondent. Perused the order under challenge and relevant materials available.

3. The genesis of the case would throw light on the facts that, the accused persons formed a company named Kannur Urban Nidhi Limited and collected unauthorised deposits from large number of common depositors. In order to siphon of the huge amount of money collected, they have also created another company named ATM Private Limit