IN THE HIGH COURT OF JUDICATURE AT MADRAS RESERVED ON : 20.12.2023 DELIVERED ON : 01.03.2024 CORAM:

THE HON'BLE MR.JUSTICE M.NIRMAL KUMAR Crl.R.C.Nos.1351 and 1832 of 2023 Michale Raj ... Petitioner in Crl.R.C.No.1351/2023 S.Sathish ... Petitioner in Crl.R.C.No.1832/2023 Versus State Rep by The Additional Superintendent of Police, Economic Offence Wing-II, CID, Ashok Nagar, Chennai.

Crime No.7 of 2022. ... Respondent in both Crl.R.Cs.

PRAYER in Crl.R.C.No.1351 of 2023: Criminal Revision petitions filed under Sections 397 r/w.401 Cr.P.C. praying to enlarge the petitioner on bail by setting aside the impugned order in Crl.M.P.No.2487 of 2023 dated 07.07.2023 passed by the Special Judge, TNPID, Chennai, considering the submissions made in the bail petition as well as this petition raising additional grounds.

PRAYER in Crl.R.C.No.1832 of 2023: Criminal Revision petitions filed under Sections 397 r/w.401 Cr.P.C. praying to set aside the order dated

06.10.2023 passed in Crl.M.P.No.3687 of 2023 by the Special Court under Tamil Nadu Protection of Interest of Depositors Act, 1997 and consequently enlarge the petitioner on bail.

For Petitioner : Mr.R.John Sathyan, in Crl.R.C.No.1351/2023 Senior Counsel for Mr.Durai Kannan For Petitioner : Mr.Nithyaesh Natraj, in Crl.R.C.No.1832/2023 for Mr.Anirudh A.Sriram For Respondent : Mr.A.Damodaran ` in both Crl.R.Cs. Additional Public Prosecutor

COMMON ORDER

Crl.R.C.No.1351 of 2023 is filed by Accused No.14 and Crl.R.C.No.1832 of 2023 is filed by Accused No.26 in Crime No.7 of 2022 seeking to set aside the order passed in Crl.M.P.No.2487 of 2023 dated

07.07.2023 and Crl.M.P.No.3687 of 2023 dated 06.10.2023, respectively.

2.The petitioners herein had filed a petition under Section 167(2)

Cr.P.C. seeking to enlarge the petitioners on statutory bail. Both the petitions were dismissed, against which, the present revisions have been filed.

3.A brief facts of the case is that A1 is M/s.Aarudhra Gold Trading Private Limited, A2 is M/s.Aarudhra Garments Private Limited, A3 is M/s.Aarudhra Jewellery Private Limited, A4 is M/s.Aarudhra Housing and Properties Private Limited, A5 is M/s.Aarudhra Super Market Private Limited, A6 is M/s.Aarudhra Restaurents Private Limited, A7 is M/s.Aarudhra Events and Entertainment Private Limited and A8 is M/s.Aarudhra Technoisys.

3.1. The petitioner/A14 in Crl.R.C.No.1351 of 2023 is one of the Directors of Arudra Gold Trading Private Limited and he also associated with four companies of the group and closely associated with A9/Rajasekar Veeraragavan, who dealt with bank transaction of the companies and also assigned the work of collection of deposits through online from the public and settlement of payouts and actively involved in diversion of funds running to crores in connivance with other accused. He escaped to Dubai on 23.05.2022 and stayed along with A9/Rajasekar Veeraragavan, A12/Senthil Kumar and A15/Usha Vetrivel until his arrest on 28.03.2023. He was arrested based on the Look Out Circular issued.

3.2. The petitioner/A26 in Crl.R.C.No.1832 of 2023, who was incharge of Nemili Branch of A1 company, had directly collected unregulated deposits around Rs.73 crores from 5077 depositors under the false promise that A1-company would offer 30% interest with gift of gold coins and defaulted to the tune of Rs.73,69,16,200/-. The petitioner/A26 was arrested on 25.05.2023. There was a cognation of public in front of branches of A1 company at Arani, Katpadi, Nemili, which was widely covered in News Media and Print Media questioning the credentials of A1 company. The respondent police enquired and found that the accused companies related to collection of unregulated deposits and a case was registered on 20.05.2022. The principal conspirator A9/Rajasekar Veeraragavan, A12/Senthil Kumar and A15/Usha Vetrivel absconded to Dubai on 23.05.2022. A35/Chandrakkannan destroyed some crucial information stored in the computer used in the head quarters of A1 company. The absconding accused have also