Seized property should be released to the rightful owner under conditions ensuring its integrity for trial, promoting economic activity.

S.S. Mishra, J.

The present Criminal Revision Petition is filed by the petitioner under Section 397 read with Section 401 of the Cr.P.C, 1973, [Corresponding provision- Section 442 read with Section 438 of the Bharatiya Nagarik Suraksha Sanhita, 2023], assailing the order dated 14.08.2024 passed by the learned Special Judge (CBI), Court No.1 -cum-the Additional Sessions Judge, Bhubaneswar in Crl. Misc Case No.32 of 2024 arising out of T.R. No.03 of 2023 corresponding to CBI/SCB/Kol P.S. Case No.RC.30/S/2014-Kol dated 05.06.2014 rejecting the application filed by the petitioner U/s. 451 read with Section 457 of Cr.P.C, 1973 seeking release of cash seized by the CBI; during investigation.

2. The learned Special Judge (CBI) – Court No.1-cum- The Additional Sessions Judge, Bhubaneswar, rejected the application of the petitioner seeking release of Rupees Fifteen Lakhs which was seized by CBI by the impugned order. It will be apposite to reproduce the operative part of the impugned order which reads as under:

“…The cash of Rs.l5 lakhs seized from the office chamber of the accused-petitioner during search is not properly accounted for by him. The source of the seized cash is not clear as to whether it is legal or illegal from the averments of the petition and submissions made on behalf of the petitioner. 5. Considering the facts and circumstances of the case, nature of allegation and gravity of the offence as well as improper keeping of huge unaccounted money in shape of cash I am not inclined to allow the petition filed by the petitioner to release the cash of Rs. 15 lakhs in his favour…”

Aggrieved by such finding of the court below, the present Revision Petition has been preferred by the petitioner.

3. Heard, Mr. Debashis Sinha, learned Counsel for the petitioner and Mr. Sarthak Nayak, learned Special P.P. -Cum- Retainer Counsel (CBI) for the opposite party.

4. The present petitioner who is an accused in this case, is alleged to have been involved in an illegal money collusion fraud through M/s Infinity Realcon Ltd. by operating various investment schemes without obtaining the requisite statutory approval from the Reserve Bank of India. Following his arrest on 26th September 2022, officials of the Central Bureau of Investigation (CBI) conducted searches on the same day at multiple locations, including the office of M/s. Finshore Management Services Ltd. at Anand Lok Building, 227, A.J.C. Bose Road, Kolkata – 700020, his previous residence at Tolly Apartments and Golf Towers, and his present residence during the late hours of that night. During the search, an amount of ₹15.00 lakh cash was seized from the cupboard of his chamber/exclusive room at Anand Lok Building, 227, A.J.C. Bose Road. Subsequently, the accused petitioner was granted bail by the Hon’ble Supreme Court vide order dated 03.10.2023 in SLP No. 9318/2023.

5. Mr. Sinha, the learned counsel for the petitioner while justifying the source of the cash contended that out of the total amount seized, ₹4.50 lakh was withdrawn from the petitioner’s and his spouse’s bank accounts, while ₹4 lakh was received as a loan from a professional friend, who is a family to him. Additionally, a portion of the amount comprised the petitioner’s mother’s widow pension of ₹30,000 per month, which had been accumulated over a long period, along with gifts received from various relatives. It is further submitted that the petitioner’s mother had entrusted him with these funds for medical and other emergency and family expenses. The amount was kept in the office, because several hospitals are situated in the vicinity, allowing for immediate access in case of emergencies.

6. Learned counsel for the petitioner further submits that the prese