IN THE HIGH COURT OF ORISSA AT CUTTACK BLAPL NO.6838 of 2024 (In the matter of application under Section 483 of BNSS, 2023).

Parsuram Rajneth Bhai Pal … Petitioner -versus-

State of Orissa … Opposite Party For Petitioner : Mr. R. Tripathy, Advocate along with Ms. C. Tripathy, Advocate For Opposite Party : Mr. J.P. Patra, Advocate (OPID)

CORAM: JUSTICE G. SATAPATHY DATE OF HEARING & JUDGMENT:05.05.2026(ORAL)

G. Satapathy, J.

1. This is a bail application U/S.483 of BNSS by the petitioner for grant of bail in connection with EOW BBSR PS Case No.23 of 2023 corresponding to GR Case No.913 of 2022 pending in the file of learned PO, Designated Court under OPID Act, Cuttack, for commission of offences punishable U/Ss.406/420/468/ 467/471/120-B of IPC r/w Sections 4/5/6 of Prize Chits Money Circulation (Banning) Act and Section 6 of OPID Act.

2. The factual allegation as divulged from the record traces its origin to the accused company “M/s. Armada Bazar Pvt. Ltd”, a company dealing with consumer goods with the petitioner as its Director, who while starting operation of the company in Odisha was joined by Jyoti Ranjan Jena as Odisha Head-Cum- Director and, accordingly, they dishonestly allured and induced the informant and others to invest in opening up subsidiary of the company namely “New Marts” to deal with marketing of grocery, daily utility items, utensil and electronic items and in the process, could manage to initially obtained investment of Rs.1 Crore with Rs.50 Lakh each from the informant and his cousin on the assurance of lucrative returns for opening up business of New Mart in Dhenkanal and Angul. The company accordingly executed several franchise agreements with different investors on the assurance of high and hefty returns towards the dividend for the profit of investment and in the process, the petitioner and others had allegedly taken Rs.12.87 Crores of investment, but subsequently the informant felt deceived, he accordingly, lodged an FIR before the Superintendent of Police, Economic Offences Wing, Bhubaneswar resulting in registration of EOW BBSR PS Case No.23 of 2023 and the allegation therein was investigated into. In the course of investigation, it was unearthed that the company has launched several schemes like Mini Market, Super Market, Hyper Mart, Mega Mart etc. by arranging several physical meetings and conferences at different places. Further, it was also found that the co-accused Pankaj Kumar Parida has received a sum of Rs.22,30,731/- to his account from the accused company’s account and all the invested amounts were collected through Account Nos.158005003515 and 158005003493 of the accused company “M/s. Armada Bazar Pvt. Ltd” maintained with ICICI bank with the petitioner being one of the authorized signatories of the later account in which a sum of Rs.14.06 Crores had been credited in between 01.11.2022 to 24.07.2023. On finding prima facie materials, the petitioner was taken into custody and on completion of investigation; charge-sheet has already been submitted against the petitioner and co-accused along with the company for offences indicated above.

3. In the course of hearing, Mr. Rajesh Tripathy, learned counsel appearing along with Ms. Chandana Tripathy, learned counsel for the petitioner submits that neither the petitioner has any intention to cheat nor had he cheated anyone, but the petitioner is in custody since 15.02.2024, but co-accused Pankaj Kumar Parida has already been granted bail, however, the petitioner is languishing inside the jail custody. Further, Mr. Tripathy submits that the petitioner has already been granted bail in all the cases, which have been shown against him as criminal antecedents. On the aforesaid submission, Mr. Tripathy prays to grant bail to the petitioner.

3.1. On the other hand, Mr. J.P. Patra, learned counsel for OPID, however, by producing the written instruction submits that not only the petitioner has cheated 133 innocent investors, but also he has misappropriated Rs.1