IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH Date of Decision: 27.10.2025 Manish Kumar …Petitioner.

Versus State of Haryana …Respondent.

CORAM: HON’BLE MS. JUSTICE AARADHNA SAWHNEY.

Present: Mr. Pankaj Kaushik, Advocate for the petitioner.

Mr. Vikram Singh, Assistant Advocate General, Haryana.

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AARADHNA SAWHNEY, J. (Oral)

1. Petitioner, an accused in case FIR No. 0096 dated 18.03.2025, under Sections 120-B, 406, 408, 420 of Indian Penal Code, Section 3 of the Haryana Protection of Interest of Depositors in Financial Establishments (HPIDFE) Act and Sections 21, 23 of the Banning of Unregulated Deposit Schemes (BUDS) Act, registered against him at Police Station Matlauda, District Panipat, has filed the present petition for grant of anticipatory bail.

2. Relevant facts as emerging from the documents on record be noticed hereinbelow:-

Proceedings in the present case were initiated on the complaint of Bharati son of Hawa Singh, resident of village Shera, District Panipat, alleging therein that he and other persons similarly situated as him, had invested money in ‘Human Welfare Credit and Thrift Cooperative Society Ltd.’ (in short “the Society”). Complainant alleged that present petitioner, Manish Kumar son of Shri Ram Kumar, resident of village Ballah, District Karnal, had been running the Society for the last two years. Despite assurances given, the maturity amount was not paid to the depositors. When the depositors visited the office, it was found locked. Even the whereabouts of aforesaid Manish Kumar were not traceable. With this backdrop, a formal case vide FIR No. 0096 dated 18.03.2025, under Sections 120-B, 406, 408, 420 of Indian Penal Code, Section 3 of HPIDFE Act and Sections 21, 23 of BUDS Act, was registered against the petitioner at Police Station Matlauda, District Panipat.

Further enquiries revealed that in 2016, the Society had induced large number of investors to invest in its beneficial schemes like FD, RD and other savings schemes by luring them with financial benefits. The Society opened many branches in almost all the Districts of Haryana. Investments were made by the investors in these branches from the year 2016 to 2024, through the agents of the Society. Initially, the maturity amount/profit was given to the investors which increased their trust, resultantly, they started investing more money. In 2024, the Society did not pay the maturity amount to the investors on time. Repeated requests made to the office bearers did not yield any positive result. Police authorities further found that for becoming a member of the Society, one had to download the Human Credit Society App in the mobile and whenever, the investors deposited money in cash at the local branch in Panipat or deposited online, the same number of points were displayed in the App. About 15 to 20 offices were set up/opened in District Panipat. 10 ATMs were also set up to increase the confidence of the investors. The Society worked through a chain system and the agents used to get direct commission on the money deposited by the investors. In all branches of District Panipat, the money was deposited in cash. After the initial enquiries, fraud substantiated the allegations of complainant and other investors and a formal case vide FIR No. 0096 dated 18.03.2025, under Sections 120-B, 406, 408, 420 of Indian Penal Code, Section 3 of HPIDFE Act and Sections 21, 23 of BUDS Act, was registered against the petitioner and others at Police Station Matlauda, District Panipat.

During investigation, it was also found that the Society had obtained ‘No Objection Certificate’ from the Registrar, Cooperative Societies, Panchkula, to operate in the State of Haryana. However, the NOC was got cancelled by them, vide letter dated 21.1.2025. Information obtained from the Registrar of Cooperation, Office of Central Registrar of Cooperative Societies, Government of India, further revealed that the Society was registered only in Delhi, Jharkhand, West Bengal, Tripura, Oris