Advocates:
['CHANDRAKANTA NAYAK', '', 'S TRIPATHY', 'R K NAYAK', 'R N SWAIN', 'D BARAL', 'SURESH TRIPATHY', 'A K BOSEA S G']

IN THE HIGH COURT OF ORISSA, CUTTACK

BLAPL NO. 1983 Of 2019

An application under section 439 of the Code of Criminal Procedure

in connection with R.C. Case No. 39(S) of 2014 corresponding to

SPE Case No. 34 of 2014 pending on the file of Special C.J.M.

(C.B.I.), Bhubaneswar.

----------------------------

Shrikant Mohta

&..&

Petitioner

-Versus-

Republic of India

&&.

Opp. Party

For Petitioner: - Mr. Suresh Tripathy

For Opp. party:

-

Mr. Anup Kumar Bose

(Asst. Solicitor General)

Mr. Kali Charan Mishra

Special P.P., C.B.I.

---------------------------------

P R E S E N T:

THE HONOURABLE MR. JUSTICE S.K. SAHOO

---------------------------------------------------------------------------------------------------------

Date of Order: 13.05.2019

---------------------------------------------------------------------------------------------------------

S. K. SAHOO, J.

The petitioner Shrikant Mohta who is an accused in R.C.

Case No. 39(S) of 2014 corresponding to SPE Case No. 34 of 2014

pending on the file of Special C.J.M. (C.B.I.), Bhubaneswar for

offences punishable under sections 420, 408, 409, 120-B/34 of the

Indian Penal Code read with sections 4, 5 and 6 of the Prize Chits

and Money Circulation Schemes (Banning) Act, 1978 (hereafter

2

81978 Act9), has filed this application under section 439 of Code of

Criminal Procedure seeking for bail as his bail application has been

rejected by the learned Sessions Judge, Khurda at Bhubaneswar in

Bail Application No.200 of 2019 vide order dated 14.02.2019.

2.

The present case was instituted by clubbing three First

Information Reports of three different cases i.e. Buguda P.S. Case

No.75 of 2013, Jeypore Town P.S. Case No.71 of 2013 and Nuapada

P.S. Case No.82 of 2013 in pursuance of the order dated 09.05.2014

of the Hon9ble Supreme Court of India passed in W.P. (Civil) No.401

of 2013 filed by Shri Subrata Chattoraj and W.P. (Civil) No.413 of

2013 filed by Shri Alok Jena.

According to the prosecution case, Rose Valley Group of

Companies (hereafter for short 8Rose Valley9) collected huge amount

of money from public enticing them with false promise of paying

higher rates of interest although Rose Valley was not having any

authorization from the Reserve Bank of India (hereafter for short

8RBI9) or the Securities and Exchange Board of India (hereafter for

short 8SEBI9) for carrying out such activities and therefore, the

company cheated the public.

Investigation revealed that 8Rose Valley Resorts and

Plantations Limited, Kolkata9 was founded in the year 1997 and in

the year 2002, SEBI imposed ban on the teak based investment

schemes which the company was carrying out, for which the

3

schemes floated were stopped. The company was renamed as 8Rose

Valley Hotel and Entertainment Limited9 in the year 1999. Two more

companies in the name of 8Rose Valley Real Estates Constructions

Limited9 and 8Real Estate and Landbank India Ltd.9 were founded

subsequently in the year 1999 and 2001 which were registered with

the Registrar of Companies (hereafter for short 8ROC9). Rose Valley

started expanding its spheres and a lot of new companies were

formed in between 1997 to 2012. The accused persons, namely

Goutam Kundu, Chairman of Rose Valley, Shibamoy Dutta, Managing

Director, Ashok Kumar Saha and Ram Lal Goswami, Directors of

Rose Valley in furtherance of criminal conspiracy by establishing

branches of the companies in different parts of India, collected

money from the public through multi-level agent network system.

They cheated the investors/depositors by way of camouflaged

schemes and false assurance about legal sanctity and false promise

of higher rates of interest. The accused persons also cheated the

depositors as well as the agents b