Advocates:
['S C TRIPATHY', '', 'S TRIPATHY', 'K K PRADHAN', 'M/S SOURA CH MOHAPATRA', 'P M MOHAPATRA', 'S MOHAPATRA', 'M/S SURESH TRIPATHY', 'S S SENAPATI', 'KALI CHARAN MISHRA CBI']

IN THE HIGH COURT OF ORISSA, CUTTACK

BLAPL No. 5450 Of 2019

An application under section 439 of the Code of Criminal

Procedure in connection with R.C. Case No. 39/S/2014-Kol

corresponding to SPE Case No. 34 of 2014 pending on the file of

Special C.J.M. (C.B.I.), Bhubaneswar.

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Shrikant Mohta

…..… Petitioner

-Versus-

Republic of India

…….. Opp. Party

For Petitioner: - Mr. Suresh Tripathy

For Opp. party:

- Mr. Kali Charan Mishra

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

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P R E S E N T:

THE HONOURABLE MR. JUSTICE S.K. SAHOO

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Date of Hearing: 24.12.2019 Date of Judgement: 02.01.2020

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S. K. SAHOO, J.

The petitioner Shrikant Mohta earlier knocked the

doors of this Court for bail in an application under section 439 of

the Code of Criminal Procedure in BLAPL No.1983 of 2019 in

connection with R.C. Case No. 39/S/2014-Kol dated 05.06.2014

corresponding to SPE Case No. 34 of 2014 pending on the file of

Special C.J.M. (C.B.I.), Bhubaneswar which was rejected as per

2

order dated 13.05.2019. After submission of charge sheet

against the petitioner on 22.05.2019 for commission of offences

punishable under sections 420, 409 read with section 120-B of

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

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

‘1978 Act’), he has again approached this Court for bail after his

prayer for bail before the learned Sessions Judge, Khurda at

Bhubaneswar in Bail Application No.854 of 2019 was rejected

vide order dated 18.06.2019.

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 Hon’ble 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 ‘Rose Valley’) 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 ‘RBI’) or the Securities and Exchange Board

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of India (hereafter for short ‘SEBI’) for carrying out such

activities and therefore, the company cheated the public.

Investigation revealed that ‘Rose Valley Resorts and

Plantations Limited, Kolkata’ 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 schemes floated were stopped. The company was

renamed as ‘Rose Valley Hotel and Entertainment Limited’ in the

year 1999. Two more companies in the name of ‘Rose Valley

Real Estates Constructions Limited’ and ‘Real Estate and

Landbank India Ltd.’ were founded subsequently in the year

1999 and 2001 which were registered with the Registrar of

Companies (hereafter for short ‘ROC’). Rose Valley started

expanding its spheres and a lot of new companies were formed

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

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

mon