The Jharkhand High Court granted anticipatory bail to the Director of the Alchemist Group, in connection with a case involving financial fraud and investor deception and directed the petitioner to comply with the conditions laid down under Section 438(2) of the Cr.P.C.
Brief Facts:
The petitioner filed the present petition seeking anticipatory bail in connection with a case registered under Sections 120B/409/420 IPC and under Sections 4,5 and 6 of the Prize Chits & Money Circulation Scheme after allegations regarding the company’s actions of collecting deposits totaling Rs. 8,86,50,950/- through local agents and the Branch in charge for a land booking scheme were made.
Contentions of the Applicant:
The learned counsel appearing on behalf of the petitioner contended that the vicarious liability of the Director cannot be imputed until and unless there is some overt act attributed to him in the said fraud and the account of the Company was operated by Charandeep Singh Jolly (A-7) who was the authorized signatory and not by this petitioner and the amount that was withdrawn and transferred was also by said person. It was further contended that the petitioner has co-operated with the investigation and after investigation, a chargesheet has been submitted and no further purpose will be served if the petitioner is taken into custody.
Contentions of the Respondent:
The learned counsel appearing on behalf of the state contended that the petitioner was the founding director of the company and he cannot be absolved of all liability of embezzling the public fund for the reason that the account was operated by some other person as authorized by the company.
Observations of the Court:
The court further stated that the petitioner would be released on bail in the event of his arrest or surrender within a period of three weeks from the date of receipt of a copy of the present order. The court further directed the petitioner to comply with the conditions laid down under Section 438(2) of the Cr.P.C.
The decision of the Court:
The court allowed the petition and granted anticipatory bail to the petitioner.
Case Title: Krishna Kabir vs. Union of India
Coram: Hon’ble Mr. Justice Gautam Kumar Choudhary
Case No.: A. B. A. No. 3004 of 2023
Advocate for the Applicant: Mr. Soumitra Baroi
Advocate for the Respondent: Mr. Anil Kumar, Ms. Chandana Kumari and Mr. Nitish Parth Sarthi
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