Rakesh Singh vs The State Of Madhya Pradesh
2022 Latest Caselaw 3063 MP

                                                                     1
                                     IN THE HIGH COURT OF MADHYA PRADESH AT JABALPUR
                                                                  BEFORE
                                                 HON'BLE SHRI JUSTICE RAJEEV KUMAR DUBEY
                                                            ON THE 4th OF MARCH, 2022

                                                 MISC. CRIMINAL CASE No. 59549 of 2021

                                         Between:-
                                         RAKESH SINGH S/O SHRI VIKRAM SINGH , AGED
                                         ABOUT 37 YEARS, OCCUPATION: PRIVATE JOB
                                         NAPIER TOWN RUSSEL CHOWK DISTT. JABALPUR
                                         (MADHYA PRADESH)

                                                                                                    .....APPLICANT
                                         (BY SHRI GHANSHYAM PANDEY, ADVOCATE )

                                         AND

                                         THE STATE OF MADHYA PRADESH THR. P.S.
                                         LORDGANJ JABALPUR (MADHYA PRADESH)

                                                                                                .....RESPONDENTS
                                         (BY SHRI AKHILENDRA SINGH, GOVERNMENT ADOVCATE)
                                         SHRI S.K. PANDEY, LEARNED COUNSEL FOR THE OBJECTOR.

                                       This M.Cr.C. coming on for admission this day, the court passed the
                                 following:
                                                                      ORDER

Heard with the aid of case diary.

This is first bail application filed by the applicant Rakesh Singh under

Section 438 of Cr.P.C. for grant of anticipatory bail. The applicant apprehends his arrest in connection with Crime No.497/2021, registered at P.S. Lordganj District Jabalpur for the offences punishable under Sections 420, 409 of IPC and Section 3(4) and 4 of Madhya Pradesh Nikshepakon Ke Hiton-Ka-Sanrakshan Adhiniyam.

As per the prosecution case, applicant and co-accused persons who were the Director, Officer and agents of TCADVT Venture Private Limited, had collected money from the innocent people assuring them that they would get a handsome return after the maturity period. However, they did not pay the money even after the maturity period. On the other hand, they closed down the company Office, thus they cheated innocent people and embezzled an amount of Rs.68,00,000/- of innocent people. The specific allegation against the applicant is Signature Not Verified SAN that the applicant was the Director of the company and he himself and through their Digitally signed by MANOJ NAIR Date: 2022.03.05 15:43:50 IST agents induced investors to deposit money with the company and embezzled that

amount.

Learned counsel for the applicant submits that the applicant is innocent and has falsely been implicated in the crime. It is further submitted that the applicant resigned from the company in the month of March, 2020 while the money was

deposited by the investor after resigning the applicant from the company, so no offence is made out against the applicant. Applicant is ready to cooperate in the investigation and trial. In the event of arrest, his reputation will be ruined. Under these circumstances, the applicant prays for bail. In this regard, he also placed reliance on Apex Court judgment passed in the case of Mitesh Kumar J. Sha vs. The State of Karnataka & Ors., in Cr.A. No.1285/2021.

Learned counsel for the State as well as Objector opposed the prayer and submitted that the applicant is the Director of the said company and he induced the investors to deposit the money with the company and embezzled that amount. It is further submitted that according to Section 6 (1) of M.P. Nikshepakon Ke Hiton Ka Sanrakshan Adhiniyam, 2000 every person including the promoter, partner, director, manager or any other person or an employee responsible for the management of or conducting of the business or affairs of such financial establishment is liable for the act of the company. According to the provisions of Section 14 of the M.P. Nikshepakon Ke Hiton Ka Sanrakshan Adhiniyam, 2000, anticipatory bail is barred. So he should not be released on anticipatory bail.

The fact of the case of Mitesh Kumar J. Sha vs. The State of Karnataka & Ors., (supra) as relied upon by the learned counsel for the applicant do not match with the present case. In that case, proceedings of the case were quashed by the Apex Court because from the charge-sheet no offence was made out against the applicant while in this case from the evidence collected by the prosecution prima facie offences under Sections 420, 409 of IPC and Section 3(4) and 4 of Madhya Pradesh Nikshepakon Ke Hiton-Ka-Sanrakshan Adhiniyamis is made out against the applicant, so the aforesaid judgment does not help the applicant.

The allegation against the applicant is that he is the Director of the company

Signature Not Verified and he induced the investor to deposit the money and he himself collected money SAN

Digitally signed by MANOJ NAIR from the innocent person and thereafter embezzled that amount. So, looking to the Date: 2022.03.05 15:43:50 IST

allegations against the applicant, the enormity of fraud and the provisions of

Section 14 of the M.P. Nikshepakon Ke Hiton Ka Sanrakshan Adhiniyam, 2000, this Court is not inclined to grant anticipatory bail to the applicant.

Hence, this application is rejected.

(RAJEEV KUMAR DUBEY) JUDGE mn

Signature Not Verified SAN

Digitally signed by MANOJ NAIR Date: 2022.03.05 15:43:50 IST