Orissa High Court
BLAPL/10738/2019 on 6 April, 2021
BLAPL No.10738 of 2019
06. 06.04.2021 This matter is taken up through video conferencing mode.
The petitioner, who is in custody in CID CB P.S. Case No.16 of
2011 corresponding to C.T. Case No.1(C) of 2014 arising out of
Baripada Town P.S. Case No.301 of 2010, running for the alleged
commission of offence under section 467/468/471/420/406/120-B of
the IPC and section 4/5/6 of PCMCS (Banning) Act and section 6 of
OPID Act pending on the file of the learned Additional Sessions Judge-
cum-Designated Court (OPID), Balasore(I/C), in filing this application
under section 438, Cr.P.C., for his release on bail.
Heard Mr.D.P.Dhal, learned counsel for the petitioner and
Mr.Bhuyan, learned counsel for the State appearing in OPID cases.
Perused the materials as placed including the final form.
The case has been registered for carrying out the alleged illegal
activities of collection of money from the innocent investors giving
them tall promises as to the return in one way or other with the aim to
cheat them from the beginning. It is said that being lured by said
promises, persons in huge numbers made substantial deposit of their
money. The petitioner is the Director of M/s.Sastra Enterprises Private
Limited and M/s.Earnex Marketing Private Limited in the name of
which the activities were being carried out. It is stated that so far traced
out, the PAN INDIA situation as to collection of funds is around
Rs.28.26 Crores out of which in so far as the State of Odisha is
concerned, the collection is around Rs.4.86 crores form 1357
depositors. As finds mention in the charge-sheet, the Company by
engaging employees and agents, who are basically unemployed youths,
had been collecting huge amount from the innocent persons all
throughout making them believe that their investment in their hands are
all safe and secured and the returns are assured under different schemes
of the Companies. The trial of the case is going on. The petitioner hails
from the State of Andhra Pradesh and no such material has been found
out to show that any of the Company has any such noticeable asset in
this State.
Considering the submissions made and on going through the
record; further keeping in view the large scale activity of the
Companies in this State of Odisha in collecting huge amount from
large number of persons by bringing them within the net with all such
false promises made for the purpose in a calculated manner as also the
magnitude of the offence in carrying out several other activities, in a
planned manner as to diversion of the funds so as to avoid any future
liability having wide ramifications and the tendency to ruin the
economy of the nation; this Court is not inclined to consider the prayer
for grant of bail to the Petitioner.
The BLAPL is dismissed accordingly.
As the restrictions due to the COVID-19 situation are continuing,
learned counsel for the parties may utilize a soft copy of this order/judgment
available in the High Court's website or print out thereof at par with certified
copy in the manner prescribed, vide Court's Notice No.4587 dated 25th
March, 2020.
.......................
D. Dash,J.
Basu
