Law:

Section:

(a) Criminal Procedure Code (V of 1898)--- ----S. 497---Penal Code (XLV of 1860), Ss.409/ 420/ 468/ 471/ 109/ 34--- Criminal breach of trust by public servant, cheating and dishonestly inducing delivery of property, forgery for purpose of cheating, using as genuine a forged document, abetment, common intention---Bail, refusal of---Allegation against accused and his co-accused was that they in collusion with each other obtained huge amounts from numerous complainants (customers) in the name of a "Guaranteed Income Policy" of the company and promised to pay monthly profit to all of them---Monthly profits were paid to the complainants for two to three months, whereafter the company office was closed--Contentions of the accused (Assistant Branch Manager of the company) were that he had been falsely implicated in the case by the police and investigation agencies; that offence with which he was charged did not fall under the prohibitory clause of S. 497, Cr.P.C.; that no specific allegation had been levelled against him; that the main accused of the case was already granted ad interim pre-arrest bail by the court below, and that entire case against the accused was based on documentary evidence, which was in the possession of the prosecution and there was no possibility of tampering with the same if accused was enlarged on bail---Validity---Complainants made payments through cross-cheques to the accused and the co-accused against which accused issued written receipts of the said payments, which bore his signatures---Complainants received monthly profits for two or three months only---Material available on record prima facie established that the accused and co-accused in collusion with each other deprived the innocent public and society from their earnings amounting to millions of rupees and they were engaged in the illegal business of parallel banking, cheating and making money by adopting fraudulent and corrupt means because of which accused did not deserve the discretionary relief of bail---Grant of bail to the accused in every case not hit by the prohibitory clause of S.497(1), Cr.P.C, was not a rule of universal application and each case had to be dealt with on…

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