Sri S.B. Lakshmi Narayana v. The State Of Telangana

THE HONOURABLE SMT. JUSTICE K. SUJANA CRIMINAL PETITION No.13737 of 2024 ORDER:

Seeking the Court to enlarge the petitioner who is arrayed as accused No.4 in Crime No.229 of 2023 of Central Crime Police Station, Hyderabad, on bail, the present Criminal Petition is filed.

2.

The brief facts of the case are that in the month of July, 2022, accused No.3 assured respondent No.2 that she will get double of the invested amount if she invests in accused No.1Company. Despite investing the good amounts, respondent No.2 has not received any amount from accused No.1. Hence, a case was registered vide Crime No.229 of 2023 before the Central Crime Police Police, Hyderabad, for the offences punishable under Sections 406, 420 read with 34 of hte IPC and Section 5 of the TSPDFEA.

3.

Heard Sri K.V.Sekhar, learned counsel appearing on behalf of the petitioner as well as Sri Syed Yasar Manoon, learned Additional Public Prosecutor appearing on behalf of the respondent-State.

4.

Learned counsel for the petitioners submitted that the petitioner is innocent and they are no way concerned with the

alleged offences as the investors invested the amount directly into the bank accounts of accused Nos.1 and 2. He further submitted that all the material witnesses were examined, and further detention of the petitioner is unnecessary. He also submitted that the petitioner has been in judicial custody since 12.09.2024, causing undue hardship to his family. The allegations are false and fabricated. The petitioner is resident of Jogulamba Gadwal District, with movable and immovable properties, and are willing to furnish sureties as directed. Therefore, he prayed the Court to grant bail to the petitioner by allowing this criminal petition.

5.

On the other hand, learned Additional Public Prosecutor opposed the submissions made by the learned counsel for the petitioner stating that the investigation is not yet completed, therefore, granting bail to the petitioner, at this stage, does not arise. Hence, he prayed the Court to dismiss the criminal petition.

6.

After considering submissions from both the parties and reviewing the record, it is apparent that the investors invested the said amounts in the bank accounts of accused Nos.1 and 2 and prima facie, the prosecution has not placed any evidence to show that the amounts deposited by investors are received by the petitioner. Further, the accused is in jail from

12.09.2024. In the circumstances of the case and since material part of investigation is completed, this Court deems it fit to grant bail to the petitioner subject to the following conditions:

i.

The petitioner shall execute a personal bond for a sum of Rs.25,000/- (Rupees Twenty Five Thousand only) each, with two sureties for a like sum each to the satisfaction of the XII Additional Chief Metropolitan Magistrate, Nampally, Hyderabad.

ii.

The petitioner shall appear before the concerned SHO at 11:00 a.m., on every Monday for a period of eight (8) weeks, for the purpose of investigation, and thereafter, as and when required.

iii.

The petitioner shall abide by the conditions stipulated in Section 437(3) of Cr.P.C.(presently, Section 480(3) of the BNSS) 7.

Accordingly, the Criminal petition is allowed. Miscellaneous applications, if any pending, shall stand closed.

_______________ K. SUJANA, J Date: 05.12.2024 gms

THE HONOURABLE SMT JUSTICE K. SUJANA CRIMINAL PETITION No.13737 of 2024 Date: 05.12.2024 gms