Vaka Vasudeva Rao, v. The State Of Andhra Pradesh,

THE HON'BLE SRI JUSTICE SURESH KUMAR KAIT CRIMINAL PETITION No.15712 OF 2016 ORDER:

Vide the present petition, the petitioner/A.1 seeks a direction thereby enlarging him on bail in connection with Crime No.67 of 2016 of Atmakur P.S. Anantapur District registered for the offence punishable under Section 420 IPC and Section 5 of Protection of Depositors Financial Establishment Act 1999.

Heard the learned counsel appearing on behalf of the petitioner/A.1 and the learned Additional Public Prosecutor appearing on behalf of the respondent-State.

The case of the prosecution is that in the month of October, one company by name 'Viswas Real Estates and Infrastructures India Limited started company at Anantapur. One Vaka Vasudeva Rao (the petitioner herein) is the Managing Director, G. Eswar Rao is the CEO and one Vaka Saradhi is the Director of the company. The company alleged to have received some deposits through their agents under 1, 2, 3, 4 monthly plans and yearly plans. Thereafter, the company did not repay the deposits with interest to the depositors after maturity.

Accordingly, the company has collected an amount of Rs.45.00 lakhs from Atmakur Branch through their agency. Learned counsel appearing on behalf of the petitioner submits that the petitioner has nothing to do with the alleged agreement, and to that effect, he filed Memorandum of Association dated 18.10.2016. Another document is filed by the petitioner i.e., the profile of the company, which is prepared by the company

itself. However, there is no document filed on record issued from the Registrar of Companies which can establish that he never been a director, CMO or any post of the company.

Keeping in view the company where the petitioner was having commanding position, cheated general public and collected more than crores of rupees, I am not inclined to grant bail. Accordingly, the petition is dismissed.

Miscellaneous petitions, if any, pending shall stand closed. ___________________________________ JUSTICE SURESH KUMAR KAIT.

Date :08-11-2016 Gvl