V.Ravichandran v. State Rep By

CRL.O.P.No.30346 of 2022 T.V.THAMILSELVI,J.

The petitioner, who apprehends arrest for the alleged offence under Sections 409, 420, 120(B), 109, 34 of IPC and Section 5 of the Tamilnadu Depositors (In Financial Establishments) (TNPID) Act, 1997 and Sections 21(3), 22, 23, 24, 25 of Banning of Unregulated Deposit Schemes Act (BUDS) Act in Cr.No.Not Known of 2022, seeks anticipatory bail. 2.The case of the prosecution is that the prime accused persons viz., Mr.Soundarrajan and his son Mr.Alexander Soundarrahan, floated a company under the name and style of M/s.Hijau Associates Private Limited and Hijayu Agro LLP and raised deposits from public, by promoting themselves to be partners of a Malaysia based oil industry, which is into manufacturing of lubricant oil under the brand name "G-Lube".

They further persuaded the public, by publishing that their business has huge profit and if deposits are made in to the company, they will invest the same for marketing and selling of the said lubricant oil in to India, which has huge market for the same and the depositors will have huge profits i.e., up to 15% and as such, assured repayment of the Principal amount.

onwards, the depositors were not repaid the agreed sum and from Novermber, 2022 onwards, the above said father and son were absconding and thereby cheated several thousand crores of public money. The petitioner is also accomplice to the crime committed by the said Mr.Soundarrajan and his son Mr.Alexander Soundarrajan.

3.The learned counsel appearing for the petitioner submitted that the petitioner has not committed any offence as alleged by the prosecution and he has been falsely implicated in this case. Hence prays for grant of anticipatory bail.

4.The learned Government Advocate (Crl.Side) would submit that the case is under investigation. Hence, he vehemently opposed to grant anticipatory bail to the petitioner.

5. Taking into consideration the submission made by the learned Government Advocate, this court is not inclined to grant anticipatory bail to the petitioner.

6. Accordingly, this Criminal Original Petition is dismissed. 04.02.2023 kmm

T.V.THAMILSELVI, J.

kmm CRL.O.P.No.30346 of 2022 04.01.2023