Court denies bail to the kingpin of the sensational financial fraud case

Kerala High Court: While disposing of a bail application filed to release the petitioner, a bench of A. Hariprasad J. declined to grant bail to the petitioner and directed the learned trial Judge to consider all the relevant pleas raised by the petitioner in a properly constituted bail application on the observation that there was mistake on the part of the trial court in not posting the sensational financial fraud case promptly.

In the instant case, the petitioner started an investment company and accepted deposits from many persons ensuring them a fancy return, however the amounts were syphoned off by him for his personal benefits. The Counsel for the petitioner Suman Chakravarthy, filed an application for bail under Section 439 CrPC and contended that in the present case petitioner alone is in custody while others were released on bail. The learned Public Prosecutor opposed the bail application contending that the petitioner, who is the kingpin of the case, absconded for about three years and therefore the investigation and consequent by the trial are delayed.

The Court called for reports from the Presiding Officer of the trial court and observed that the case was not posted for about two years and reason therefor is unknown. The Court noted that “Petitioner cannot be blamed as the case was not properly listed. There was mistake on the part of the trial court in not posting the case promptly and procedure followed by the court below was also not proper”. Considering that there is no reason to delay the trial, the Court declined to grant bail to the petitioner and made clear that the petitioner may move to the trial court for bail, and the learned trial Judge shall consider all the relevant pleas raised by the petitioner in a properly constituted bail application. The Court directed the court below to look into the expediency of considering the petitioner’s bail application and also directed that the court below shall start the trial of the case at the least by the 1-2-2016 and dispose of the case within a period of six months thereafter. [Sabarinath v. State of Kerala, 2015 SCC OnLine Ker 26505, decided on 18-12-2015]

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