Swapan Kumar Nandy @ Swapan Kumar Nandi V. Union of India through C.B.I.

A.B.A./4132/2023

AI Insights

The case involves Swapan Kumar Nandy, who is apprehending arrest in connection with a case registered under various sections of the Indian Penal Code and the Prize Chit and Money Circulation Scheme (Banning) Act, 1978. The allegations against Nandy and others include unauthorized collection of public deposits through fraudulent schemes promising exorbitant returns. The prosecution argued that Nandy was instrumental in advertising and influencing customers for these schemes. However, the defense contended that Nandy had no direct role in soliciting customers or receiving investments and had fully cooperated with the investigation. The court, considering the submissions, the charge sheet, and precedents, granted anticipatory bail.

• Counselvise Citation: [2023] 140 COUNSELVISE.COM (IT) 801161 (HC-JHARKHAND)
• Appeal Type: Others
• Pronouncement Date: 12-07-2023
• Assessment Year: misc
• Other Referred Cases: Sidhartha Versus State of U.P. (2022) 1 SCC 676, Satender Kumar Antil Vs CBI (2022) 10 SCC 51, Aman Preet Singh Vs CBI, 2021 SCC Online SC 941
• Laws Referred To: Indian Penal Code, Prize Chit and Money Circulation Scheme (Banning) Act, 1978, RBI Act, 1934
• Result in Favour of: Others
• Court: HIGH COURT
• Department Lawyers: ANIL KUMAR; CHANDANA KUMARI; NITISH SARTHI
• Assessee Lawyers: PRATIUSH LALA
• Keywords: Anticipatory bail; Money Circulation Scheme; Fraudulent schemes; Unauthorized deposit collection; Public investment fraud
• Section: 6; 5; 3; 4; 468; 420; 471; 120B; 406; 467; 438(2); 45(1A)

Judgement Text

"IN THE HIGH COURT OF JHARKHAND AT RANCHI A.B.A. No. 4132 of 2023 ------ Swapan Kumar Nandy @ Swapan Kumar Nandi .... .... …. Petitioner Versus Union of India through C.B.I. .... .... .... Opp. Party CORAM: HON'BLE MR. JUSTICE GAUTAM KUMAR CHOUDHARY For the Petitioner : Mr. Pratiush Lala, Advocate For the CBI : Mr. Anil Kumar, ASGI Ms. Chandana Kumari, A.C. to ASGI Mr. Nitish Parth Sarthi, A.C. to ASGI ------ Order No.03 Dated : 12.07.2023 The anticipatory bail application filed on behalf of petitioner, who is apprehending his arrest in connection with R.C. Case No. 20(S)/2017 E.O.W.(R) for the offence registered under Sections 120B, 406, 420, 467, 468, 471 of the Indian Penal Code and Sections 4, 5 and 6 read with Section 3 of Prize Chit and Money Circulation Scheme (Banning) Act, 1978 pending in the Court of learned S.D.J.M., Dhanbad, is pressed into motion. As per the prosecution case, M/s Sparsh Projects India Limited started its operation in Jamtara District of Jharkhand during 2011-12 by opening office and collection centre. The main Director of the Company was Mr. Debashis Mukherjee, who along with other co-accused persons including this petitioner formed this company for collection of deposits unauthorisedly from public. The Company was registered on 09.06.2011 with Registrar of Companies. Fraudulent schemes of the Company were floated to solicit investments of general public. The Company in its FD plan offered exorbitant returns as high as multiplying investment to the tune of 1.15 times in one year, 1.5 times in two year, double in 4 ½ year, triple in 7 years, five times in 10 ½ years and 10 times in 13 years. Similarly, attractive recurring deposits scheme were floated by which the Company received total investment of Rs.7,18,800/- which were not paid to investors as per promised maturity schedule. It is submitted by the learned counsel on behalf of the petitioner that the amount was collected for non-transferrable deposits, receipts of which was signed by Debashis Mukherjee and this petitioner had no role in soliciting customers and receiving investments. The petitioner has fully co-operated during investigation and after investigation, charge sheet has also been submitted. In view of the ratio decided by the Hon’ble Apex Court in Sidhartha Versus State of U.P. reported in (2022) 1 SCC 676 Satender Kumar Antil Vs CBI reported in (2022) 10 SCC 51 and Aman Preet Singh Vs CBI, 2021 SCC Online SC 941, no further purpose would be served to arrest the accused. Learned ASGI has opposed the prayer for bail. It is submitted that this petitioner was also instrumental in advertising fraudulent scheme of Company and influencing the customers. In the Company, this petitioner was Director not registered with Reserve Bank of India and non-banking finance Company under Section 45-1A of the RBI Act, 1934. The said company was not authorized to raise deposit from public under any provision of RBI Act and SEBI and issuance of certificates by raising deposits, was not authorized. Considering the facts and circumstance and that charge sheet has been submitted and the ratio relied upon by the petitioner, the anticipatory bail application is allowed. Accordingly, the petitioner, above named, is directed to surrender before the learned Trial Court within a period of two weeks and in the event of his arrest or surrender, he shall be released on bail on furnishing bail bond of Rs.50,000/- (Rupees Fifty Thousand only) with two sureties of the like amount each to the satisfaction of the Court below, subject to the conditions as laid down under Section 438(2) of the Code of Criminal Procedure and one of the bailors will be Income Tax Payee. (Gautam Kumar Choudhary, J.) Anit "