Orissa High Court: S. Pujahari, J., dismissed the application under Section 438 of Criminal Procedure Code, 1973 filed by the petitioner being devoid of merits.
A case was registered pursuant to an order of commitment passed in R.C. Case No.31(S) of 2014-Kol. under Section 44(1)(c) of the PMLA Act, by the Special C.J.M. (CBI), Bhubaneswar. Being apprehensive of his arrest by the C.B.I. in connection with PMLA Case No.148 of 2019 on the file of the Special Court under the Prevention of Money-Laundering Act, 2002 (hereinafter referred to as the “PMLA Act”), Bhubaneswar, and present application under Section 438 of CrPC was filed seeking pre-arrest bail.
Counsel for the petitioner Mr Debasish Panda, submitted that the entire transaction of the petitioner with Saradha Group was nothing but a business dealing having no element of criminality, and the C.B.I. is already in possession of all the connected documents of such business transaction. It was further contended that on earlier occasions, the petitioner had shown his willingness and readiness to cooperate with the investigation, and in future also he will make himself available before the C.B.I. for the purpose of further interrogation, if necessary, and there is no necessity of his being taken to custody.
Counsel for the CBI Mr Sarthak Nayak submitted that Since the Supreme Court of India has specifically directed the C.B.I. to investigate larger conspiracy, money trail, roles of regulators etc., the arrest and custodial interrogation of the petitioner by the C.B.I. in the present case involving Saradha Group is essential, inasmuch as it is apparent on record that the petitioner by misusing his media company and adopting an arm-twisting technique against some selective companies dealing with ponzi schemes, extracted crores of rupee which belonged to gullible depositors.
The Court relied on P. Chidambaram v. Directorate of Enforcement, (2019) 9 SCC 165 wherein it was observed that that grant of anticipatory bail at the stage of investigation may frustrate the investigating agency in interrogating the Accused and in collecting the useful information and also the materials which might have been concealed and success in such interrogation would elude if the Accused knows that he is protected by the order of the Court. Grant of anticipatory bail, particularly in economic offences would definitely hamper the effective investigation.
The Court further observed that in this case the petitioner has been indicted in an economic offence which is of serious in nature and the larger angle of conspiracy with regard to patronage of political and other persons in growth of such ponzi firms are required to be unearthed.
The Court held “I am of the view that no effective investigation can be made by the police by enlarging the petitioner on pre-arrest bail, even if he is ready and willing to cooperate with the investigation by remaining on pre-arrest bail.”
[Suman Chattopadhyay v. Republic of India, 2021 SCC OnLine Ori 676, decided on 17-06-2021]
Arunima Bose, Editorial Assistant has reported this brief.