The Jharkhand High Court in the case Krishna Kabir vs. The Union of India through Central Bureau of Investigation observed and has granted the anticipatory bail to Krishna Kabir, the Director of the Alchemist Group, in connection with the case which involves financial fraud and investor deception.
The bench headed by Justice Gautam Kumar Choudhary was hearing the case that revolves around accusations of luring investors with false promises which relates to the bookings of land.
The said matter drawn the significant attention due to the alleged embezzlement of funds and violation of the Prize Chits and Money Circulation Scheme, the Banning, Act, 1978.
In the present case, the petitioner, Krishna Kabir seeks anticipatory bail through the court in connection with another case which was being registered under section 120B, section 409 and section 420 of the Indian Penal Code, 1860 and under section 4, section 5 and section 6 of Prize Chits And Money Circulation Scheme. Thus, the allegations made with regards to the action of company of collecting deposits totalling an amount of Rs. 8,86,50,950/- through local agents and the Branch in charge in Giridih, Jharkhand, for a land booking scheme. The deposits made allegedly remain unpaid to investors, and some partial repayments were made in violation of the aforementioned Act.
The counsel appearing for the petitioner, Soumitra Baroi, contended before the court that the vicarious liability cannot be attributed to the Director unless there is concrete evidence of their involvement in the fraudulent activities. It was also argued before the court that the accounts of the company are managed by Charandeep Singh Jolly, the authorized signatory, and not by Krishna Kabir.
The bench headed by Justice Gautam Kumar Choudhary while considering the arguments and circumstances of the case stated that the submissions made of the learned counsel and considering that the chargesheet has already been submitted and the fact as discussed above.
Further, the court in its order stated that if the Krishna Kabir is arrested or surrenders within three weeks from the receipt of the court order, thus, he shall be released on bail upon furnishing a bond for an amount of Rs.1,00,000/- (the Rupees One Lakh) with two sureties of the same amount each. Additionally, one of the sureties must be an Income Tax Payee, and the conditions which is laid down under Section 438(2) of the Criminal Procedure Code, CrPC must be adhered to. Accordingly, the court allowed the application. The counsel, Advocate, Mr. Soumitra Baroi appeared for the Petitioner.
The counsel, Mr. Anil Kumar, ASGI Ms. Chandana Kumari, AC to ASGI Mr. Nitish Parth Sarthi, AC to ASG for CBI.