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The Rouse Avenue Court on Friday allowed bail to a woman who had spent around nine years and four months in jail. Court noted that it was more than the total punishment provided in Section 420 IPC or Section 3, 4 & 5 of Price Chits & Money Circulation Schemes (Banning) Act, 1978.

Anu Grover Baliga, Special Judge (PC Act) CBI-21, Rouse Avenue Courts Complex directed the woman to be released on bail only on the furnishing of a personal bond of Rs. 5 lakhs. 

The bail application was filed by a woman accused of offences under Sections 467, 468, 471, 419, 120B of the Indian Penal Code and Section 3, 4 & 5 of Price Chits & Money Circulation Schemes (Banning) Act, 1978 based on the allegations that she and her spouse forged a partnership deed and opened bank accounts on the basis of the said deed. 

The FIR was filed over the allegations of the complainant that he had invested a total amount of Rs. 15 lakhs with the firm of the accused persons on their inducement.

Advocate Archit Kaushik, appearing for the accused, submitted that the accused has spent about nine years and four months in custody without any trial. In addition to this, it was further argued that the record would show that the delay in the case has not been due to any fault of the accused, and hence, the court may take into consideration the provisions of Section 436 (2) Code of Criminal Procedure and grant bail to the accused.

Kaushik also pointed out that out of 35 cases filed against this accused, the accused stood acquitted in 17 of the said cases and she is on bail in the remaining cases except 3 including the present case.

Kaushik further argued that allegations in the chargesheet concerning another FIR (which is also pending before the court) are identical to the one made in the present case, except for the fact that the complaints on the basis of which the two FIRs have been lodged are different.

However, the counsel appearing for the State contended that accused Ulhas Prabhakar Khaire, husband of the present accused, used identity of one Lokeshwar Dev of Dehradoon and the present accused Raksha J. URS used the false identity of Priyanka Saraswat Dev and forged a partnership deed which recorded that both of them had formed a partnership firm in the name of M/s STOCK GURU.INDIA. 

He further argued that both of them along with their co-accused persons thereafter induced the general public to invest their money in M/s STOCK GURU.INDIA and fraudulently assured the public that their investments would earn a return of 220% within seven months.

In furtherance to this, the entire amount of the money so collected was siphoned off by the accused and her spouse to purchase various immovable properties, thus cheating the public persons of their hard-earned money, the counsel added.

Court opined that in the present case prima facie no charges could be framed against the accused for having forged a partnership deed or for having used the same to open the bank accounts, for the accused could not be made to face two trials in respect of the same offences.

In view of this, Court allowed bail to the woman on the furnishing of a personal bond of Rs. 5 lakhs

Earlier, the Tis Hazari Court had released the accused on bail stating that the period of her incarceration has not only led to the travesty of justice but also reflects poorly on our judicial system.

Additional Sessions Judge Hemani Malhotra had noted that the woman was languishing in judicial custody since November 10, 2012, and had spent more than 7 years, the maximum punishment that can be awarded to her by the Chief Metropolitan Magistrate (CMM).

Kaushik, speaking with LawBeat, had said that the Court was informed that the woman had been accused in 34 cases, however, she had been awarded acquittal in more than 15 cases. The woman has 3 minor daughters, out of which the youngest one is 10 years old and the woman has not seen her since she was arrested in 2012, Kaushik had told.

Case Title: State Vs. Ulhas Prabhakar Khaire Lokeshwar Dev & Ors.