HC direction to special court

The Madurai bench of the Madras High Court directed the Special Judge for Tamil Nadu Protection Of Interests Of Depositors Act Cases, Madurai, to attach immovable properties of a petitioner, accused of cheating depositors of Rs 60 crore, and set aside the condition imposed by the special court for granting bail by depositing Rs.15 lakh.
The petitioner J.Yakya Narayanan, an accused in a case pending before the Special Court for TANPID Act Cases in Madurai, had filed an application under Section 167(2) of Cr.PC, for statutory bail as charge sheet had not been filed.
The Special Court passed an order releasing the accused on bail with the condition directing him to deposit Rs.15 lakh. Aggrieved by the order, Yakya Narayanan approached the High Court.

The counsel for the petitioner submitted the petitioner was in custody for more than 221 days and details of movable and immovable property are with the investigating agency, value of which is more than the alleged amount of cheating and hence condition imposing the deposit of Rs.15 lakh is onerous.
He also submitted the liberty of the person cannot be curtailed on a condition which cannot be complied with.
Opposing the bail plea, the counsel for depositors pointed out that there are more than 7000 depositors and the amount involved was more than Rs.60 crore. Movable and immovable property in the name of the petitioner and his relatives are more than Rs.37 crore. If the petitioner is let on bail, the depositors will not receive the money.

In addition, the prosecution submitted that the total value of the properties of the accused identified is more than Rs seven crore and also produced details of movable and immovable properties to the Court.

Justice Akbar Ali, who heard the submissions, observed that while granting a statutory bail, the lower courts need not pass such an onerous condition.
Further, the judge directed the investigating agency to find other depositors and also identify the other movable and immovable properties either in the hands of the accused or in the hands of any other persons, which were acquired from and out of the deposited money.

He directed the special judge to attach all the immovable properties of the petitioner so that the amount could be paid to the depositors.