G. P. SRIVASTVA, J. ( 1 ) I have heard learned Counsel for the applicant and learned A. G. A. ( 2 ) ACCORDING to the prosecution case the applicant is Managing Director of Helios Book company. The applicant along with other accused persons fraudulently misappropriated more than Rs. one crore of investors. The accused is not repaying the money due. The cheques issued have already been dishonoured. ( 3 ) IT has been argued by the learned Counsel for the applicant that the applicant has every intention to pay the money but could not pay due to the direction of the Reserve Bank of India dated 15. 7. 1997 whereby the Company was directed not to dispose of any asset including withdrawal of the Bank deposit. It has further been argued that the Company is under liquidation by the order of the High Court of Judicature at Patna. The Company has deposited F. D. R. worth rs. 40,00,000/- with the Official Liquidator and the Liquidator still pay the money to the depositors. ( 4 ) THE letter of the Reserve Bank of India Annexure-II dated 15. 7. 1997 shows that the applicants company had invested a sum of Rs. 0. 51 lac in approved securities only constituting 0. 07% as against 70% required to be maintained in terms of paras 6 (1) (b) of the directions. The Company failed to submit the audit report and also did not comply with the directions issued by the reserve Bank of India. In that event the Company was prohibited for accepting deposit with minimum effect and directed not to dispose of any asset. The Reserve Bank of India filed a winding off petition before the Patna High Court. Consequently the Company was put under liquidation. ( 5 ) IT is not disputed that the depositors deposited the money with the applicant and his Company by fraudulent intention as appears from the letter of the Reserve Bank of India, misappropriated the money. Consequently the creditors could not get the money due. The action taken by the reserve Bank of India cannot be a shield for embezzlement and fraud. No ground for bail is made out. The application is rejected. . .