JUDGMENT : (Prayer: For Bail in Crime No.RCO692018E0008 of 2018 on the file of the respondent.) The Court made the following order :- The petitioners, who were arrested on 19.01.2021 for the offence punishable under Sections 120-B r/w 406 and 420 IPC and Section 5 of TNPID Act, 1997, in Crime No.RCO692018E0008 of 2018 on the file of the respondent police, seek bail. 2. The petitioners before this Court are accused nos. 3 & 4. The first accused is one M/s Parivar Dairies and Allied Limited Company and the other accused are holding various positions in the first accused Company and some of them are involved in managing the affairs of the Company. The prosecution case is that the petitioners and other accused entered into criminal conspiracy during the year 2002 at Gwalior and other places for the purpose of getting wrongful gain for themselves by cheating innocent public by way of collecting deposits/investments from them dishonestly and fraudulently, without obtaining any approval or registration from the Reserve Bank of India (RBI) or Securities and Exchange Board of India (SEBI) and with false promise to pay high returns on such deposits/investments and collected deposits/investments from 17379 depositors to the tune of Rs.49,76,53,691/- (Rupees Forty Nine Crore Seventy Six Lakh Fifty Three Thousand Six hundred and Ninety One only). Instead of returning the deposited amount on maturity, the petitioners along with other accused said to have misappropriated the said amount for their personal gain. 3. The defacto complainant in this case is one of the investors in the scheme introduced by the first accused company. He has invested a sum of Rs.1,07,000/- in his name, his wife's name and sister's name. His repeated request for payment of money on maturity did not yield any result and when he went to the company, he found that the company premises was closed. Hence, the complaint. 4. Learned Assistant Solicitor General of India appearing for the respondent, on instructions, submitted that the Memorandum of Association and Articles of Association of M/s Parivar Dairies and Allied Limited have no provisions for soliciting deposit from the general public. However, the accused floated various fraudulent schemes such as Installment Payment Plan (IPP), Recurring Deposit (RD) and Down Payment Plan (DPP), collected huge sum of money from the general public and cheated them. However, the accused floated various fraudulent schemes such as Installment Payment Plan (IPP), Recurring Deposit (RD) and Down Payment Plan (DPP), collected huge sum of money from the general public and cheated them. She further submitted that the investigation conducted so far revealed that 17379 depositors have been cheated and the accused have caused wrongful loss to the tune of Rs.49,76,53,691/-. This is the second application filed by the petitioners for bail and the first application filed by them in Crl.OP(MD)Nos.4619 and 4620 of 2021 was dismissed by this Court on 21.04.2021. 5. Learned Senior Counsel for the petitioners submitted that the petitioners are innocents and have not committed any offence as alleged by the prosecution. He further submitted that the investigation is completed and charge sheet has also been filed, wherein, the petitioners are said to have misappropriated to the tune of Rs.9 Crore (Approx). The petitioners are having assets and bank balance and they are prepared to settle the deposits by utilizing the same, for which purpose, they prayed this Court to appoint a Committee headed by a Retired Judge of this Court. The petitioners have also filed undertaking affidavits in this regard. 6. Learned Counsel appearing for the intervenors acceded to the suggestion of the petitioners for appointment of a Committee headed by a retired Judge of this Court to disburse the amount to the depositors. But, they disputed the number of depositors i.e., 17379 and the wrongful loss caused by the accused (to the tune of Rs. 49,76,53,691/-), as claimed by the respondent-CBI in the charge sheet. There are several depositors who are not aware of the present proceedings and the investigating agency is yet to get them. 7. In fact, the intervenor in Crl.MP(MD)No.5780 of 2021 has filed a typed set of papers and in page no.7, he has enclosed a list that the total number of depositors is 45167, total deposit amount is Rs.77,91,08,734/-, total maturity amount is Rs.222,02,45,618/-. The said intervenor has also furnished the details of around 30000 such depositors with deposit and maturity amount details in five voluminous books. According to him, several depositors are not aware of the pending proceedings and several others did not know as to whom they have to approach for lodging the complaint. The said intervenor has also furnished the details of around 30000 such depositors with deposit and maturity amount details in five voluminous books. According to him, several depositors are not aware of the pending proceedings and several others did not know as to whom they have to approach for lodging the complaint. He further submitted that the intervenor is prepared to make a paper publication as to the present proceedings as well as about the Committee. 8. The intervenor in Crl.MP(MD)No.6451 of 2021 has also filed a typed set of papers, wherein, at page nos.17 & 18, he has enclosed the patta for the properties in Kallupatti, Nilakottai Taluk, Dindigul District, standing in the name of the accused company. 9. In response, learned Assistant Solicitor General of India submitted that though a final report has been filed, the investigation is still continuing under Section 173(8) Cr.P.C. 10. She further submitted that the accused' properties worth about Rs.1.40 Crore (guideline value) in Chennai was attached by the Government of Tamil Nadu, vide G.O.Ms.No.828, Home (Police XIX) Department, dated 24.11.2016. Apart from the above, the accused' properties worth about Rs.32.08 Lakh (guideline value) in Nilakottai, Dindigul and Rs.4.42 Crore (guideline value) in Bangalore and various bank accounts to the tune of Rs.4.65 Crore were attached vide G.O.Ms.No.352, Home (Police XIX) Department, dated 26.08.2021. 11. From the submissions and the undertaking affidavits filed by the petitioners, it is seen that the petitioners are ready to settle the amount to the depositors, under a Committee and to arrange the amount, they have come up with the following proposal: i) the petitioners are ready to pay a sum of Rs.2,50,00,000/- [Rupees Two Crore Fifty Lakh only] in five equal monthly installments, of which, Rs.50,00,000/- [Rupees Fifty Lakh only] shall be utilized by the Committee to meet the incidental expenses. ii) the CBI in the charge sheet in paragraph no.38 has stated that a proposal has been made to the Government to attach the properties and bank accounts to the tune of Rs.9,53,49,587/-; iii) the petitioners are having bank accounts in Gwalior, Madhya Pradesh, with a balance to the tune of Rs.6,45,50,280/-. This account has been seized by the District Collector, Gwalior. But, the details of this account was not found part either in the charge sheet or the counter affidavit filed by the CBI. This account has been seized by the District Collector, Gwalior. But, the details of this account was not found part either in the charge sheet or the counter affidavit filed by the CBI. The petitioners are ready to share the details of the bank accounts; iv) the petitioners are having properties in Tamil Nadu as well as in Madhya Pradesh and they are ready to share the details of the same. Funds can be mobilized by selling the properties. By utilizing the aforesaid funds and by selling the properties, the petitioners expressed their willingness to settle the amount to the depositors and prayed for grant of bail. 12. In response, learned Assistant Solicitor General of India submitted that the petitioners have committed similar crime in Madhya Pradesh as well, for which, a separate case was registered therein and a Committee was appointed by the Sessions Judge, Morena, Madhya Pradesh, to settle the amounts to the depositors. Therefore, the respondent-CBI is not sure as to whether the sum of Rs.6,45,50,280/- in the bank accounts of the accused said to be seized by the District Collector, Gwalior, is a subject matter of the crime in respect of the present case or of the crime committed in Madhya Pradesh. 13. Heard the learned Counsel appearing for the respective parties and perused the documents placed on record. 14. The prosecution case, in brief, is that the accused company had collected money/deposit from the complainant and other general public, on the promise of high returns, but, they neither returned the promised maturity amount nor the deposited amount. 15. It appears that the case was originally registered in Crime No.64 of 2015, dated 05.12.2015 by the District Crime Branch, Madurai and in Crime No.1 of 2016, dated 05.01.2016 by the Economic Offence Wing-II, Madurai. They have conducted investigation and filed a final report that 17379 depositors have been cheated and the accused have caused wrongful loss to the tune of Rs.49,76,53,691/-. Subsequently, the investigation was transferred to CBI as per the order of this Court in Crl.OP(MD)Nos.10036 & 11021 of 2016, dated 11.09.2018. Thereafter, they have registered the case in RCO692018E0007 and RCO692018E008 on 29.11.2018, conducted investigation and now, have filed a charge sheet. Even in this charge sheet, the respondent-CBI has maintained that 17379 depositors have been cheated and that the accused have caused wrongful loss to the tune of Rs.49,76,53,691/-. Thereafter, they have registered the case in RCO692018E0007 and RCO692018E008 on 29.11.2018, conducted investigation and now, have filed a charge sheet. Even in this charge sheet, the respondent-CBI has maintained that 17379 depositors have been cheated and that the accused have caused wrongful loss to the tune of Rs.49,76,53,691/-. This figure was disputed by the intervenors. When a query was posed by this Court, the learned Assistant Solicitor General of India, on instructions, submitted that the respondent-CBI has not made any paper publication as to the present case. The intervenors are quick to express their inclination to effect paper publication on their own. 16. Be that as it may, as per the charge sheet, the allegation as against the petitioners is that they have caused wrongful loss to the tune of around Rs.9 Crore (Approx). Now, the petitioners have come forward to settle the amount to the depositors, for which, they prayed this Court to appoint a Committee headed by a retired Judge of this Court. The intervenors have also acceded to the said suggestion. The petitioners have agreed for certain terms as well, which was also agreeable by the intervenors. 17. In the light of the above discussion and in the interest of the public, this Court is passing the following order, upon the consent of the petitioners and the intervenors: 1) The petitioners, in order to show their bona fide, are directed to pay a sum of Rs.50,00,000/- to the credit of this Criminal Original Petition before the Registry of this Court, immediately. 2) A Committee is formed under the Chairmanship of Hon'ble Thiru Justice N.KIRUBAKARAN, retired Judge of this Court. 3) The Chairman of the Committee shall appoint an Advocate of his choice to assist him, apart from required secretarial staff for assistance. 4) A savings bank account shall be opened in the name of the Committee at any Nationalized Bank [hereinafter referred to as 'Committee account'] and the Chairman of the Committee is authorised to manage the account. Once such an account is opened, the sum of Rs.50,00,000/- paid by the petitioners to the credit of this Criminal Original Petition shall be transferred by the Registry to the Committee account, upon a letter being given by the Committee. The Committee shall utilize this amount to meet their remuneration and other incidental expenses. Once such an account is opened, the sum of Rs.50,00,000/- paid by the petitioners to the credit of this Criminal Original Petition shall be transferred by the Registry to the Committee account, upon a letter being given by the Committee. The Committee shall utilize this amount to meet their remuneration and other incidental expenses. The remuneration to the Chairman is fixed as Rs.2,00,000/- per month and the remuneration to the Advocate is fixed as Rs. 50,000/- per month. 5) A dedicated mobile number and an e-mail ID shall be opened exclusively for the Committee. The Committee shall also arrange an Office for them at Madurai, as per their choice. Petitioners: 6) The petitioners, as agreed, shall pay a sum of Rs.50,00,000/- to the Committee account on or before the 5th day of every English calender month, for a period of four months, starting from October, 2021, till January, 2022, i.e., a sum of Rs.2 Crore in total. The Chairman of the Committee is at liberty to even deposit this amount so as to attract interests, which can be utilized to meet the further incidental expenses. 7) The petitioners are directed to furnish the bank account and the property details of all the Directors of the accused-Company, including theirs', to the Committee along with such other particulars. 8) The petitioners are directed to appear before the Committee once in a month, ie., in the first week of every month. Investigating Agency: 9) The investigating agency is directed to furnish the list of 17379 depositors, along with other particulars, as stated by them in the final report to the Committee. 10) The investigating agency is directed to furnish the details of the proposed as well as completed attachment of the accused' properties and bank accounts to the Committee. 11) The investigating agency is said to be conducting further investigation. Therefore, they are directed to keep on updating the Committee about the investigation and the depositors list, periodically. 12) The investigating officer is directed to appear before the Committee as and when the Committee so directs. If the investigating officer is not in a position to appear before the Committee on any such date, a responsible officer having knowledge on the case be deputed to assist the Committee. 12) The investigating officer is directed to appear before the Committee as and when the Committee so directs. If the investigating officer is not in a position to appear before the Committee on any such date, a responsible officer having knowledge on the case be deputed to assist the Committee. 13) The respondent-CBI is directed to nominate one officer, in the cadre of Sub Inspector of Police, who shall regularly be available at the place assigned at Madurai for the collection of particulars from the depositors and to assist the Committee. 14) It appears that a patta has been enclosed by one of the intervenors that the accused company is having some properties at Nilakottai, Dindigul. Apart from that, the learned Assistant Solicitor General of India has produced two Government Orders in G.O.Ms.No.828, Home (Police XIX) Department, dated 24.11.2016 and in G.O.Ms.No.352, Home (Police XIX) Department, dated 26.08.2021, that the accused' properties in Nilakottai- Dindigul, Chennai and Bangalore and bank accounts maintained by the accused throughout the Country were attached. The investigating agency is directed to share such details to the Committee. Intervenors: 15) The intervenors are directed to furnish the list of 45167 depositors, along with other particulars, as stated by them in the typed set of papers. 16) The intervenors are also at liberty to bring to the knowledge of the Committee, if any properties and/or bank accounts are left out either by the petitioners or by the investigating agency. 17) The intervenors have to effect paper publications in two leading Tamil and English Daily about the proceedings before the Committee as well as the date of visit by the Committee members in each Districts, i.e., camps by the Committee, well in advance. The paper publications have to be vetted by the Committee. General Directions: 18) The Committee, after collecting the particulars of the properties from all quarters, is permitted to identify the same and any other properties standing in the name of the accused-company and the Directors of the company, through such mode as they deem fit. The Committee is permitted to sell the properties in the open market either by private negotiation or public tender for more consideration, which shall be accumulated in the Committee account. 19) It is open to the intervenors to bring the bona fide purchasers for the properties of the accused either from Tamil Nadu or from any other States. The Committee is permitted to sell the properties in the open market either by private negotiation or public tender for more consideration, which shall be accumulated in the Committee account. 19) It is open to the intervenors to bring the bona fide purchasers for the properties of the accused either from Tamil Nadu or from any other States. 20) The District Revenue Officers - Dindigul, Chennai; the Deputy Superintendent of Police – Nilakottai; the Commissioner of Police – Chennai City; are directed to provide all necessary assistance to the Committee for visiting the properties and in the course of the sale of the properties. Apart from the above officials, the jurisdictional District Revenue Officers and Superintendents of Police/Commissioners of Police concerned are directed to provide all necessary assistance to the Committee for visiting all other properties of the accused and in the course of their sale. 21) Since the District Revenue Officer is the competent authority and custodian of the properties attached as per the TNPID Act, the accused shall give authorisation to the jurisdictional District Revenue Officers to sell the properties on their behalf. The Sub-Registrars concerned shall register the documents submitted by the District Revenue Officers regarding the properties of the above crime number, without raising any queries. The District Registrars are directed to issue necessary instructions in this regard to the Sub-Registrars concerned. 22) In the affidavit filed by the accused, they have mentioned about some bank accounts in Gwalior, Madhya Pradesh, with a balance to the tune of Rs.6,45,50,280/-. This account is said to have been seized by the District Collector, Gwalior and the petitioners expressed their willingness to utilize the funds by the Committee to appropriate the deposits. But, the respondent- CBI is not sure as to whether this seizure pertains to the offence in respect of the present case or the offence committed in the State of Madhya Pradesh. Therefore, the Committee, through the respondent-CBI, shall give a formal requisition letter to the District Collector, Gwalior, based on which, the amount lying in the said account, after due verification, be transferred to the Committee account. Therefore, the Committee, through the respondent-CBI, shall give a formal requisition letter to the District Collector, Gwalior, based on which, the amount lying in the said account, after due verification, be transferred to the Committee account. 23) The Chairman of the Committee shall depute one of the members of the Committee to visit the Headquarters of all Districts in a particular day, ie., camps, to collect the particulars of the depositors as an initiative step, apart from the permanent collecting centre situated at Madurai and as stated supra, in this connection, wide publication shall be effected in advance by the intervenor. 24) The Superintendents of Police/Commissioners of Police of each District are directed to provide necessary security to the Committee, through the Station House Officers concerned, whenever they are organizing camps in each District. 25) The Committee is expected to take effective steps to sell the properties of the accused for a higher consideration. The Committee shall assess the number of depositors, derive the amount of disbursement to each depositor upon consultation with all quarters and appropriate the sale proceeds and the amounts so deposited by the petitioners to the investors. 26) It is open to the Committee to disburse the amount to the investors by making the payments in the District Headquarters, upon identification of the depositors with the help of the investigating agency and after due verification of their identification and genuineness of the documents. 27) The Committee is expected to complete the entire proceedings as expeditiously as possible, preferably, within a period of six months from the date of formation. 18. Subject to the aforesaid terms of reference, this Court is inclined to grant bail to the petitioners. For any clarification/modification of the aforesaid terms of reference, it is open to the parties concerned to approach this Court. It is made clear that in the event of any non-compliance of the aforesaid terms on the part of the petitioners, the bail granted would be cancelled and the Committee is at liberty to bring to the notice of this Court about any such non-compliance. 19. It is made clear that in the event of any non-compliance of the aforesaid terms on the part of the petitioners, the bail granted would be cancelled and the Committee is at liberty to bring to the notice of this Court about any such non-compliance. 19. When this Court posed a question to the petitioners on sureties, the learned Senior Counsel for the petitioners submitted that the petitioners would give two sureties, of which, one would be a blood surety and the other would be a reputable person from Madhya Pradesh, since they are not having any sureties in Tamil Nadu. The learned Senior Counsel has also mentioned the names of the sureties to be produced by the petitioners, as follows:- 1) Shailesh Singh Narwaria (Blood Surety) 2) Rahul Singh Narwaria (Blood Surety) 3) Chandra Bhan Singh 4) Radheshyam Singh 20. Learned Senior Counsel further submitted that the petitioners would appear before the CBI-Gwalior once in every two days and appear before the CBI-Chennai once in every fifteen days, which is agreeable by the learned Assistant Solicitor General appearing for the respondent-CBI. The aforesaid submission made by the learned Senior Counsel stands recorded. 21. In fine, the petitioners, who were already arrested by the respondent Police, are ordered to be released on bail on their executing a bond for a sum of Rs.1,00,000/- (Rupees One Lakh only) each with two sureties each, as recorded supra, for a like sum to the satisfaction of the learned Judge, TNPID Court, Madurai, and on further conditions that: [a] the sureties shall affix their photographs and Left Thumb Impression in the surety bond and the learned Judge may obtain a copy of their Aadhar card or bank pass book to ensure their identity. [b] the petitioners shall appear before the Office of CBI-Gwalior once in two days, at 10.30 am., until further orders; they shall also appear before the Office of CBI-Chennai/respondent police once in a fortnight, at 10.30 am., until further orders. [c] the petitioners shall not tamper with the evidence or witness either during investigation or trial. [d] the petitioners shall not abscond either during investigation or trial. [c] the petitioners shall not tamper with the evidence or witness either during investigation or trial. [d] the petitioners shall not abscond either during investigation or trial. [e] On breach of any of the aforesaid conditions, the learned Judge/Trial Court is entitled to take appropriate action against the petitioners in accordance with law as if the conditions have been imposed and the petitioners have been released on bail by the learned Judge/Trial Court himself as laid down by the Hon'ble Supreme Court in P.K.Shaji vs. State of Kerala [(2005)AIR SCW 5560]. [f] If the accused/petitioners thereafter abscond, a fresh FIR can be registered under Section 229-A IPC. 22. In the result, the criminal original petition is allowed in the above terms. Post the matter on 25.10.2021.