ORDER : 1. Since both the captioned applications are arising out the common F.I.R., those were heard analogously and are being disposed of by this common order. 2. These applications have been filed under section 439 of the Code of Criminal Procedure for regular bail in connection with the F.I.R. being C.R.No.11203004220360 of 2022 registered with ‘C’ Division Junagadh Police Station, District - Junagadh, for offences punishable under sections-409, 420 r/ w.114 of I.P.C. and Section-3 of G.P.I.D. Act. 3. Heard Mr. Nirupam Nanavati, learned senior counsel alongwith Mr. Jagdish Satapara, learned advocate appearing for the applicants and Mr. Pranav Trivedi, learned APP appearing for the respondent – State. 4. Mr. Nanavati, learned senior counsel for the applicants submits that E.S.P.N. Global Company is situated at Dubai, which is not accused in the matter and accordingly, the applicant of Cri.M.A. No.15859 of 2022 had become the agent and he had himself invested in the company. As per the scheme of E.S.P.N. Global Company, the person who become the agent after his investment would receive profit on its returns and as promised by the Company, the commission would be paid in the member’s account. As per complaint, Mr. Nanavati submits that the complainant and all other members had received returns on their investment on regular basis, but later on, they could not receive even applicants and other victims did not receive money after March, 2022 and therefore, it is submitted by Mr. Nanavati that the applicant of Cri.M.A. No.15859 of 2022 had lodged a complaint against the Director viz. Karan Dwivedi @ Chandan Dwivedi before the Puna Police Station, Surat on 07.04.2022 and the Director – Karan Dwivedi assured all the members through telegram that the profit returns and commission would be transferred shortly in the members’ account. Mr. Nanavati thus submitted that there was no intention to dupe any persons or harm the interest of any of the members of the company. Mr. Nanavati further submits that almost all the properties of the applicant of Cri.M.A. No.15872 of 2022 have been seized by the police during the course of investigation and submitted that the amount could be recovered by the authority concerned under provisions of the G.P.I.D. Act. It was, therefore, prayed that the present application may be allowed and the applicant herein may also be released on regular bail. 5. It was, therefore, prayed that the present application may be allowed and the applicant herein may also be released on regular bail. 5. By order dated 10.10.2022, the police was asked to produce a report in terms of the issues raised by this Court and today, learned APP Mr. Pranav Trivedi produced a report of the Police Sub Inspector, ‘C’ Division Police Station, Junagadh. The report suggests that about 03 plots; 01 open land, and 01 car of Maheshbhai Kalubhai Ranpariya Patel have been seized and 01 car of applicant of Cri.M.A. No.15859 of 2022 has been seized. The value of the property has been approximately noted in the report. Mr. Trivedi, learned APP submitted that as per the prosecution case, the applicant of Cri.M.A. No.15859 of 2022 had initially joined the E.S.P.N. Global Company, whose CEO is Karan Dwivedi @ Chandan Dwivedi, who had explained the road-map of the investment to the said accused and according to scheme, to open an account, ETP token or Crypto Coin Ethereum or Tron would be necessary and after having account in the company, weekly ETP token would be deposited in the investor’s account and further, for withdrawal of ETP token, Crypto Coin Ethereum or Tron would be converted or new account would be formed and accordingly, ETP tokens would be given for investment in the company. Mr. Pranav, learned APP further submitted that there would not be any dealing of cash transaction. For forming the account in the company, 07 accounts ranging from 50 ETP to 6350 ETP would be found and ETP tokens would be deposited in the account and thereafter, on the side of left and right, another accounts would be created to form the main account and commission would be paid through the ETP tokens. Mr. Pranav Trivedi submitted that intention of the company was to launch ECN Crypto Coin in the market and to propagate this intention different meetings were held in various cities at different hotels, where the agents were provided free food and as per the scheme, if there would be an investment of Rs.3,60,000/- cash, the company would provide every week Rs.24,000/- and weekly the money would be Rs.12,48,000/- and if any persons bring more investment, then commission would be paid in their accounts. It is alleged that the members were allured to make investment in the company and accordingly, the complainant and about 17 witnesses have deposited the money in this investment scheme of the company and about Rs.1,29,61,000/- were invested and only amount of Rs.15,95,000/- were paid, while Rs.1,13,66,000/- remain to be paid and as per the scheme, ETP tokens were taken from the complainant and other witnesses to form new accounts which is sold in cash amount and accordingly, the total amount of Rs.4,28,09,000/- are required to be paid to the complainant and other witnesses. Thus, the charge of cheating and misappropriation of amount. Mr. Pranav Trivedi, submitted that unless and until, this money is not secured, it was, therefore, prayed that no discretion may be exercised in favour of the applicant. 6. On 10.10.2022 an order has been passed by this Court posing the following issues: (a) Whether the State Government has issued any order attaching the funds, property or assets of the Financial Establishment or in the name of the person concerned? (b) Whether appointment of competent authority in accordance with Section 5(1) of the Act has been made? 7. GPID Act came into force to protect the interest of the depositors of the Financial Establishments and for the matters connected therewith or incidental thereto, and for that purpose, the Act provides attaching the money, property or assets belonging to or believed to have been acquired by such Financial Establishment either in their own name or in the name of any other person, from out of the deposits collected by the Financial Establishment, and in case, it transpires that such money, property or assets are not available for attachment or are not sufficient for repayment of the deposits then such other property or assets of the Financial Establishment or of the promoter, director, partner or member of the said establishment, as the State Government may think fit, be attached by issuance of an order published in the official gazette by the State Government. Section 4 of GPID Act provides for recording of reasons in writing, for issuance of such orders to be published in the official gazette. 8. Section 4 of GPID Act provides for recording of reasons in writing, for issuance of such orders to be published in the official gazette. 8. Section 5(1) of the GPID Act mandates that the State Government while issuing the order under subsection (1) of Section 4 of the Act appoint an officer not below the rank of the Deputy Collector to be the Competent Authority to exercise control over the moneys, properties and assets attached by the State Government under Section 4 of the Act. 9. Section 5 of the GPID Act further provides for the procedure to be adopted by such Competent Authority on publication of an order under sub-section (1) of Section 4 of the Act for exercising control over all moneys, properties and assets attached by the State Government under Section 4 of the Act. 10. Section-6 of the Act describes the duties and powers of the Competent Authority. The said Competent Authority during the prescribed time limit laid down in the act, has to take necessary orders from the Designated Court, to ensure the repayment of the amount to the depositors from out of the money realised. 11. The Competent Authority shall, in accordance to Section 7 of the Act, within 30 days from the date of his appointment, has to assess the assets, deposits and liabilities of the Financial Establishment and submit the statement thereof to the Designated Court. 12. The Competent Authority vide sub-section (5) of Section 7 of the Act is required to prepare a statement of the dues of the Financial Establishment which is due from various debtors, the assessments of the value of the property and assets of the Financial Establishment and the list of the depositors and their respective dues; and submit the same to the Designated Court, and in accordance to Section 8 of the Act, after complying with the provisions of Section 7, the Competent Authority has to make an application to the Designated Court seeking permission to make payment to the depositors from out of the money realised. 13. The Police Sub Inspector, ‘C’ Division Police Station, Junagadh, according to his report seize of properties of the Maheshbhai Kalubhai Ranpariya Patel, there are other four co-owners, certain vehicles of the accused and his son also seized. Further one car and agricultural land of Jayesh Lilabhai Patoliya is also been seized. The value of the properties is noted. 13. The Police Sub Inspector, ‘C’ Division Police Station, Junagadh, according to his report seize of properties of the Maheshbhai Kalubhai Ranpariya Patel, there are other four co-owners, certain vehicles of the accused and his son also seized. Further one car and agricultural land of Jayesh Lilabhai Patoliya is also been seized. The value of the properties is noted. The authorities thus accordingly has to follow the procedures under the GPID Act and has to ensure the repayment of the money; the depositors affected in the present case. Taking into consideration the punishment to the sections invoked against the present applicants, discretion is exercise and considering the fact that certain properties have been seized and Mr. Nanavati on behalf of Mr. Jayesh Lilabhai Patoliya has submitted that the applicant - Mr. Jayesh Lilabhai Patoliya undertakes to deposit the Rs.15,00,000/- (Rupees Fifteen Lakh only) to the concerned trial Court within a period of two months from the date of the order, discretion is exercised in favour of the applicants. 14. Hence, the present application is allowed. The applicants are ordered to be released on regular bail in connection with F.I.R. being C.R.No.11203004220360 of 2022 registered with ‘C’ Division Junagadh Police Station, District -Junagadh on executing a personal bond of Rs.25,000/- (Rupees Twenty Five Thousand only) each with one surety of the like amount to the satisfaction of the trial Court and subject to the conditions that the applicants shall: [a] not take undue advantage of liberty or misuse liberty; [b] not act in a manner injurious to the interest of the prosecution; [c] surrender passport, if any, to the lower court within a week; [d] not leave India without prior permission of the concerned trial court; [e] furnish the present address of residence to the Investigating Officer and also to the Court at the time of execution of the bond and shall not change the residence without prior permission of the concerned trial court; 15. Mr. Jayesh Lilabhai Patoliya is directed to deposit the Rs.15,00,000/- (Rupees Fifteen Lakh only) to the concerned trial Court within a period of two months from the date of the order and necessary undertaking be filed to that effect before the trial Court. 16. Mr. Jayesh Lilabhai Patoliya is directed to deposit the Rs.15,00,000/- (Rupees Fifteen Lakh only) to the concerned trial Court within a period of two months from the date of the order and necessary undertaking be filed to that effect before the trial Court. 16. The authorities shall adhere to its own Circular relating to COVID-19 and, thereafter, will release the applicant only if the applicant is not required in connection with any other offence for the time being. If breach of any of the above conditions is committed, the Sessions Judge concerned will be free to issue warrant or take appropriate action in the matter. Bail bond to be executed before the lower Court having jurisdiction to try the case. 17. Rule is made absolute to the aforesaid extent. Direct service is permitted. Registry to communicate this order to the concerned Court/authority by Fax or Email forthwith.