The Madurai Bench of the Madras High Court has granted bail to one of the accused in a financial fraud case that took place in Madurai district in 2016.
The court was hearing the petition filed by D. Anandhan of Madurai district, the seventh accused in the case, who was arrested and remanded in judicial custody on March 16, 2022.
The case of the prosecution was that the accused persons had started a financial institution, Madurai Rural Development Benefit Fund India Limited, in which several people deposited their money.
When the deposited money was not returned, the investors lodged complaints against the financial institution. The petitioner was working as a Manager in the firm. He said he was falsely implicated in the case.
Further, he said the alleged crime took place in 2016 and some of the accused who were arrested had been released on bail. The State opposed the grant of bail to the petitioner and submitted that several depositors were cheated. The investigation in the case was still pending and some of the accused were yet to be secured.
Taking note of the fact that the crime took place in 2016 and the investigation in the case was still pending, Justice T.V. Thamilselvi observed that considering the facts and circumstances of the case and the nature of charges levelled against the petitioner, the court was inclined to grant him bail.
The court directed the petitioner to report before Madurai Economic Offences Wing Police at 10.30 a.m. daily for a period of three months and thereafter as and when required for interrogation.
