HC refuses advance bail to Aarudhra MD, others, directs issuing look out notice

The Madras High Court has refused advance bail to the managing director, directors and other officials of Aarudhra Gold Trading Private Limited here, who anticipated arrest on the charge of cheating their depositors of several thousand crores of rupees. Justice G K Ilanthiraiyan, who refused advance bail on July 29, also directed the authorities concerned to issue a ‘Look Out Notice’ against the accused, who were said to have left the country.

”In the case on hand, the petitioners are charged with economic offences of huge magnitude. This Court is also conscious of the fact that the offences alleged, if proved, may jeopardise the economy of the country. That apart the investigation is not yet completed and if the petitioners are granted anticipatory bail, there is a possibility that they will tamper with the witnesses and hamper the investigation. Hence, this Court is not inclined to grant anticipatory bail to the petitioners in all the petitions,” the judge said, while dismissing the bail applications and allowing the petitions from the intervenors (depositors).

The judge also issued a set of directions to the ‘Competent Authority’ appointed by the government to look into the claims of the depositors and disburse the amount invested by them.

The Authority shall give first preference to those who had made deposits up to Rs 5 lakh for disbursal. The Authority shall give second preference to the depositors who made deposits upto Rs 10 lakh, the judge said and made it clear that the depositors, who had deposited more than Rs 10 lakh will be considered later viz., after attachment of the properties of the accused.

Earlier, the counsel for the accused submitted that the police had registered the case on their own volition and there was no aggrieved party. Without having any source of evidence or credible information against the accused, registered the FIR. Before registration of FIR, there was no complaint by any of the depositors as if the deposited amount was not disbursed to them. PTI CORR SA SA

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