Bail - chit fund (420, 120b)
Querist :
Anonymous
(Querist) 29 July 2019
This query is : Resolved
My known was employed in a chit fund company. He was made additional director after 2 years of service. He was drawing salary only. He left the company in 2014. The business of the company was to accepted deposits from general public in lieu of high returns. However, after paying the high interest and maturity amount initially, it started defaulting on payment. The FIR was registered in 2017 by a depositor against the agents and directors of the company. My known was arrested from Delhi by Chhattisgarh Police this month and he is now in judicial custody from last 19 days. The main directors are still absconding. As far as bail is concerned, our advocate (from Chhattisgarh) is of opinion that it will be rejected at this stage as police is still investigating the matter, the judiciary and the administration is strict against chit fund cases in Chhattisgarh. So, we should not file bail application at this stage. Is this correct ? If yes, then at what stage should bail application be filed? Kindly advise. Regards
P. Venu 
(Expert) 30 July 2019
"My known" what is it?
Sudhir Kumar, Advocate
(Expert) 31 July 2019
lucky to be in judicial custody. In this case police could have sought remand as other suspects are absconding.
Dr J C Vashista
(Expert) 31 July 2019
There is no time limit to move for bail, however, grant or refusal of bail is discretionary and cannot be claimed as a matter of right for 90 days (if charge-sheet is not filed).
You have already engaged an able, competent and intelligent lawyer who is well aware about the facts and circumstances of the case, there is no need for a second opinion of experts on this platform (based on limited facts posted by you) although it is available free of cost.
If you desire so, may consult another local prudent lawyer for better appreciation of facts and guidance.
