Case Facts:
Patna High Court Cr.Misc. No.27398 of 2012 (4) dt.14-09-2012 IN THE HIGH COURT OF JUDICATURE AT PATNA Criminal Miscellaneous No.27398 of 2012 ====================================================== Rudra Nand Jha .... .... Petitioner/s Versus The State Of Bihar .... .... Opposite Party/s CORAM: HONOURABLE MR. JUSTICE HEMANT KUMAR SRIVASTAVA ORAL ORDER 04/ 14.09.2012 Heard learned counsel for the petitioner as well as learned Addl. Public Prosecutor for the State. Petitioner is in jail custody since 5.1.2012 in a case registered under [STATUTE] . Petitioner is not named in the first information report and in course of investigation, it came to light that the petitioner was working as manager of Dehti PAACS in which the amounts of government scheme had been deposited violating the rules and norms of the government. The contention on behalf of the petitioner is that before the 2006, as per government scheme, PAACS were authorized to do work of nationalized banks and under the aforesaid scheme of the government, deposits were taken. But all of a sudden, all depositors started withdrawing their amounts when the government withdrew the aforesaid permission. It is further contended by him that the petitioner has been made accused in near about 30 to 35 cases and in some cases, he has already been released on bail. Considering the aforesaid facts and circumstances as well as submissions of the parties, let the petitioner, Rudra Nand Jha, be released on bail on furnishing bail bonds of Rs 10,000/- with two Patna High Court Cr.Misc. No.27398 of 2012 (4) dt.14-09-2012 sureties of the like amount each to the satisfaction of the Chief Judicial Magistrate, Araria in Araria P.S. Case no. 404/2011. Shahid (Hemant Kumar Srivastava,J)

Applicable IPC Section: 421

Statute Text:
Section 421 of the Indian Penal Code. Fraudulent removal or concealment of property etc., to prevent distribution among creditors. Whoever dishonestly or fraudulently removes, conceals or delivers to any person, or transfers or causes to be transferred to any person, without adequate consideration, any property, intending thereby to prevent, or knowing it to be likely that he will thereby prevent the distribution of that property according to law among his creditors or the creditors of any other person, shall be punished with imprisonment of either description for a term which may extend to two years, or with fine, or with both.