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: 420

Statute Text:
Section 420 of the Indian Penal Code. Cheating and there by dishonestly inducing delivery of property, or the making, alteration or destruction of a valuable security. Whoever cheats and thereby dishonestly induces the person deceived to deliver any property to any person, or to make, alter or destroy the whole or any part of a valuable security, or anything which is signed or sealed, and which is capable of being converted into a valuable security, shall be punished with imprisonment of either description for a term which may extend to seven years, and shall also be liable to fine.