A.S. Supehia,J. - (1.)Heard the learned advocates for the respective parties by video conferencing.
(2.)By way of the present application under Section 438 of the Code of Criminal Procedure, 1973, the applicant-accused has prayed for bail in connection with the FIR being C.R. No.I-03 of 2020 registered with C.I.D. Crime, Vodadara Zone Police Station, District Vadodara for the offences under Sections 406, 409, 420 and 120B of the Indian Penal Code, 1860 and under section 3 of the Gujarat Protection of Interest of Depositors Act, 2003 as well as under sections 4, 5, 6 and 7 of the Prize Chits and Money Circulation Schemes (Prohibition) Act, 1978.
(3.)It is the case of the prosecution that the accused No.1 Dilip Babulal Jain and his father i.e. the present applicant had formed various companies and partnership firms from 2015 to 2020, without the permission of Reserve Bank of India (RBI) and tried to procure the money from the investors however, after obtaining such money and giving assurances that they would get the returns of such money, nothing was paid to them.