The Kerala High Court on Monday granted conditional bail to Manjeswaram MLA and Indian Union Muslim League leader M.C. Kamaruddin in three cheating cases registered in connection with the Fashion Gold jewellery investment fraud.
The court ordered that the MLA be released on bail his executing a bond of ₹1 lakh. The other conditions are; that he should not enter the Kasaragod police station limits where the three cases are registered and that he should not influence any witnesses.
The MLA in his petition contended that it had been 56 days since his last bail petition was dismissed by the court.In fact, statements of the witnesses were recorded besides arresting the third accused. Moreover, he had returned the deposited money to a majority of the investors. Therefore, there was no need for the police to keep him under custody.He also wanted to participate in the forthcoming assembly session.
Opposing the bail plea, Senior Public Prosecutor Suman Chakaravarthy submitted that if he was released on bail, investigation of the cases would be impeded. As a member of the Assembly, he had enormous influence in society and would use his power and position to influence the complainants and other vulnerable witnesses. Moreover, the second accused T.K. Pookoya Thangal, Managing Director of Fashion Gold was still in the hiding. The MLA and the second accused had misappropriated the capital of the companies for their personal gain. In fact, 73 cases had been registered in Kasaragod district and 13 cases in Kannur district. A total of ₹13.3 crore had been lost by the investors.
He and other accused in the cases have been charged with offences under Section 420 (cheating), 406 (Criminal Breach of Trust) and 409 (Criminal Breach of Trust by public servant) of Indian Penal Code(IPC), apart from offences under section 5 of Kerala Protection of Interests of Depositors in Financial Establishment Act, 2013 and Section 3 read with 5 of the Banning of Unregulated Deposit Scheme Act, 2019 (BUDS Act).
