Courts Update SC grants bail to woman accused in Chit Fund...

SC grants bail to woman accused in Chit Fund scam

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New Delhi, May 28 (ILNS): The Supreme Court today released on bail a woman, who had been held in custody for two years in a chit fund scam.

The woman, Kiran Chauhan, had appealed to the top court against the dismissal of her bail plea by the Madras High Court.

(Case: Kiran Chauhan vs The State Of Madhya Pradesh)

Senior Advocate Vivek Tankha, arguing for the petitioner, said that while Kiran had not been released, her brother had been. Advocate Nachiketa, appearing for the state, submitted that the husband of the petitioner had not been released yet and also said that allegations against Kiran were serious and a huge sum of money was involved.

The Vacation Bench of Justice BR Gavai and Justice Surya Kant asked for how much longer should the petitioner be in custody, despite the fact that she has already spent two years in custody.

In an earlier hearing on January 29 this year, the regular Bench of Justices Surya Kant and Aniruddha Bose had issued notice on Kiran’s regular bail petition. Kiran challenged the dismissal of bail order of the Madras HC (it was her fourth application) observation that Kiran had hampered the investigation and tried to manage the investigation officer.

She had also tried to dispose of her property, in order to avoid civil liability, which may incur against her.

Kiran was arrested on April 12, 2019 for offences under Sections 420, 467, 468, 471 of IPC, Section 3/5 of the Madhya Pradesh Nikshepakon Ke Hiton Ka Sanrakshan Adhiniyam, Sections 45-A, 45-S, 58-B, 5-A of Reserve Bank of India Act and Sections 4, 5 and 6 of Prize Chits and Money Circulation Scheme (Banking) Act.

The prosecution’s case is that a company in the name and style of Ummed Corporation Producer Company was floated by the applicant and her husband and other co-accused persons and cheated various complainants and victims by inducing them to deposit an amount of Rs two lakh each.


The Counsel of Kiran submitted before the MP High Court that although the rent agreement of the premises in which Ummed Corporation Producer Company was being operated, was in the name of petitioner Kiran as well as Kiran Chauhan was appointed as Manager of the Company, but there were no allegations that she was actively involved in inducing the victims to deposit the money. ILNS\KY\SJ\RJ

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