Supreme Court Issues Notice On Interim Bail Plea By Chief MD Of Future Maker Life Care In Ponzi Scheme

The Supreme Court, on Monday, issued notice in a plea filed by Radhey Shyam, Chief Managing Director of Future Maker Life Care Pvt. Ltd. seeking interim bail to attend his parents' last rites, rituals and ceremonies. The writ petition was filed under Article 32 of the Constitution of India, 1950, seeking grant of interim bail for a period of three weeks on account of the sudden death of his mother. As submitted by Senior Advocate Mr. Kapil Sibal appearing for the petitioner, his client's father, has also subsequently passed away. The petitioner has been in custody since 30.08.2018 after being arrested in connection with an FIR registered against him in Cyberabad, Telangana under Section 420 IPC pertaining to his involvement in a ponzi scheme. Pursuantly, at least 52 FIRs and 1 criminal complaint under provisions of the PMLA has been registered against him. The petition admits that the normal course of action is to approach the Trial Court to seek interim bail. However, given the multiplicity in the FIRs and the paucity of time he has been constrained to approach the Apex Court. On 11.08,2022, when his mother passed away, he was granted custody parole for attending cremation of her mother on the same day. Mr. Sibal submitted that the last rites of the petitioner's mother are scheduled from 24.08.2022 to 04.09.2022. The petition prays for grant of interim bail for a period of three weeks. It submits that petitioner, being the son, has a very important role to play in performing the last rites of his deceased parents as per Hindu customs. Appearing before a Bench comprising Justices D.Y. Chandrachud and A.S. Bopanna, Mr. Sibal beseeched the Court to make the notice returnable within 24th August, 2022 given the rituals are to take place on the said day. At his request, the Bench directed the registry to list the matter next on 24th August, 2022. Previously, the petitioner had moved the Apex Court seeking consolidation of all FIRs and also for grant of regular bail. The request for consolidation was accepted by the Apex Court's order dated 12.05.2022. The FIRs registered in 12 States were to be clubbed in 4 States, namely, Telangana, Haryana, Madhya Pradesh and Maharashtra. It also noted that if bail is granted in the principal FIR, the petitioner could be enlarged on bail, considering the subsequent FIRs stand merged with the principal one. But his bail applications have been largely dismissed. [Case Title: Radhey Shyam v State of Haryana & Anr. W.P.(Crl.) No. 309/2022]Click Here To Read/Download Order

Supreme Court Issues Notice On Interim Bail Plea By Chief MD Of Future Maker Life Care In Ponzi Scheme

Sohini Chowdhury

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