Anticipatory bail refused in alleged cheating and forgery case where custodial interrogation was found necessary.

Anticipatory bail under Section 438 CrPC was declined where investors were allegedly induced on the strength of a forged valuation certificate and related documents. The HC noted that the genuineness of competing documents could not be determined at the bail stage, but the gravity of the allegations, including cheating, forgery, use of forged documents and criminal conspiracy, and the need to ascertain the manner of the financial transactions justified custodial interrogation. No discretionary relief was extended in view of the seriousness of the accusations.

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Issues: Whether anticipatory bail under Section 438 of the Code of Criminal Procedure, 1973 should be granted in a case involving allegations of cheating, forgery, use of forged documents, and criminal conspiracy.

Analysis: The petition was examined in the context of allegations that investors were induced on the basis of a forged valuation certificate and related documents. The Court noted that it would not comment on the genuineness or legality of the competing documents at the bail stage, but considered the gravity of the accusations and the need to ascertain the manner in which the alleged financial transactions were carried out. In view of the nature of the allegations and the requirement of custodial interrogation, the Court found no ground to extend the discretionary relief.

Conclusion: Anticipatory bail was declined.

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