A Sessions Court in Bengaluru has granted anticipatory bail to 53-year-old Prasanna Sathyanarayana, who was named as an accused in a complex multi-lakh real estate fraud and bank loan scam. The order was passed by Sri Shriram Narayan Hegde, the LV Additional City Civil and Sessions Judge, on April 19, 2024. The court cited the “principle of parity” as a primary reason for the decision, noting that several other co-accused in the same case had already been granted similar relief.

The petitioner, a resident of Gauravnagar in J.P. Nagar 7th Stage, sought protection from arrest under Section 438 of the Code of Criminal Procedure (Cr.P.C.) following the registration of an FIR at the Magadi Road Police Station. The case, registered as Crime No. 77/2024, involves serious charges under the Indian Penal Code, including Section 420 (Cheating), 406 (Criminal Breach of Trust), 465 (Forgery), 468 (Forgery for purpose of cheating), and 471 (Using a forged document as genuine).

The Allegations: A Trap of Auctioned Properties and Fabricated Loans

The criminal investigation was triggered by a complaint filed by Smt. Shyla Shree R.K. According to the prosecution, the complainant was looking to purchase a house and was introduced to a network of individuals who promised her lucrative deals on bank-auctioned properties.

The complainant alleged that the accused persons convinced her that they could secure high-value properties seized by banks at significantly lower prices through auctions. Relying on these assurances, she initially paid Rs. 7.50 lakhs toward “expenses.” The financial demands escalated quickly; she was allegedly directed to transfer Rs. 40 lakhs to the bank account of the first accused’s daughter and paid another Rs. 32.50 lakhs in cash to the daughter of the second accused.

The scope of the alleged fraud extended beyond direct payments. The complainant discovered that the accused had used her name and fabricated documents to secure massive loans from multiple financial institutions without her consent. These included Rs. 45 lakhs from Hinduja Housing Finance, approximately Rs. 56.11 lakhs from Piramal Housing Finance, and Rs. 25 lakhs from Equitas Small Finance. In total, the complainant was saddled with debts exceeding Rs. 1.25 crores, while receiving no property in return.

Defense Arguments and the Breadwinner Plea

Represented by Advocate Yashvanth M., the petitioner, Prasanna Sathyanarayana, maintained his innocence. The defense argued that the primary allegations in the FIR were directed toward other individuals, specifically Swetha Mohan and Nandini, and that the petitioner had no substantial connection to the fraudulent activities described.

The counsel emphasized that the petitioner is a respectable member of society and the sole breadwinner for his family. It was argued that his custodial interrogation was unnecessary and that he was willing to cooperate fully with the Magadi Road Police.

The Court’s Reasoning and the Ground of Parity

The Public Prosecutor strongly opposed the bail application, arguing that the magnitude of the fraud was substantial and that the petitioner might tamper with evidence or abscond if granted liberty. However, the court looked closely at the status of the other accused individuals.

Judge Shriram Narayan Hegde observed that Accused No. 2 through Accused No. 9 had already been granted bail by the same court in a previous petition (Crl.Misc.No.2633/2024). The court held that under the principle of parity, where co-accused with similar or lesser roles have been released, the petitioner is entitled to the same benefit unless there are exceptional circumstances.

Furthermore, the court noted that the offenses, while non-bailable, do not carry the death penalty or life imprisonment. Given that the petitioner has no prior criminal record and a permanent residence in Bengaluru, the court determined that stringent conditions would suffice to protect the interests of the prosecution.

Conditions for Anticipatory Bail

The court allowed the petition and directed that in the event of arrest, the petitioner be released on a personal bond of Rs. 1,00,000 with one surety of the like sum. The bail is subject to several strict conditions:

1. The petitioner must appear before the Investigating Officer within 10 days of the order.
2. He is strictly prohibited from tampering with prosecution witnesses.
3. He must cooperate with the investigation and appear whenever summoned.
4. He must not engage in any criminal activities while on bail.
5. He is not permitted to leave the jurisdiction of the court without prior permission.
6. He must attend all court hearings regularly.

The ruling marks a significant step in the ongoing investigation into the Magadi Road fraud case, shifting the focus toward the trial where the authenticity of the property documents and loan applications will be scrutinized.