The Telangana High court has granted the Conditional Bail to Kudos Finance CEO Allegedly involved in Loan App Case.
Kudos NBFC ‘purportedly’ engages fintech (digital lending partners) companies as service providers to assist in identifying prospective customers, verifying their eligibility, collection of information, and recovery of principal and interest.
Around 43 FIRs have been registered by various police stations against individuals and call centers involved in instant personal loans.
The single bench of Justice Lalitha Kanneganti has held that the Criminal Petition is allowed. The petitioner shall be enlarged on bail in connection with ECIR No. ECIR/HYZO/04/2021 on his executing a personal bond for a sum of Rs.20,000/- with two sureties for a like sum each to the satisfaction of the Metropolitan Sessions Judge, Nampally, Hyderabad. The petitioner shall appear to the authorities concerned once a week i.e. on Friday between 10.00 a.m. and 01.00 p.m. He shall cooperate with the investigation and shall not influence the officers or the witnesses. He shall not leave the country and shall surrender the passport to the authorities. In case of violation of any of the conditions imposed above, the authorities are at liberty to move an appropriate application seeking cancellation of bail.
Advocates Abhishek Garg, Apurva M Gokhale of AGS Legal appeared for Petitioner/Accused before the High Court.
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