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TMI Blog2009 (12) TMI 928X X X X Extracts X X X X X X X X Extracts X X X X ..... ount of M/s Bahubali Marketing Pvt. Ltd. in which he and his wife Benu Jain were Directors. These cheques were forged after procuring a blank Multicity Cheque Book from the Daryaganj Branch of Punjab National Bank and printing the name of Lal Bagh, Lucknow Branch on the cheques. According to CBI, out of the aforesaid sum of ₹ 106.71 lakhs, ₹ 38 lakhs were withdrawn by the petitioner and his wife through self cheques and a sum of ₹ 60.61 lakhs was transferred to the account of M/s Analytical Impex Ltd. This is also the case of the CBI that Mr. Pramod Kumar Pandey of M/s Analytical Impex Ltd. withdrew ₹ 50 lakhs in cash and handed them over to the petitioner Mukesh Jain in the presence of his co-accused Shri S.K. Bhargav and ₹ 10 lakhs were transferred to the account of M/s Saint Grandeur, which is owned by a relative of the petitioner. 3. While investigating this case, the CBI also found that using forged cheques, purporting to be issued by M/s Bajpai Construction Co., a sum of ₹ 40 lakhs was transferred to the account of M/s Bansal Trading Co., which belonged to Nipun Bansal, co-accused of the petitioner. The bail application of Nipun Bansal w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to enjoy the fruits of the crime, alleged to have been committed by him. In State of Gujarat vs. Mohanlal Jitamalji Porwal and Anr. AIR 1987 SC 1321, the Hon'ble Supreme Court, while considering a request of the prosecution for adducing additional evidence, inter alia, observed as under:- The entire Community is aggrieved if the economic offenders who ruin the economy of the State are not brought to books. A murder may be committed in the heat of moment upon passions being aroused. An economic offence is committed with cool calculation and deliberate design with an eye on personal profit regardless of the consequence to the Community. A disregard for the interest of the Community can be manifested only at the cost of forfeiting the trust and faith of the Community in the system to administer justice in an even handed manner without fear of criticism from the quarters which view white collar crimes with a permissive eye unmindful of the damage done to the National Economy and National Interest. The above referred observations were quoted with approval in Ram Narain Popli vs. CBI, 2003 (3) SCC 641. The Hon'ble Court also observed as under: Unfortunately in th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er sections of the society miserable and that such economic offences are worse than murders. 9. It is true that the petitioner has been in custody for more than eight months and the chargesheet has already been filed, but considering the huge amount of public money, being retained by him, his having been in custody for eight months by itself would, in the facts and circumstances of this case, not entitle him to grant of bail at this stage. The economic offences having deep rooted conspiracies and involving huge loss of public funds whether of nationalized banks or of the State and its instrumentalities need to be viewed seriously and considered as grave offences affecting the economy of the country as a whole and thereby posing serious threat to the financial health of our country. Therefore, the persons involved in such offences, particularly those who continue to reap the benefit of the crime committed by them, do not deserve any indulgence and any sympathy to them would not only be entirely misplaced but also against the larger interest of the society. The Court cannot be oblivious to the fact that such offences are preceded by cool, calculated and deliberate design, with an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erson, cannot be treated at par with a case of criminal conspiracy by forgery and cheating, in respect of huge public funds. The cases of cheating and forgery resulting in loss of public funds have to be treated differently from the cases of cheating private citizens as cheating, involving public funds, does not affect any individual, but affects the society at large. 11. The learned counsel for the petitioner has also referred to the decision of the Hon'ble Supreme Court in M.M. Cooperative Bank Limited vs. J.P. Bhimani Another (2009) 8 SCC 727. In that case, the respondent, during the hearing of his bail application, offered before the High Court to make payment of ₹ 2384 lakhs to the petitioner-bank. He offered to deposit ₹ 50 lakhs within a week from the date of his release, ₹ 150 lakhs in five instalments, ₹ 150 lakhs by selling his mortgaged property and by permitting the bank to deal with his immovable properties, with his cooperation. A sum of ₹ 805 lakhs was to be paid in minimum monthly instalments of ₹ 10 lakhs commencing after initial period of six months was over. On this statement, he was granted bail, subject to a number o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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