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TMI Blog2020 (2) TMI 1542X X X X Extracts X X X X X X X X Extracts X X X X ..... charge of accused. In case titled Y.S. JAGAN MOHAN REDDY VERSUS CENTRAL BUREAU OF INVESTIGATION [ 2013 (5) TMI 896 - SUPREME COURT] , wherein the Supreme Court has held that bail in economic offences requires different approach by the Court. From a combined reading of Section 167 (2) and 173 (i) (ii), it is apparent that if the police failed to submit a final report in terms of Section 173(2) of the Cr.P.C within the statutory period of 90 days or 60 days as the case may be, the accused becomes entitled to bail as a matter of right. The contention of the learned State counsel was that in the present case, the charge-sheet submitted against the petitioners was not a preliminary charge-sheet and that whether said charge-sheet is a final report in terms of Section 173 (2) of the Cr.P.C has to be considered on the basis of the overall materials collected and produced before the court along with the report and not on the basis of an isolated statement or averment made in the charge-sheet. In the present case, apparently on the basis of FIR lodged by the informant, police completed the investigation and initially submitted the charge sheet against the petitioners and others, a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... from Tehsil Mendhar and did not double their money. It was also alleged that the alleged accused persons cheated the complainants and are wandering in Jammu, Delhi and at various places in India. Upon the receipt of this application/complaint a case FIR No. 70/2019 u/s 420/RPC has been registered in P/s Mendhar on 16.05.2019 and the investigation of the case was taken up by Inspector Sajjad Mir, SHO P/s Mendhar. Later on, vide PHQ order No. 1929 of 2019 dated 20.05.2019, the investigation of the case FIR No. 70/2019 u/s 420/RPC P/S Mendhar was transferred to Crime Branch, Jammu and entrusted to Dy. SP, Crime Branch, Jammu for carrying out investigation into the matter and a SIT has been constituted. The investigation of the case has been taken up by Crime Branch, Jammu. During the course of investigation, accused kingpin Tariq Mehmood S/o Mohd. Aziz, R/o Chhungan, Tehsil Mendhar, District Poonch was arrested and was interrogated, where under the accused disclosed that he is a Government employee working as Pharmacist in Health Department and was posted as Pharmacist at Health Sub Centre Bathoi Mahore since 2016. In the year 2018, he along with Murtaza Ahmed, S/o Mohd. Bashir, R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... th the promise of providing them high rate of interests of 50% and to win over the confidence of the people he provided high interest to some people who spread the rumors in the area to lure the people and in this way, people started depositing the cash amounts with his company which was formed by him in connivance with other accused. Further, the accused also disclosed that he has purchased some properties in Mendhar, Gurgaon and the record/register which contains details of deposits collected by him and other accused employees of the company is lying in his house located at Behara Mendhar which has been occupied by some people. It is stated by the learned counsel for the applicant in Bail App No. 170/2019 that name of Zafar Iqbal never figured in the FIR and that it was only after the investigation that the applicant has been falsely implicated by the respondent without any cogent proof. Grounds of challenge in Bail Application No. 170/2019 03. The main grounds in the instant application are that:- a. No criminal offence is made out from the bare perusal of the Preliminary Charge Sheet against the applicant, but still the applicant has been put behind the bars by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ct Poonch at present Gujjar Colony, Upper Paloura, Jammu who has been found actively involved in the case has also been arrested on 10.06.2019 and is on judicial remand. b. From the investigation it is found that accused Zaffar Iqbal S/o Nizam Din R/o Mendhar at present Upper Palora, Jammu has propagated for the accused and has intentionally delivered various public lectures to lure the innocent people. c. The accused by way of propagation and by delivering lectures in public has won over the confidence of the people who were assured that the company is authorized and there was nothing illegal going on. Therefore, on this assurance and faith people deposited their hard earned money with the said fake company for which the accused has propagated in association with other accused. d. The accused Zaffar Iqbal has received huge amounts out of public money illegally collected and an amount of ₹ 10 lacs has been recovered so far which the accused had invested for purchase of plot at Roop Nagar with a property dealer namely Ramesh Kumar Raina, whose statement u/s 161/Cr.PC is also recorded. e. The accused is seen in a video seized in the case distributing/ delivering hug ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has been swindled. Grounds of challenge in Bail Application No. 192/2019 05. The main grounds in the instant application are that:- a. The applicant was engaged by one Tariq Mehmood R/o Mendhar to work in his office as Accounts Assistant. While the office management, work and public dealings were dealt with by the employer of the applicant, the applicant continued to serve in the office as Accounts Assistant and used to get the monthly salary. The applicant submits that he was never associated with the business activities of the employers, nor did he ever contact any customer outside the office or allured/ entice any of the persons residing in the locality elsewhere. b. He never received any money directly from any complainant nor has he ever dealt with any depositor on personal level. Whatever job was assigned to the applicant was done by him as Accounts Assistant along with other 24 employees engaged in the company/ office. c. The applicant submits that he has not committed any crime and was working as Accounts Assistant in the company only and had not committed overt or covert act in commission of the crime or in alluring anyone regarding deposit etc. d. T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is to be recovered. d. During the investigation it is also found that an amount of ₹ 11 lacs was credited in the account of accused Zaheer Abass out of the public money and the same was further transferred to some other account, Besides, ₹ 5 lacs, which he took from the company was deposited by him in the HDFC Bank Mendhar and is to be recovered from the accused. e. That various people have stated in their statements recorded u/s 161/Cr.PC that Zaheer Abass in connivance with Tariq Mehmood and others have fraudulently taken money from them under false promises and have swindled the same. It has also been found that during the period in question the accused has constructed a double storey house at Chhungan Mendhar out of the public money, further verification of the same is in progress. Besides, another house is yet at Plinth level at Chhungan, which requires further verification so as to ascertain the source of money used for construction of these houses. f. That during the course of further investigation account statements of accused Zaheer Abass have been obtained and seized in the case. Perusal of account statements reveals that an amount of ₹ 18,77,37 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er Hussain and ₹ 2,60,000/in the name of Tahir Abass S/o Tasveer Hussain. The amounts taken as profit are also yet to be recovered. j. That during the course of investigation vehicle (Scorpio S-11) bearing registration No. JKO2CF-7112 has been seized from the possession of accused Zaheer Abass on 10.06.2019 vide seizure memo dated 10.06.2019. Loan file of the vehicle in question has also been obtained from Mahindra and Mahindra Financial Services Ltd. and the perusal of which reveals that Borrower Tasveer Hussain and co-borrower accused Zaheer Abass had purchased the above mentioned vehicle from Shuhul Auto Mobiles Pvt. Ltd. Jammu on 25.12.2018 for an amount of ₹ 15,11,136/- after obtaining a loan of ₹ 11,00,000/- from Mahindra and Mahindra Financial Services Ltd. and have deposited an amount of ₹ 4,11,136/as down payment of the said vehicle. The above vehicle has also been purchased by the accused during the period in question and the down payment so made is out of public money collected by the accused from innocent people, while as, the loan so acquired is just to colour the fraud committed by the accused and to conceal the public money illegally collec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by lawful means from his relatives. Certified affidavits of the persons duly attested by the notary have also been filed by the applicants in that regard. 11. Learned counsel for the applicants has placed reliance upon case titled P. Chidambaram Vs Directorate of Enforcement bearing Criminal Appeal No. 1831/2019, wherein the Apex Court has granted bail to P. Chidambaram under Section 3 of Prevention of Money Laundering Act, 2002. 12. Reliance is also placed upon case titled Surendra Nath Pandey and another Vs State of Bihar and another, reported in 2016(1) BBCJ 275, wherein the Supreme Court has held that the affidavit given by the petitioner thereby furnished false Search Report/ NEC/legal opinion with regard to the properties/ land documents in order to cheat the Bank and to facilitate obtaining of loan by the concerned persons, the allegations in this case are bald and omnibus and do not make any reference to the role of the appellants, therefore, SC granted bail. Further reliance has been placed on 2018 AIR SC 980, case titled Dataram v state of UP, wherein it is held that putting accused in jail is exception ; 2011AIR SCW 6838 case titled Sanjay Chandra v. CBI, wher ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... distinct entities, various transactions etc. and in the light of the permission granted by this Court in the order dated 05.10.2012, we are unable to accept the argument of learned senior counsel for the appellant. 14) .. 15) Economic offences constitute a class apart and need to be visited with a different approach in the matter of bail. The economic offence having deep rooted conspiracies and involving huge loss of public funds needs 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 the country. 16) While granting bail, the court has to keep in mind the nature of accusations, the nature of evidence in support thereof, the severity of the punishment which conviction will entail, the character of the accused, circumstances which are peculiar to the accused, reasonable possibility of securing the presence of the accused at the trial, reasonable apprehension of the witnesses being tampered with, the larger interests of the public/State and other similar considerations. 16. Further in view of submission made by the learned counsel, let me address the con ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n paragraph 18.6 of the charge- sheet it was stated to the following effect: Foreign bank transaction details are to be collected and the call Data Records have to be further analyzed. Records pertaining to Thanal Foundation Trust need to be collected and verified. Hence, further investigation is inevitable and is in progress. Additional list of witnesses, additional statements of witnesses and additional list of documents will be filed in due course. Hence it is also prayed that further investigation u/s 173(8) Cr.P.C. may kindly be permitted. In view of above averment in the charge-sheet, a plea was raised before the trial court, that the charge-sheet filed on 19-10-2013 was not a final report as contemplated u/s 173 (2) of the Cr.P.C., and as such, accused was entitled to default bail. The plea was rejected by both the learned trial court as well as the Hon'ble High Court and eventually an appeal was preferred before the Apex Court. The Apex Court dismissing the appeal, upheld the view taken by the High Court and the trial court, and observed in paragraph 4 of the judgment as under:- 4. Having gone through the charge-sheet, we are not persuaded to take a differen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at 157; that the statutory requirement of the report under Section 173(2) would be complied with if the various details prescribed therein are included in the report. This report is an intimation to the magis- trate that upon investigation into a cognizable offence the investigating officer has been able to procure sufficient evidence for the Court to inquire into the offence and the necessary information is being sent to the Court. In fact, the report under Section 173(2) purports to be an opinion of the investigating officer that as far as he is concerned he has been able to procure sufficient material for the trial of the accused by the Court. The report is complete if it is accompanied with all the documents and statements of wit- nesses as required by Section 175(5). Nothing more need be stated in the report 'of the Investigating Officer. It is also not necessary that all the details of the offence must be stated. The details of the offence are required to be proved to bring home the guilt to the accused at a later stage i.e. in the course of the trial of the case adducing acceptable evidence. 19. In the present case, apparently on the basis of FIR lodged by the info ..... X X X X Extracts X X X X X X X X Extracts X X X X
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