9911796707
TMI Blog2021 (6) TMI 1098X X X X Extracts X X X X X X X X Extracts X X X X ..... 09.11.2020 and apprehending arrest in connection with the said summons, the petitioner filed Crl.P.No.5980 of 2020 and this Court granted anticipatory bail to the petitioner vide order dated 18.03.2021. Admittedly, entire investigation has been completed and charge sheets were filed by the C.B.I., BSFC, Bangalore and the C.B.I. and seized all the documents connected to the subject loan transactions and those documents were filed along with the charge sheets. Hence, there may not be a chance of tampering with the investigation at this stage. Considering the facts and circumstances of the case and since the petitioner has already been appeared before the S.F.I.O., in compliance with the notice, dated 18.07.2017 and his statement has already been recorded; entire investigation has already been completed and charge sheets were also filed in both the complaints, the custodial interrogation of the petitioner at present may not be required. In such circumstances, granting anticipatory bail to the petitioner on certain conditions is justifiable - petition allowed. - CRIMINAL PETITION NO: 4134 OF 2021 - - - Dated:- 25-6-2021 - THE HONOURABLE JUSTICE G SRI DEVI PETITIONER ADVO ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has ceased of the matter will seriously prejudice the defence of the petitioner and it will expose the petitioner to any amount of risk. The respondent having kept quiet this much length of time is now resorting to arm twisting method by issuing summons though is competent to do so under the relevant provisions of law undoubtedly but unmindful of the grave consequences which flow from the self incriminating statement against all canons of criminal jurisprudence and the protection enshrined under Article 21 of the Constitution of India. It is also submitted that the petitioner being out of service from the I.F.C.I., is not in possession of any document to produce nor statement to be given to the respondent and as such summoning the petitioner will not serve any purpose. The respondent agency has lost sight of the fact that the petitioner being an employee of the lending agency whose status as a Government Company is under serious dispute which legal issue has to be decided by the criminal Court and or any other legal forum, did not obtain any pecuniary advantage nor in possession of any asset disproportionate to his known sources of income, got to investigate nothing in regard to th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bai Seth v. State of Gujarath (2016) 1 SCC 152 5. By filing Counter, learned Standing Counsel appearing for the respondent would submit that as per the complaint given by M/s IFCIL, New Delhi and the contents of the CBI in FIR No.07 of 2017 dated 05.05.2017, M/s. VNRIL had availed two term loans of Rs.90.00 Crores on 05.09.2014 and another Rs.100.00 Crores on 25.03.2015 from M/s. IFCIL, Bangalore. As per the terms and conditions of the sanction, M/s. VNRIL had to submit a security by way of exclusive charge on immovable property (non-agricultural, converted land) giving IFCIL cover of 2.5 times of Distress Sale Value. M/s. VNRIL through their related parties M/s. Indushree Housing Private Limited, M/s. RKR Housing Private Limited and M/s. PKNR Estates was able to offer properties worth Rs.28.75 Crores valued by M/s. ITCOT and Rs.7.41 Crores. There was a huge inflation of market values of the securities and the same was perpetrated at the behest of the Managing and others in furtherance of conspiracy with further revealed that the petitioner has received 3% bribe of the total loans sanctioned i.e. Rs.5.70 Crores and, hence, the contention of the petitioner that he is innocent a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to the petitioner to provide an opportunity to explain his case against the allegations made against him. There are absolutely no merits in the Criminal Petition and prayed to dismiss the petition. In support of his contentions, he relied on the following judgments:- 1. Directorate of Enforcement v. Ashok Kumar Jain (1998) 2 SCC 105 2. State of Gujarat v. Mohanlal Jitamalji Porwal and others (1987) 2 SCC 364 3. Y.S.Jagan Mohan Reddy v. C.B.I. (2013) 7 SCC 439 6. I have carefully considered the rival submissions and perused all the relevant material relied upon by both sides. 7. A three Judges' Bench of Supreme Court in Sushila Aggarwal and others v. State (NCT of Delhi) and others 2020 SCC Online SC 98 while dealing with the purpose, object and function of bail under Section 438 Cr.P.C., observed in paragraph Nos.19 and 20 as under: 19. The object of Section 438 Cr.P.C. has been repeatedly explained by this Court and the High Courts to mean that a person should not be harassed or humiliated in order to satisfy the grudge or personal vendetta of the complainant. But at the same time the provisions of Section 438 Cr.P.C. cannot also be invok ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . The petitioner was arrested and he was released on bail in the said cases. The record further discloses that in the year 2017 itself, the S.F.I.O., issued notice to the petitioner to appear before the S.F.I.O. and in compliance of the said notice, the petitioner had appeared and his statement was recorded. In the year 2020, the S.F.I.O. again issued summons to the petitioner directing him to appear before the S.F.I.O. on 09.11.2020 and apprehending arrest in connection with the said summons, the petitioner filed Crl.P.No.5980 of 2020 and this Court granted anticipatory bail to the petitioner vide order dated 18.03.2021. After obtaining anticipatory bail in connection with the summons issued by S.F.I.O., the respondent agency had initiated proceedings against the petitioner and others under the provisions of the P.M.L. Act and issued summons dated 11.05.2021 in F.No.ECIR/HYZO/20/2019/2246. Admittedly, entire investigation has been completed and charge sheets were filed by the C.B.I., BSFC, Bangalore and the C.B.I. and seized all the documents connected to the subject loan transactions and those documents were filed along with the charge sheets. Hence, there may not be a chance of ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
