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TMI Blog2023 (6) TMI 471X X X X Extracts X X X X X X X X Extracts X X X X ..... nothing but the same old wine in a new bottle, of course with a different label. The idea of issuing LOC is only to ensure that big offenders do not go scot free by flying away to other countries and protract or dilute the smooth investigation of criminal cases/serious economic offences involving public money pending against them by taking shelter under the cumbersome process to bring them back into the circle of investigation. Indisputably, the petitioner is facing charges of serious economic offences involving huge public money and money laundering, warranting investigation by various investigation agencies. In some of the cases pending against the petitioner, trial has commenced, it appears and many cases are under investigation. Further, the petitioner is a foreign national. Though he claims to have strong roots in Chennai/India, he has not come out with any permanent local address also to strengthen his claim. It is the case of the respondents that the further investigation is on a crucial stage requiring the presence of the petitioner in the absence of which, the investigation process may get prolonged and diluted and therefore, under the guise of personal liberty to t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sbursed to one M/s.Axcel Sunshine Limited, another entity of the same group of companies during the year 2014 and adjusted the NPA and other overdue accounts of the group of companies and thereby caused a wrongful loss of more than Rs.600 crores to IDBI. iii) The investigation further revealed involvement of various persons, Companies, unknown public servants and unknown private persons in the offence and thereby, the complaint was registered in FIR No.9/2018 for the offences punishable under Sections 120-B read with Sections 409 and 420 IPC and Section 13(2) read with Section 13(1)(d) of Prevention of Corruption Act, 1988. iv) In such a backdrop, when the petitioner landed at the Chennai International Airport on 6.8.2018, he was intercepted based on a Look Out Circular (LOC) issued by the first respondent. Subsequently, on his representation, the LOC was withdrawn and the petitioner had travelled abroad. v) Subsequently, the investigation of the original case in FIR No.9 of 2018 gave lead to -- a) the 7th respondent to register a case in ECIR/CEZOI/ 10/2018(RK) dated 1.5.2018; b) the 9th respondent to file a complaint for offences punishable under Section 439(2) rea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ner, Mr.AR.L.Sundaresan, Additional Solicitor General for the second respondent, Mr.K.Srinivasan, learned Special Public Prosecutor appearing for respondents 3 and 4, Mr.K.Srinivasamurthy, learned Senior Panel Counsel appearing for respondents 1, 6 and 9, Mr.R.Rajesh Vivekananthan, learned Deputy Solicitor General for the fifth respondent and Mr.Cibi Vishnu, learned Special Public Prosecutor appearing for respondents 7 and 8 at length and perused the materials available on record including the counter affidavits filed by the respondents. 4. From the submissions of the learned counsels appearing for either side and the materials available on record, this court infers the following. 5. The petitioner claims to be an Ambassador at large of the Republic of Seychelles and is a holder of diplomatic passport issued by the Republic of Seychelles. Despite that it appears that he is an entrepreneur. An LOC issued for the second time is hindering him to proceed to abroad. Earlier, he had challenged the same and failed upto the Apex Body. Now, notwithstanding the orders passed in the earlier proceedings, the petitioner seeks for a direction to the respondents to permit him to travel abro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... strumental alongwith other accused in hatching the conspiracy to get release the Corporate Guarantee of M/s.Siva Industries and Holdings Ltd., for the Bank's exposure to M/s.Win Wind Oy from the custody of the bank by bank's own funds in the form of a fresh loan to M/s.Axcel Sunshine Limited during 2014. v) The contents of email correspondence among the officials of IDBI and Siva Group establishes that they knowing fully well that it was not possible to obtain Corporate Guarantee of M/s.Siva Industries and Holdings Ltd., for the fresh loan to M/s.Axcel Sunshine Limited, a foreign entity, with an intention to cheat the lender bank, deliberately modified the Corporate Guarantee as Letter of Comfort without any binding effect. vi) The petitioner was instrumental alongwith other accused in the sanction and disbursement of the loan amount to M/s.Axcel Sunshine Limited during 201 to adjust the outstanding amounts of M/s.Win Wind Oy and other Siva group of Companies and he is the main beneficiary of the loan fraudulently got sanctioned to M/s.Axcel Sunshine Limited. vii) The SFIO has issued LOC against the petitioner to secure his presence in two investigation viz., (a) I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e other reason attributed by the petitioner viz., to attend a trade fair/exhibition is concerned, the petitioner claims to be a representative of a Company named AIWO LIMITED and the period of exhibition is shown as 15th to 18th October 2022. The Master Data of AIWO LIMITED maintained with the Ministry of Corporate Affairs reveals that the petitioner is not even a Director of the said Firm and moreover, the event has got over. xiv) Just because he has, so far, been cooperating with the investigating agencies, inference cannot be drawn that he would come back if he is permitted to travel abroad. He has been appearing before the various courts and investigating agencies only because he has not been permitted to leave India and thereby, his constrained cooperation cannot be construed as a ground to infer that he would continue to cooperate even if he is permitted to leave India. xv) Though the petitioner contends that he has strong roots in Chennai, he has furnished the address of the Hotel where he is temporarily staying and has not provided his permanent address in Chennai and thus, suspicion arises as to whether he would return to India, and he may escape to any country wit ..... X X X X Extracts X X X X X X X X Extracts X X X X
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