9911796707
TMI Blog2021 (12) TMI 1503X X X X Extracts X X X X X X X X Extracts X X X X ..... Kerkar and Mr. Anil Khandelwal. The fact that CKG has gone bankrupt primarily demonstrates that the applicant in the capacity of internal auditor has failed to check illegal flow of finances and rather supported such activity which demonstrates his prima-facie involvement in the crime. The diversion of amount of Rs.1997 Crores out of loan of Rs.3642 Crores from Yes Bank and from the account of CKG to three domestic entities and Rs.1645 Crores against two overseas entities sufficiently speaks of siphoning of funds. The economic offences constitute serious fraud and required to be dealt with very seriously. While dealing with such offences, the Court is required to take independent approach regarding prayer for bail. The economic offences are held to have been designed with criminal conspiracy involving huge losses of public money are required to be viewed very seriously. Such offences are grave in nature, affect economy of the country and various financial institutes and pose a serious threat to financial health of the country. As the economic offences against the applicant fall in the category of grave economic offences particularly in view of nature of the accusation and material ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... buying and controlling stakes in Tourism Finance Corporation of India. It is further alleged that the present applicant along with co-accused Mr. Anil Khandelwal has withdrawn Rs.80 Crores from Ezeego which were subsequently converted into 800 Non Convertible Debentures ( NCD ) that too at very nominal rates. It is further claimed that the said NCDs were sold to CKG company at inflated rates. It is further alleged by the prosecution that approximately Rs.500 Crores were illegally transferred by using Virtual Credit Card of CKG into the account of Ezeego and thereafter the said amount was transferred to Redkite. As a consequence, Ezeego suffered financial losses. The prosecution as such alleged that Ezeego was illegally used as a carrier to transfer money to Redkite from the account of CKG which is brainchild of applicant being internal auditor. It is further alleged by the prosecution that by hatching criminal conspiracy, the applicant/ accused along with other co-accused got loan sanctioned illegally for Redkite and Reward Business Solutions from Ezeego and CKG and inflated book of accounts by inserting 15 fictitious customers. 7. From the account of Ezeego with Axis Bank and ICIC ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... renewal for the same was on 24th June, 2019. Pursuant to repayment by CKL, Kotak Mahindra Bank claims that there is outstanding amount of Rs.174.32 Crores as on 30th June, 2020. It is claimed that the said amount has been included in the quantification of proceeds of crime. He would further claim that the financial defalcation attributed to the Redkite to the extent of Rs.141.56 Crores having gone into account of Redkite is concerned, the said amount was diverted from Ezeego to Redkite to acquire stake in Tourism Finance Corporation of India. The Redkite Transaction claims to have not used money advanced by Yes Bank to Ezeego as the entire financed amount was transferred by Ezeego to CKL as could be inferred from the complaint of the Yes Bank. He would further claim that an amount of Rs.78.08 Crores and Rs.80 Crores have been expressly excluded from the calculation of proceeds of crime. He would claim that Redkite is a registered NBFC and is in the business of lending and borrowing since 2011 who in regular course lend monies to Ezeego on short term basis and similarly Ezeego used to lend monies to Redkite if so be needed. He would further claim that 41 entries upto September, 2017 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... llegally siphoned of from the various companies is yet to be traced. It is claimed that an amount has been parked for the tax savings. It is further urged that the applicant in the capacity of internal auditor and expert in the management of finances being Chartered Accountant cannot wash out his responsibilities and attribute the same to Mr. Peter Kerkar. From the record, he would try to justify the prima-facie involvement of the applicant in the crime in question. 10. I have considered rival submissions. 11. It is not in dispute that the applicant/accused was working as internal auditor along with co-accused Mr. Anil Khandelwal who was the CFO in the CKG. The issue about swapping of Credit Card of CKG for transfer of Rs.500 Crores is concerned, even it is attributed to Mr. Peter Kerkar, it could be inferred from the record that the applicant, an internal auditor was not aware of the same. Rather by not objecting the same, the applicant has supported the said illegal activity of siphoning of funds of the other accused. 12. As far as the issue about forgery is concerned, the investigation papers depicts that balance-sheet and books of account of CKG were forged. It further depicts ..... X X X X Extracts X X X X X X X X Extracts X X X X
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