TaxTMI 
TaxTMI 
2017 (2) TMI 287
X X X X Extracts X X X X
X X X X Extracts X X X X
....id by this Court in its verdict in Subroto Chattoraj vs. Union of India & Ors. (2014) 8 SCC 768, allusion thereto is indispensable. This Court therein was seized with the issue of transfer of several cases registered in connection with the above scam and registered in different police stations in the State of Bengal and Odisha from the State police agency to the CBI. In traversing the recorded facts, this Court took note, inter alia, of the imputed modus operandi of the persons and the entities allegedly involved in the illicit operations to allure unsuspecting depositors to make investments in the scheme with the promise of awarding them with attractive rewards and returns, which was never intended and thereby swindle the gullible members of the public belonging to the middle class, lower middle class and the poorer sections of the society. The interim report(s), taken note of by this Court, amongst others disclosed violation of the Securities and Exchange Board of India Act, 1992, The Companies Act, 1956, The Reserve Bank of India, 1934 and The Income Tax Act, 1961 and revealed as well fraudulent certification, non-compliance with accounting standards, material misstatements of f....
X X X X Extracts X X X X
X X X X Extracts X X X X
....e police custody upto 13.10.2015. Meanwhile, however the appellant having complained of chest pain and attendant complications, and on medical advice was shifted to Government Hospital, S.S.K.M. Hospital, Kolkata and since then, for various ailments, as conveyed by her, she had remained in different hospitals from time to time as on date. 7. Eventually the 5th supplementary charge-sheet under the aforementioned Sections of law has also been laid against the appellant, Sudipta Sen and Santanu Gosh and M/s Global Automobiles Ltd. on 4.1.2016. As the forwarding report in connection therewith would disclose, investigation is still continuing, under Section 173(8) of Cr.P.C. The charge-sheet reveals the accusation that Sudipta Sen and others as named therein together with M/s Saradha Reality India Ltd. in pursuance of criminal conspiracy amongst others had collected a staggering amount of Rs. 7,74,33,59,929/- from various depositors under several investment schemes in favour of Sardha Reality India Ltd., by falsely promising them high returns but did not pay to the tune of Rs. 569,26,28,095/- , thus defrauding them. 8. The charge-sheet so far as is relevant for the present adjudicatio....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ently disclosed that an amount of Rs. 24,68,85,200/- had been advanced to M/s GNN India (P) Limited as Inter-Corporate Deposits, which was patently false. According to the CBI and as recorded in the charge-sheet, the petitioner entered into the above sham deal with a motive of extracting undue financial benefit being fully aware of the illegal deposit collection business of Saradha Group, which, amongst others was demonstrated by the emails exchanged by her. The charge-sheet further divulges that the liasion between Sudipta Sen and the appellant was with a view to use the latter's connection to negotiate the enquiry contemplated against illegal deposit business and also to utilise her influence in the media to counter any negative publicity against the illegal business activity of Saradha Group and that the appellant actively associated herself in such activities and criminally misappropriated the ill-gotten funds, as a party to the criminal conspiracy. 10. The charge-sheet also records an agreement for sale between Sudipta Sen on behalf of Saradha India Reality Limited and Santanu Ghosh of M/s. Global Automobiles for purchase of 58 lakhs equity shares of the former company at....
X X X X Extracts X X X X
X X X X Extracts X X X X
...., referred to in the charge-sheet demonstrate transactions which are purely of civil nature and in no way furnish the ingredients of any criminal offence whatsoever. According to the learned senior counsel for the appellant, not only the evidence collected in course of the investigation does not make out any offence as alleged, in the teeth of the release of the principal accused persons on bail, the appellant's detention amounts to deprivation of her right to life and liberty enshrined in Article 21 of the Constitution of India. 13. Per contra Mr. K. Raghavacharyulu, Special Public Prosecutor has assiduously urged that having regard to the mandate of this Court to unfailingl investigate the larger conspiracy angle and determine the money trail of the deep-rooted counterfeit affecting lakhs of innocent depositors, release of the appellant at this stage would be inexpedient. In controversion, it has been asserted that the MOU and the agreement mentioned in the charge-sheet, in the facts of the case are only a front to indulge in criminal activities as divulged in the investigation. While emphasizing that the appellant since her arrest has managed to remain housed in hospitals, ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....iety of ailments. Noticeably, the medical records have been issued by the hospitals in which she is undertaking treatment. We are not unmindful, at this juncture, of the nature of the hospital bills of hers as highlighted by the learned counsel for the respondent. Though it is the plea of the respondent that the appellant at times adopts a disposition to avoid interrogation by the CBI, no convincing material has been brought on record to demonstrate any misuse of her liberty qua the investigation while in the hospitals since her arrest. As per the medical records, her ailments range from ischemic heart disease to asthma, unstable angina, dysfunctional uterine bleeding, constant nausea and lower back pain. 17. This Court in Sanjay Chandra vs. Central Bureau of Investigation (2012) 1 SCC 40, also involving an economic offence of formidable magnitude, while dealing with the issue of grant of bail, had observed that deprivation of liberty must be considered a punishment unless it is required to ensure that an accused person would stand his trial when called upon and that the courts owe more than verbal respect to the principle that punishment begins after conviction and that every man....