2021 (11) TMI 161

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....hl. YOGESH KHANNA, J. 1. This petition is filed under Section 439 Criminal Procedure Code (hereinafter referred as Cr P C) for regular bail to petitioner in case FIR No.103/2019 registered under Section 420/406/120B IPC at police station Economic Offence Wing. 2. This order be read in continuation of earlier order dated 27.09.2021. The learned senior counsel for the petitioner argued an inquiry was initiated on a complaint dated 05.02.2019 against the petitioner. On 11.06.2019 the present FIR was registered. On 09.12.2020 the petitioner was arrested and is in judicial custody since 12.12.2020. The charge sheet was filed on 03.02.2021; cognizance taken on 06.02.2021; the IRP has since been appointed and even NCLT Court constituted the Com....

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....eceived with same allegations against the petitioner and his company and it is alleged all accused persons used the funds of complainant and other investors to develop their personal Real Estate Projects, other than the one offered. It is alleged by adopting this modus operandi, the petitioner siphoned off the funds of complainants in his other companies. 7. The petitioner is involved in five cases of NI Act and three other FIRs of similar nature are still pending investigation. The petitioner alongwith his accomplices had duped numerous home buyers and had divested them off their life time savings and it is alleged there is every possibility in case he is admitted to bail, he may tamper with the evidence and may influence the witnesses an....

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....med offender. The allegations are the accused company has been giving undertakings to various Courts from time to time to settle or pay the amount to victims, but all such undertakings have been violated and if the petitioner is granted bail, the possibility of his again absconding from justice, as shown by his previous conduct, cannot be ruled out. 11. A chart presented by petitioner before this Court is though to the effect he has spent more than the amount received from customers appear to be misleading as he seem to have suppressed the fact the company had taken loans from various financial institutions for the project to an appropriate extent of Rs. 271 Crores which makes its total liability as Rs. 560 Crores approx; and hence even if....