TaxTMI 
TaxTMI 
2022 (5) TMI 1542
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....-Managing Director and N.K. Ghoshal. It is alleged that the aforesaid persons having absolute control on REL, and its subsidiaries have put 'RFL' in poor financial condition by disbursing loans to entities, having no financial standings. These entities willfully defaulted in repayments and caused wrongful loss to 'RFL' to the huge money. The Reserve Bank of India (hereinafter "RBI") has pointed out some discrepancies in its analysis viz. the top borrowers of 'RFL', under Corporate Loan Book (CLB) portfolio were related entities; there was inter linkage between the borrowers as funds were routed from one borrower to another; and the loan amounts ultimately were coming to the group companies of 'RFL'. 4. Mr. Tanveer Ahmed Mir, learned counsel appearing on behalf of the applicant submitted that as per the allegations made in the complaint and crystallized in the charge-sheet, the promoter-directors were involved in round tripping of some loans right from the year 2008 onwards and it is a matter of admitted position that the aforesaid round tripping predominantly took place between the period from 2008 to 2016, during which period the applicant was neit....
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....dated 5th May 2021. The said judgment was challenged before the Hon'ble Supreme Court by the complainant by way of filing SLP (Crl.) No. 12290/2021, which was dismissed in limine vide judgment and order dated 12th July 2021. 8. Learned counsel further submitted that the applicant was served a notice under Section 91 of Cr.P.C. by the investigating authorities, in response to which he appeared and supplied the requisite information as well and joined investigation to the satisfaction of the investigating authorities. In consequence whereof, the applicant was asked to go back to his home and was never called upon to join investigation again at any point of time. It is further submitted that on 8th December 2021, officers from the 'EOW, Delhi Police came to the residence of the applicant at around 8:30 AM, and the applicant was forcefully taken to the offices of 'EOW at Mandir Marg and in the evening, the arrest memo was handed over to him. No reasons whatsoever were provided to the applicant as to why he was arrested. 9. It is further submitted that the second supplementary charge-sheet under Section 173(8) of Cr.P.C. was filed by the investigating authorities on 15th D....
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....nt cannot tamper with any such evidence. 13. Learned counsel argued that it is a matter of admitted position that the entire criminal activity of giving dubious loans or unjustified loans by 'RFL' has taken place within the period of 2008 to 2016 during which period, the applicant was nowhere concerned either with 'REL' or 'RFL', in as much as he joined 'RFL' only on 14th November 2017. Therefore, the applicant is not at all responsible for such grant of loan. It is also submitted that the main accused Anil Saxena has already been enlarged on bail vide order dated 17th June 2020 by the Coordinate Bench of this Court and the same bail order was challenged in the Hon'ble Supreme Court which has been confirmed by the Hon'ble Supreme Court. It is also submitted that the co-accused Maninder Singh, who is accused of being responsible for fraudulent loans to the tune of more than Rs. 1500 Crores has already been granted bail vide order dated 5th May 2021 by the Coordinate Bench of this Court, and the said order was also challenged before the Hon'ble Supreme Court and Hon'ble Supreme Court had dismissed the aforesaid SLP vide order dated 12t....
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...., and applicant herein was asked to join the investigation. He replied that property related documents of Asola land was handled by operation team. The mails provided by complainant-company revealed that property documents were released on the instructions of applicant herein, for which, he was not authorised. Further, it was found that properties mortgaged with complainant company were already exchanged vide exchange deed dated 18th July 2017 by the alleged borrower and the loan amount was never paid by them to the complainant company. Accused could not produce any board resolution, in his favour, vide which he was authorised to get the documents of properties viz., Best Health Management Pvt. Ltd., M/s. Vitova Realtors Pvt. Ltd. and M/s. Devera Developers Pvt. Ltd., released and replaced them through Elive Shares vide share pledge agreement dated 10th January 2018. The said three loans were initially sanctioned as secure loans but later on, they were converted into unsecured loans. So, those facts indicated conspiracy of accused in question with the said promoters and SPA was executed solely with intention to defraud 'RFL' by asking it to release the property related docu....
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....;ble Supreme Court held as under:- "7. Personal liberty is fundamental and can be circumscribed only by some process sanctioned by law. Liberty of a citizen is undoubtedly important but this is to balance with the security of the community. A balance is required to be maintained between the personal liberty of the accused and the investigational right of the police. It must result in minimum interference with the personal liberty of the accused and the right of the police to investigate the case. It has to dovetail two conflicting demands, namely, on one hand, the requirements of the society for being shielded from the hazards of being exposed to the mis-adventures of a person alleged to have committed a crime; and on the other, the fundamental cannon of criminal jurisprudence, viz., the presumption of innocence of an accused till he is found guilty. Liberty exists in proportion to wholesome restrain, the more restraint on others to keep off from us, the more liberty we have (See A.K. Gopalan v. State of Madras AIR 1950 SC 1000). 8. The law of bail, like any other branch of law, has its own philosophy, and occupies an important place in the administration of justice and the con....
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.... Court vide order dated 17th June 2020 in Bail Application No. 1074/2020. The said order was also challenged before the Hon'ble Supreme Court by way of filing SLP (CRL) Diary No. 13106/2020. The Hon'ble Supreme Court vide order dated 17th July 2020 did not interfere with the bail order of co-accused Anil Saxena. 24. A perusal of record shows that chargesheet has already been filed, all materials have been collected by the investigating authorities and the evidence against the applicant is documentary in nature. In the considered opinion of this Court, the applicant is neither a flight risk, nor can there be any propensity on his part to tamper with any evidence or influence any witness inasmuch as the entire domain of evidence is documentary in nature, which exists as it is from the year 2008 onwards, unhindered, and un-tampered. The applicant is a permanent resident of Delhi and has clean antecedents. He has been languishing in jail since 8th December 2021. In that background considering the chargesheet, first supplementary chargesheet and second supplementary chargesheet as well as the fact that other co-accused persons having been enlarged on bail by the Coordinate Benc....