TaxTMI 
TaxTMI 
2022 (12) TMI 1535
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...."Society") in connivance with M/s Khushi Properties and Developers Pvt. Ltd. The Society was formed on 27.07.2015 and got registered by 11 government officers offering residential flats to its members in Lzone of Delhi under Land Pooling Policy of NCT of Delhi. It is alleged that 5 acres of land was to be purchased and for that purpose, office bearers of the Society collected an amount of Rs. 19.50 crores (approximately) from around 122 of its members between the year 2015 and 2018. The present applicant against whom allegations have been leveled is the Director of M/s Khushi Properties and Developers Pvt. Ltd., who had entered into a Memorandum of Understanding (MoU) with the Society on 13.10.2015 to work as an agent on behalf of the Society for helping them to buy the land. Pursuant to execution of MoU, an amount of Rs. 16.28 crore was transferred by the Society to M/s Khushi Properties and Developers Pvt. Ltd. between the year 2015 and 2019 for the purchase of land, but only 1.9 acres of land was purchased for a sum of Rs. 7 crores, out of which Rs. 4.31 crores was paid by M/s Khushi Properties and Developers Pvt. Ltd. whereas Rs. 2.75 crores was paid directly by the Society to ....
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.... arguments, learned Senior counsel has placed reliance upon the decision in Runu Ghosh v. State (CBI) 1996 SCC OnLine Del 620, wherein this Court, while deciding a bail application observed as under:- "5. At this stage of considering the application of the petitioner for the grant of bail, the Court is not required to go into the detailed examination evidence and pre-judge the case and for that exhaustive exploitation of the merits of the case are not required in the order. The Court before granting bail in cases involving non-bailable offences, is to take into consideration matters such as the nature and seriousness of the offence, the character of evidence, circumstances which are peculiar to 'the accused, a reasonable possibility of the presence of the accused not being secured at trial, reasonable apprehension of witnesses being tampered with, the larger interest of the public or the State and similar other considerations. Bail should normally not be withheld. as a punishment if, after taking into consideration other factors, the accused is entitled to the grant of bail. Bail and not jail is the normal rule. The two paramount considerations, namely, likelihood of the accu....
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....s follows:- "4(a) While granting bail the court has to keep in mind not only the nature of the accusations, but the severity of the punishment, if the accusation entails a conviction and the nature of evidence in support of the accusations. (b) Reasonable apprehensions of the witnesses being tampered with or the apprehension of there being a threat for the complainant should also weigh with the court in the matter of grant of bail. (c) While it is not expected have the entire evidence establishing the guilt of the accused beyond reasonable doubt but there ought always to be a prima facie satisfaction of the court in support of the charge. (d) Frivolity in prosecution should always be considered and it is only the element of genuineness that shall have to be considered in the matter of grant of bail, and in the event of there being some doubt as to the genuineness of the prosecution, in the normal course of events, the accused is entitled to an order of bail." **** 15. We may also profitably refer to a decision of this Court in Kalyan Chandra Sarkar v. Rajesh Ranjan alias Pappu Yadav (2004) 7 SCC 528, where the parameters to be taken into consideration for grant of....
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....with a different approach in the matter of bail. The economic offences having deep-rooted conspiracies and involving huge loss of public funds need to be viewed seriously and considered as grave offences affecting the economy of the country as a whole and thereby posing serious threat to the financial health of the country. 35. While granting bail, the court has to keep in mind the nature of accusations, the nature of evidence in support thereof, the severity of the punishment which conviction will entail, the character of the accused, circumstances which are peculiar to the accused, reasonable possibility of securing the presence of the accused at the trial, reasonable apprehension of the witnesses being tampered with, the larger interests of the public/State and other similar considerations." 10. Similarly, in P. Chidambaram v. Directorate of Enforcement, (2020) 13 SCC 791, it was held by Hon'ble Supreme Court as under:- "23. Thus, from cumulative perusal of the judgments cited on either side including the one rendered by the Constitution Bench of this Court, it could be deduced that the basic jurisprudence relating to bail remains the same in as much as the grant of bail ....
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....rom the innocent victims to his own use by purchasing car and flats. More so, it is also the case of prosecution that the name of M/s Khushi Properties and Developers Pvt. Ltd had been struck off and the company was dissolved on 07.06.2017 by Registrar of Companies. However, even thereafter the present accused/applicant had entered into an MoU with the Society on 12.04.2018 regarding land deals and had obtained money in the bank account of M/s Khushi Properties and Developers Pvt. Ltd. It is also clear from the record of Registrar of Companies and concerned banks that only present applicant was managing the day to day affairs of M/s Khushi Properties and Developers Pvt. Ltd. It is also noted from the record that he had purchased car and flat in Dwarka with the money so obtained from the victims and had also used the same to repay the personal loans obtained from many persons. The bank account statement of the present applicant also reveals that huge amount of cash was withdrawn from his bank accounts. The present applicant is also involved in another FIR bearing no. 107/2017, Police Station Dwarka North, for the offences punishable under Sections 186/353/34 IPC, which is pending tr....