2005 (5) TMI 79

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....ioner, submits that the investigation has been going on and the petitioner has already spent 54 days in custody and the 60 days' period is shortly going to be over. He further submitted that the goods imported under the D.B.E.C. Scheme were in fact imported by Gudiya Fashions Private Limited of which the petitioner was acting as a commission agent. However, the case for the prosecution is that the....

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....a fraud has been played upon the State and customs duty to the extent of Rs. 6.40 crores has been evaded by this clever device. The learned Counsel for the petitioner, however, contends that even going by the story of the prosecution, the duty amount involved would be Rs. 3.40 crores. The learned Counsel for the petitioner submitted that in good faith and without prejudice to his rights and conten....

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..... The learned Counsel for the State, Mr. Satish Aggarwal, vehemently opposed the grant of bail. Firstly, he pointed out that it is the petitioner who was the master-mind behind this entire transaction whereby import licences were obtained on the basis of fraudulent statements and the goods ultimately imported on the basis of these licences were diverted in the local market rather than meeting the ....

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...., necessary that the petitioner be kept in custody any further as whatever interrogation of petitioner had to be done has already been done. 5. In these facts and circumstances and in view of the submissions made by Counsel for the parties, I feel that further custody of the petitioner is not necessary as all the materials in the shape of documents, etc., have already been recovered from petiti....