TaxTMI 
TaxTMI 
2026 (6) TMI 314
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....mplainant that the representative of 'Goel Group', through the sale representative of complainant, had approached the complainant for supply of semiconductor and solar panel components. The 'Goel Group' represented that the material was urgently required and assured to make the payment of price of abovementioned goods within a period of 90 days. It was further represented that the material would be procured from 'GH2 Solar Ltd.', as the abovementioned Company only, used to work on 'Letter of Credit' (LC). It was also represented that the companies of 'Goel Group' were unable to issue 'Letter of Credit' due to financial constraints, and ensured timely payment of money to the complainant. 3. As per complainant, based upon the abovementioned representation, purchase orders were placed with the complainant by the Company of 'Goel Group', namely 'HQ Lamps Manufacturing Co. Pvt. Ltd.' and 'M/s Goel Lightings', both entities controlled by 'Mr. Rakesh Goel' (the father of petitioner). In furtherance of abovementioned inducement, the representatives of 'Goel Group' personally visited the complainant's Gurugram Office and finalized the deal. According to complainant, during such meetings,....
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....' refused to honour the same. The complainant further alleged that initially 'HQ Lamps Manufacturing Co. Pvt. Ltd.' had not issued any cheques, but subsequently post-dated cheques dated 15.01.2026, 16.01.2026, 17.01.2026 and 18.01.2026 were issued amounting to Rs. 26,96,46,912/-. It was the allegation of the complainant that upon verification, it was found that in the account of 'HQ Lamps Manufacturing Co. Pvt. Ltd.', the abovementioned money was not available. 7. In view of abovementioned facts, it had been allegedly by the complainant that right from the very beginning, with an intention to cheat the complainant, a web was designed by the Companies of 'Goel Group' and false documents were created to earn trust of the complainant. As per complainant, by adopting the abovementioned modus operandi, a loss to the tune of Rs.55.55 crores (approx.) had been caused to the complainant. 8. It is the case of the prosecution that on the basis of abovementioned complaint, formal FIR of this case was lodged and the investigation taken up. 9. Heard. 10. It has been contended by learned Senior Counsel for the petitioner that the petitioner is innocent having no nexus, whatsoever, wi....
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....ner, they have not been able to arrange the money, but the efforts are going on. It has also been pointed out by learned Senior Counsel for the petitioner that even the property owned by the father of the petitioner has been put on sale by the family of petitioner, and that even the representative of complainant/Company had visited the abovementioned property, but with regard to pricing of abovementioned property there were differences, which are likely to be settled in near future. 14. In addition to above, it has also been contended by learned Senior Counsel for the petitioner that in the present case, the approach of the complainant itself is very unfair and unethical, as on one side, he has already filed complaints under Section 138 of Negotiable Instruments Act for recovery of money and on the other hand, he has resorted to arm-twisting tactics by filing the present FIR. According to learned Senior Counsel for the petitioner, the most important aspect to be noted in the present case is that in the complaint filed by the complainant, under Section 138 of NI Act, in the Courts at Delhi, it has been mentioned that transactions & deal between the company of 'Goel Group' and the....
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....'Goel Group', 'VG Electronics Ltd.' was an integral part thereof. Thus, as per learned counsel for the complainant, this plea of the petitioner has got no force that he has nothing to do with the business being run by the entities of 'Goel Group'. 19. The learned counsel for the complainant has further contended that one of the most essential ingredients in the present case is the intention of petitioner and his father, at the time of entering into deal with the complainant. As per learned counsel for the complainant, if the abovementioned deal would have been free from any ill-intention, the web so created by the entities of 'Goel Group' would not have ended in such a manner that there was no actual transaction of goods from one entity to another entity. 20. It has also been contended by learned counsel for the complainant that by creation of false documents, the trust of the complainant was earned and the complainant has been deprived of Rs.55.55 crores. While claiming that the chain was created by the petitioner and his co-accused in such a manner that the complainant got an impression that goods have been actually delivered and therefore, in view of 'Letter of Credit', he....
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.... case of 'Y.S. Jagan Mohan Reddy V/s CBI' AIR 2013 SC 1933, the Hon'ble Supreme Court of India held as under:- "(i) Economic offences constitute a class apart and need to be visited with a different approach in the matter of bail - The economic offence having deep rooted conspiracies and involving huge loss of public funds needs to be viewed seriously. (ii) While granting bail Court, inter alia, has to see 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. (iii) CBI directed to complete the investigation and file the charge sheets within a period of four months." 25. In the case of 'Gajanan Dattatray Gore V/s The State of Maharashtra & Anr.' 2025 SCC Online SC 1571, the Hon'ble Supreme Court of India has deprecated the practice of granting bail, subject to financial deposit or undertaking. 26. In the case of 'Ashwani Kumar Patra V/s Republic of India' Blapl No.214 of 2021, the Orissa High Court has observed that....
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....ssued and for the dishonour of those cheques, the appropriate remedy has already been availed by the complainant by filing a complaint under Section 138 of NI Act; viii) that a serious question of territorial jurisdiction is also involved in the instant case. The complainant in the complaint under Section 138 of NI Act has claimed that the transaction had taken place within the territorial jurisdiction of Delhi and that is why, the abovementioned complaints have been filed in the Courts at Delhi. But in the present case, by projecting that the deal had taken place at Gurugram, the FIR has been lodged with Gurugram Police only. The abovementioned claim is prima facie unnatural, because as per claim of the petitioner, he doesn't have any office/branch/head office at Gurugram. ix) that the trial is not likely to be concluded in near future; x) that detention of the petitioner in judicial lockup is not likely to serve any purpose; xi) that there is nothing on record to show that if released on bail, the petitioner may tamper with the evidence or influence the witnesses; and xii) that there is nothing on record to show that if released on bai....
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....India opined as follows:- "In considering the application for bail, it is noted that the petitioner was arrested on 21.07.2022 and while in custody, the investigation has been completed and the charge sheet has been filed. Even if it is taken note that the alleged evasion of tax by the petitioner is to the extent as provided under Section 132(1)(l)(i), the punishment provided is, imprisonment which may extend to 5 years and fine. The petitioner has already undergone incarceration for more than four months and completion of trial, in any event, would take some time. Needless to mention that the petitioner if released on bail, is required to adhere to the conditions to be imposed and diligently participate in the trial. Further, in a case of the present nature, the evidence to be tendered by the respondent would essentially be documentary and electronic. The ocular evidence will be through official witnesses, due to which there can be no apprehension of tampering, intimidating or influencing. Therefore, keeping all these aspects in perspective, in the facts and circumstances of the present case, we find it proper to grant the prayer made by the petitioner. ....