IMPORTANT POINT
Anticipatory bail can be granted where custodial interrogation of accused is not required.

JUDGMENT :

V. RAMASUBRAMANIAN, J.

Leave granted.

2. Accused Nos. 2, 3, 10 and 14 in FIR No. RC 219 2019 E0006, investigated by the Central Bureau of Investigation¹[For short, “CBI”], have come up with the above appeals challenging the orders of the High Court of Judicature at Allahabad rejecting their applications for the grant of anticipatory bail.

3. We have heard learned counsel for the appellants and Shri Vikramjeet Banerjee, learned Additional Solicitor General, appearing for the respondent-CBI.

4. The First Information Report²[For short, “FIR”] in this case was registered on 29.06.2019 at the instance of the Corporation Bank, for the alleged offences under Sections 420, 467, 468, 471 read with Section 120B IPC and Section 13(2) read with Section 13(1)(d) of the Prevention of Corruption Act, 1988. The gravamen of the allegations contained in the FIR was, that a Company by name M/s Nafto Gaz India Pvt. Ltd., secured certain credit facilities from a consortium of banks led by the State Bank of India; that the facilities were secured by the creation of a charge on movable properties and a mortgage of certain immovable properties; that the account of the said Company was operated properly till 27.07.2012, but started showing signs of sickness thereafter; that the account was classified as NPA on 22.11.2012, with an outstanding book-balance of more than Rs.92 crores; that the account was classified by the Bank as fraudulent one on 03.02.2015; that one of the properties mortgaged to the Bank, by third party guarantors was later found to be involved in litigation, on account of the defective title of the guarantors; that another property was found to have been grossly over-valued; that the Company had connived and conspired with advocates and valuers hired by the consortium of banks; and that therefore the promoters/directors of the Company, the guarantors as well as those involved in the sanction of the loan were guilty of the offences complained.

5. Though the FIR was lodged on 29.06.2019, none of the accused was ever taken into custody by the respondent-CBI. It appears that all the accused joined the investigation and cooperated with the respondent. Therefore, after the completion of investigation, CBI filed the final report on 31.12.2021.

6. After the CBI filed the final report on 31.12.2021, the Special Court issued summons for the appearance of the accused on 07.03.2022. Therefore, apprehending arrest, the appellants moved applications for anticipatory bail. The applications were rejected by the Special Court and the rejection order was also confirmed by the High Court. Therefore, the appellants are before this Court.

7. Accused No.2, namely Shri Mahdoom Bava, who is the appellant in one of these appeals is stated to be the promotor/director of the Company and he is alleged to be the kingpin. Accused No.3, namely Shri Deepak Gupta is a third party who has allegedly given his personal guarantee. The immovable property to which Shri Deepak Gupta claimed title had been offered as security. According to the prosecution, Shri Deepak Gupta claimed title to the property on the basis of fictitious documents and that he had also already sold away some portions of the property even before creating a mortgage.

8. Shri Akash Gupta, arrayed as Accused No.10 is alleged to have created bogus bills and fake lorry receipts, in connivance with Accused No.2, to enable the Company to have the bills discounted. Accused No.14, namely Shri Yatish Sharma is alleged to have operated the account of one M/s Shri Radhey Traders, to whom a huge amount had been transferred from the account of another firm by name Aggarwal Traders. It was alleged that the mobile phones whose numbers were mentioned in the invoices of M/s Aggarwal Traders, were being used by Shri Yatish Sharma.

9. On the strength of the aforesaid allegations, which are certainly serious in nature, the prayer of the appellants for anticipatory bail is opposed vehemently by the learned Additional Sol