BHOSALE D.B., J.:---Heard Mr. Manohar, learned Senior Counsel, for the applicant and Mr. Chari, learned Senior Counsel, for respondent No. 2-CBI and Mr. V.B. Konde-Deshmukh, learned Addl. Public Prosecutor for respondent No. 1-State.

2. This application raises several questions of law and some of them pose very serious questions of far reaching consequences. It is filed by the applicant under sections 439 and 482 of the Code of Criminal Procedure for being released on bail in C.R. No. 135 of 2002 registered at Bund Garden Police Station under the various provisions of Indian Penal Code and sections 3(2), (5) with particular reference to section 2(1)(a) and (b) and section 24 of Maharashtra Control of Organised Crimes Act, 1999 (for short, "MCOCA"). His application seeking bail under section 21(4)(b) of MCOCA was rejected by the learned Special Judge (under MCOCA), Pune, by order dated 19-1-2004.

3. The crime was initially registered by Bund Garden Police Station for offences under sections 120-B, 255, 249, 260, 263-A(b), 478, 472 and 474 read with section 34 of the I.P.C. against the three accused who came to be arrested on 7-6-2002. As the investigation progressed, the investigating agencies kept on adding several persons as accused, consisting of Politicians, Government Officials, I.P.S Officers, Police Officers, etc. and as of today, about 65 accused have been shown arrested in C.R. No. 135/02. The applicant, former Commissioner of Police, Mumbai, is arrayed as accused No. 60 in the said crime. The provisions of MCOCA were invoked by the investigating agency on 3-9-2002. The applicant came to be arrested on 1-12-2003. He was in police custody until 6-12-2003.

4. The investigation was being conducted by Bund Garden Police Station which was taken over subsequently by the Special Investigating Team, (SIT) constituted vide Government of Maharashtra Resolution No. CII/2002/389/POL-12 dated 2-12-2002. Therefore, the investigation was taken over by the Central Bureau of Investigation, (CBI) in pursuance of the order of the Apex Court dated 15-3-2004. The investigation in this case still continues.

5. Factual matrix that would be relevant and material for deciding the present application, in brief, is as follows :--

The applicant was the Commissioner of Police, Pune from 30-4-2000 to 31-12-2000 and the Commissioner of Police, Mumbai from 1-1-2003 to 30-11-03. Before he was appointed as the Commissioner of Police, Pune, he occupied the posts of Inspector General/Additional Director General, Konkan Range, Commissioner (Intelligence) for State of Maharashtra, Commissioner of Police, Nagpur, Pune, Mumbai etc. He claims that he has rendered unblemished and meritorious service all throughout and is a recipient of various prestigious awards.

On 7-6-2002, while the applicant was Commissioner of Police, Pune, he received information that on that very day three persons in silver coloured Indica car bearing No. 10-H-04-A-1-200 were coming from Mumbai towards S.T. Stand near Pune Railway Station with fake stamp papers for delivery. He conveyed this telephonically to Bund Garden Police Station. On 7-6-2002 in pursuance of the said information, the Indica Car was intercepted by the Officials of Bund Garden Police Station and three accused alongwith fake stamps worth about 200 crores came to be arrested. First Information Report was lodged by PI Kale and was recorded by PI-Deshmukh of Bund Garden Police Station and an offence vide Crime No. 135/2002 came to be registered. Extensive investigation was launched. Number of places were raided and huge quantity of stamps, printing machinery worth Rs. 21,28,47,63,824/- were seized from various accused persons. The inmates of the said car were (i) Mukadam Hussain Mohd. Sub Tadkod (driver), (ii) Shankar Rajaram Ganappa, (iii) Mohd. Moulali Gaus Siggve.

Initially, the investigation was being conducted by PI Mr. Deshmukh under day-to-day direct supervision of Additional C.P. (Crime) Mr. S.M. Mushrif. M