Prima facie evidence of involvement in siphoning funds led to the rejection of the discharge application.

M.G. GIRATKAR, J.

1. Admit.

2. Heard finally with the consent of parties.

3. The present revision application is against the order of Special Judge (Additional Sessions Judge3) Nagpur, dated 12.04.2018 by which he has rejected the application for discharge filed by the applicant.

4. The applicant filed application for discharge. It is the contention of the applicant that, he has nowhere connected for the alleged offences registered against him. There is no prima facie case against the applicant to frame charge. The learned Special Judge (ASJ3), not considered his submissions and wrongly rejected his application. Hence, the present revision application.

5. Heard Shri Anand Jaiswal, learned senior counsel for the applicant. He has pointed out charge sheet and submitted that the applicant has not played any role to siphon the amount of Wasankar Wealth Management Prt. Limited (hereinafter referred to as 'WWML Company', for short). The learned Senior Counsel also submitted that the statements of Naresh Shrimal Chandan, Dimple Kanungo and Dheeraj Shah do not show that the applicant diverted any amount to them from the account of the main accused - Wasankar (WWML Company). He has stated that the applicant being Chartered Accountant of one Kanungo and also WWMPL Company and therefore, he suggested about the investment of amount. No specific role is attributed to the applicant. At last, learned senior counsel has submitted that there is no sufficient prima facie evidence against the applicant to frame charge against him. He has pointed out Sections 45 and 58B of the Reserve Bank of India Act, 1934 and Section 24 (1) and Section 27 of the Securities and Exchange Board of India Act, 1992 (for short, SEBI Act) and submitted that these are not attracted against the applicant. Learned senior counsel further submitted that the conspiracy between this applicant and the main accused are not established. The other sections like abetment, etc, are also not attracted against him and therefore, he is entitled for discharge.

6. Heard Shri Jawade, learned APP for non applicant/State has pointed out the chart filed along with the reply. As per the chart, this applicant siphoned the amount of main accused to various persons/companies. In all total, he has siphoned an amount of Rs. 23,08,00,000/- (Rs.Twenty Three Crores and Eight lacs). Learned APP has also pointed out the statements of Naresh Chandan, Dimple Kanungo and Dheeraj Shah. According to him, all these statements show the involvement of the applicant to siphon the huge amount from the account of WWML Company. The learned APP has submitted that day by day, Investigating Authorities are receiving complaints in respect of deposits to WWMPL Company and now, the amount is swollen more than Rs. 250 Crores. The main accused WWML Company with the help of present applicant committed fraud to the several depositors. At last, he has submitted that, at the time of framing charge, the Court has to see the prima facie materials on record. The learned ASJ3 (Special Judge) while rejecting the application for discharge, found that there is sufficient material against the present applicant and therefore, the application came to be dismissed.

7. Perused the order dated 12.04.2018 of the learned ASJ3, Nagpur (Special Judge). The findings recorded by the learned ASJ in para 6 of its order are as under :

"On perusal of allegations against the applicant, prima facie it appears that the applicant have helped the directors of WWML Company and accused in the present matter to transfer the amount to the tune of Rs. 23,08,00,000/- which were of the investors. After going through the case papers it appears that the present applicant is the conspirator to the present offence. It prima-facie appears that the present applicant have got transferred the amount of the investors from the account of directors in the name of his father and wife. Considering the statements prima-facie material is there to frame the charge agains