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IN THE HIGH COURT OF JUDICATURE AT BOMBAY
GAUTAM A.ANKHAD, SHREE CHANDRASHEKHAR
GTL Limited – Appellant
Versus
Central Bureau of Investigation – Respondent
| Table of Content |
|---|
| 1. fir alleges loan siphoning via fraudulent vendors (Para 1 , 2 , 3) |
| 2. advances recovered; genuine vendor transactions (Para 4 , 5) |
| 3. outstanding advances indicate fund diversion (Para 6) |
| 4. banks' commercial wisdom paramount absent fraud (Para 7 , 8) |
| 5. no named accused despite extensive pe (Para 9 , 10) |
| 6. s17a bars probe of bank officials sans approval (Para 11) |
| 7. prior cbi closure; jlf no fraud (Para 12 , 13 , 14 , 15) |
| 8. quash fir if documents wipe allegations (Para 16 , 17 , 18 , 19 , 20 , 21) |
| 9. cheating needs initial dishonest intent (Para 22) |
| 10. fir quashed for lacking prima facie offence (Para 23 , 24) |
JUDGMENT :
Shree Chandrashekhar, CJ.
The GTL Limited represented through its authorized representative is seeking quashing of the First Information Report registered by the Central Bureau of Investigation (in short, CBI) on 21st January 2023 against the GTL Limited, unknown directors of the GTL Limited, unknown bank officers and unknown private persons including the vendors and beneficiary group of the GTL Limited.
2. A Preliminary Enquiry vide PE 2192022E0001 was conducted into the allegation made in the complaint dated 14th July 2021 submitted to the CBI. After th
FIR alleging bank loan fraud quashed absent prima facie dishonest intention at inception, forensic audits/bank decisions confirming no diversion, recoveries/repayments evidencing bona fides, preventi....
Financial impropriety and irregularity – Allegation of overpricing of shares and decision of consortium of banks to accept proposal cannot be examined with standpoint of Investigating Agency.
Criminal conspiracy in terms of Section 120-B of the Code is an independent offence. It is punishable separately.
The court established that the transfer of investigation to the CBI is not routine and should only occur in exceptional circumstances to maintain public confidence in the investigation process.
Point of Law : Respondent- Bank has not complied with the principles of natural justice cannot be looked into at this stage more particularly, when the respondent-bank after considering the three aud....
The court emphasized the necessity for fair investigation and the importance of evidence in determining criminal liability in cases of alleged conspiracy and fraud in loan sanctioning processes.
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