JUDGMENT :

(Tirthankar Ghosh, J.) :

1. The petitioner has challenged the order dated 12.04.2022 passed by the learned Judge, Special (CBI) Court No.1, Bichar Bhawan, Calcutta and Special Court under the Prevention of Money Laundering Act, 2002 in M.L. Case No. 11 of 2021, arising out of ECIR No.KLZO/03/2018 dated 14.03.2018, thereby praying for cancellation of bail of the opposite party namely, Debabrata Halder.

2. The genesis of the case relate to ECIR No. KLZO/03/2018 dated 14.03.2018 for alleged offence under the provisions of Prevention of Money Laundering Act, 2002 (hereinafter referred to as ‘PMLA, 2002’). The substance of the accusations in brief are as follows:

(a) On a complaint made by the authorities of National Small Industries Corporation Limited, a Government of India undertaking organisation (hereinafter referred to as ‘NSIC’) relating to loss of public money to the tune of Rs.173.50/-crore by wrongful invocation of Bank Guarantees/invocation of fake Bank Guarantees issued by various branches of the then United Bank of India (hereinafter referred to as ‘UBI’), FIR bearing no.161 dated 26.07.2016 was registered with Bidhannagar North Police Station, Kolkata against the opposite party Debabrata Halder, a middleman, having its office at 29C, Bentick Street, Ground Floor, Room No.-2, Kolkata-700069 and others. The case was thereafter investigated by Anti Cheating &Fraud Section, CID, West Bengal and charge-sheet no. 60/2018 dated 28.04.2018 was submitted before the competent Court for offences under Section 420/406/408/409/467/468/120B of the Indian Penal Code for diversion of public money to the tune of Rs.173.50/-crore under the garb of availing assistance of Raw Material Assistance Scheme (hereinafter, referred as ‘RMA Scheme’) to various MSME firms, in connivance with officials of NSIC, UBI and some other persons who acted as middleman.

(b) On scrutiny of the material which constituted offences punishable under the PMLA, 2002, ECIR No. KLZO/03/2018 dated 14.03.2018 under the PMLA, 2002 was registered for investigation. NSIC, a Government of India Enterprise which arranged for credit support through various Banks to MSME’s, under the RMA Scheme. The RMA Scheme was aimed for helping MSME’s by way of financing the purchase of essential raw materials which gives an opportunity to MSME’s to focus better on their business prospects. In the case of Raw Materials, NSIC makes direct payment to the supplier/manufacturer of the Raw Material on specific request of the concerned MSME’s. The assistance under RMA Scheme is provided against 100% security to Bank Guarantee of approved banks.

(c) On an investigation, the modus operandi adopted by the accused for diversion of public money to the tune of Rs.173.50/-crore surfaced which are as follows:

- Duel set of Bank Guarantees, both in original stamp papers, were prepared for providing collateral security to avail credit facility from NSIC under RMA Scheme.

- One Bank Guarantee was submitted to NSIC as collateral security for availing credit facility under RMA Scheme and the other Bank Guarantee was kept with them.

- One of the syndicate members impersonated himself as Mr. K. Banerjee, Deputy Manager, NSIC, who was instrumental in invocation of other set of Bank Guarantee available with them by submitting request with fake invocation letter of NSIC, to the Bank. The proceeds of the invocation of those Bank Guarantees were paid through Pay Order in favouring NSIC.

- In those pay orders prepared by the branch, name of the MSME unit was not mentioned. After preparation of the pay order by invoking the Bank Guarantee the same was delivered to Mr. K. Banerjee by hand.

- Bank never verified the identify of Mr. K. Banerjee either at the time of receiving request of invocation of Bank Guarantee or at the time of handing over the proceeds of Bank Guarantee in the form of pay order.

- The proceeds of Bank Guarantee in the form of pay order was deposited in the account of other NSIC branch