JUDGMENT :

1. By way of this order, I shall dispose of the present petition filed under Section 439 Cr.P.C. on behalf of the petitioner for grant of regular bail in case ECIR/02/DZCR/2019 dated 26.02.2019 U/s 3/4 PMLA, 2002.

2. Briefly stated the facts of the case are that on 13.12.2014, FIR no. 136 was registered by Economic Offence Wing (EOW) on the complaint of M/s Hassad Netherland, BV against Virkaran Avasthi, Ritika Avasthi, Namit Arora, Vinod Sirohi and Rahul Rai Surana for offence U/s 409/420 and 120B IPC for deliberately manipulating/falsifying stocks, inventories of M/s Bush Foods Pvt. Ltd which resulted in huge account fraud of approximately Rs. 1000 crore.

3. The FIR was lodged on the grounds that M/s Bush Foods incorporated under Companies Act on 29.07.2005 having its office at DLF South, Saket, New Delhi, was engaged in business of procuring, processing etc. and dealing with all kinds of rice and value added rice products etc. The company was originally promoted by Mr. Virkaran Avasthi and his wife Mrs. Ritika Avasthi. Mr. Virkaran Avasthi was Managing Director of company and in-charge of affairs of company.

4. In 2011, Standard Chartered Private Equity (SCPE) acquired 29% shares of M/s Bush Foods and following the investments, SCPIE appointed Mr. Rahul Rai Surana, Namit Arora as nominee Directors on the Board of M/s Bush Foods and Mr. Vinod Sirohi as its Chicf Financial Officer. Around September, 2012 M/s KPMG India Pvt Ltd on behalf of M/s Bush Foods approached complainant company and invited it to invest into M/s Bush Foods as strategic partner. In the month of November, 2013, a meeting was held at KPMG office in Delhi which was attended by SCPE nominee directors, Mr. Avasthi and Mr. Sirohi. The proposal was made to complainant company that among others, SCPE Would sell its entire share holding of 29% to the complainant company. It was also represented to the complainant company that M/s Bush Foods has turnover of Rs. 1000 Crore and is one of the largest branded food company in India, revenue from domestic market constitute 60% total revenue in financial year 2012; internationally M/s Bush Foods has portfolio of over 250 global customers across 56 countries; export to middle-east constitute 25% of total export; M/s Bush Foods is unique opportunity for strategic partnership with single owner as opposed to other Basmati Rice players in India. M/s Bush Foods had appointed Deloitte Haskins as Sales Statutory Auditor. M/s Bush Foods has atleast 12 months of stock of rice at one time in order to ensure continuity of supply of branded product. It has inventory of Rs.895.50 Crore. Further secured loans of the company were to the tune of Rs.539.30 Crore out of which approximately 96% constituted net working capital facility loan for packing credit including foreign country loans. The average net working capital of M/s Bush Foods has increased as compared to previous financial year etc. Copies of information, memorandum and data as on September, 2012 prepared by M/s KPMG and it was furnished to the complainant company. Vendor due diligence report dated 31.10.2013 prepared by Price Water House Cooper Pvt. Ltd. at request of M/s Bush Foods was also submitted which by and large matched with statement and data books. Based on the information, the complainant company invested aggregate amount of USD 120354783 (approx. Rs.750 Crores). In this manner the complainant company purchased total 69.5% shares of M/s Bush Foods which includes complete 29% shares of M/s SCPE and part of shares of Mr. and Mrs. Avasthi. Mr. Avasthi held 30.5% shares of M/s Bush Foods.

5. Then nominee directors of SCPE (i.e. Mr. Rahul Rai Surana and Namit Arora) resigned from the Directorship of M/s Bush Foods. The management and affairs of the company was settled to be run by Mr.Avasthi and his team and accordingly he continued to be the CEO and MD of M/s Bush Foods. The complainant company thereafter appointed Mr. Nasir Mohd., Mr. M.F. Al-Hajari, Mr. Khalid