JUDGMENT :

1. The present application is filed under Section 439, Code of Criminal Procedure, 1973 (CrPC) seeking regular bail in FIR No. 0071/2020 dated 20.07.2020, under sections 420/406/409/411/414/467/468/471/212/120B of the Indian Penal Code, 1860 (IPC), registered at Police Station Economic Offences Wing (EOW).

2. The FIR was registered on a complaint given by one Dr. Prashant Sarin on his behalf and on behalf of his company namely M/s Focus Imaging and Research Center Pvt. Ltd.

3. It was alleged that in July, 2018, the complainant along with the other Director of his company met the applicant who was introduced as a big financer/gold and diamond merchant having a company by the name of ‘LD Group’.

4. It was alleged that the applicant represented that he can arrange finances and loan to the complainant’s company up to the sum of Rs.75 Crores at cheap lending rate of interest. The complainant got induced since the usual bank interest in India was much higher than what was being proposed by the applicant and other co-accused persons.

5. The complainant claimed that he did not get suspicious since the applicant was introduced by the uncle of his own partner and their company, at that time, was also looking for funds.

6. The complainant, thereafter, met the applicant on various occasions in different five-star hotels. The applicant also visited the business premises of the complainant on the pretext of due diligence and for evaluating the machineries at the complainant’s premises, sales, balance sheets, etc. for the purpose(s) of valuation and for modalities in relation to the collateral/securities, etc.

7. All these meetings are claimed to have taken place between 1st and 10th of July, 2018 and it was finally decided that the company ‘LD Group’ will finance the complainant’s company ‘M/s Focus Imaging and Research Center Pvt. Ltd.’ a sum of Rs.75 Crores in two parts.

8. As a collateral, some properties belonging to the complainant were agreed to be pledged with the applicant. One of such properties was mortgaged with the HDFC Bank.

9. It was alleged that for the said purpose, a Memorandum of Understanding (MOU) dated 18.07.2018, was entered into between the ‘LD Group’ and ‘M/s Focus Imaging and Research Center Pvt. Ltd.’.

10. It was further alleged that pursuant to the execution of the MOU, the applicant started calling the complainant and asked for financial helps on one pretext or the other which were paid to him on different dates in cash. The applicant also took an undated cheque for a sum of Rs.75 Crores as security cheque for the loan amount. Sixty post-dated cheques amounting to Rs.33,75,000/- each, towards the interest at the rate of 6% per annum on a loan of 75 Crores were also issued by the complainant in favour of the applicant.

11. The applicant has claimed to have handed over a cheque for a sum of 35 Crores dated 17.08.2018 towards the first tranche of loan. The said cheque, however, is claimed to have not been presented at that time on a request made by the applicant.

12. The applicant, thereafter, represented to be in some income tax dispute and requested money from the complainant on the pretext that his accounts have been frozen. In this regard, it is claimed that the complainant transferred a sum of Rs.80 Lakhs on 13.11.2018, 60 lakhs on 11.03.2019, Rs.10 Lakhs on 12.04.2019 and Rs.11 Lakhs on 12.04.2019, besides this another sum of 39.50 Lakhs was handed over in cash on different dates.

13. Some amount was given to the Applicant for the purchase of stamp papers. It is alleged that in all, a sum of Rs.4,25,50,000/- was transferred to the applicant on different dates, out of which, Rs.3,86,00,000/- was transferred by way of RTGS and Rs.39.50 Lakhs was paid in cash, which was taken by the applicant on one pretext or the other.

14. It is claimed that this went on till as late as November, 2019. The applicant then gave certain cheques for the amount taken by him from the complainant. The said cheques were presented to the b