Bail can be granted based on the petitioner's intention to settle, deposit of principal amount, and the circumstances of the case.

JUDGMENT

Yogesh Khanna, J. This petition is filed for grant of bail to the petitioner in case FIR No.58/2017 under Section 406/409/420/120B IPC registered at police station Economic Offences Wing.

2. The facts of the case are:

a) in the year 2012 the petitioner decided to venture in the arena of real estate business and after little research, earmarked a land in sector-102, Dwarka-Gurgaon Expressway for the same. He in fact was an Ex-Air force officer who took voluntary retirement and ventured into this field. On the basis of his limited knowledge and information received, he was made to understand the land he intended to offer for investment will come within the municipal limits within a year of completion of the expressway;

b) The applicant was novice in the real estate market, he in order to understand the further feasibility of his idea decided to float the entire scheme to the people and as such the applicant made the offer of share in a 2 acre parcel of land @ Rs.24.00 lacs for 220 sq. yds. or @ Rs.12.00 lacs for 110 sq.yds. of land. The offer was made only for share in land and not for constructing flats. The petitioner also incorporated a company on 29.08.2012;

c) various complainants joined the scheme and though they only made part payments and since the time was running out the petitioner did not have sufficient funds and on the assurance of the members for making complete payment could not get 2 acres of land. The non-payment by the members and some portion being under some family dispute amongst the owners was the reason for the initial shortfall in the purchase of 2 acres and only 1.4 acres could be purchased;

d) the main complainant Mr.Tanmay Sharma also did not make the entire payment in time and paid the balance amount only in February, 2013 after the registry of the said 1.4 acres of land. It is alleged Rs.40.00 lacs approx of pensionary benefits received post retirement by the applicant was also lost in sustaining the company and clearing its dues. Though the FIR was registered in the year 2017 but the petitioner was making all efforts to return the money and in October, 2017 the petitioner's brother in law through his company M/s. Jain Link Pvt. Ltd. offered to purchase all assets of M/s.DEF Housing Pvt. Ltd. for a sum of Rs.9.65 crores. The said amount was required to be paid the shareholders and to close the matter. This proposal was communicated to all the members of M/s.DEF Housing Pvt. Ltd. In EGM of the company 86% of the voters voted in favour of M/s.Jain Link Pvt. Ltd. proposal. But Mr.Tanmay Sharma, held the land in a hope Dwarka Expressway was likely to be completed in near future.

e) In the year 2019 the petitioner was arrested in the present matter but since his intention was to pay the entire amount, hence his wife on his behalf, entered into MoU dated 25.06.2019 with the complainant, executed and signed during the bail proceedings before the learned Session's Judge and only then the petitioner was granted bail. As per said MoU the petitioner was to pay Rs.9.50 crores to the members as principle amount as also 12% interest on delayed payments. He was granted conditional bail by the learned Session's Court on 25.06.2019. It is stated the petitioner after March, 2020 also sold his property on throw away prices only to deposit an amount of Rs.9.50 crores and suffered further losses. However, on account of non-payment of interest the learned Sessions Court on 08.12.2021 had dismissed the bail of the petitioner;

f) The said order was challenged by the applicant before this Court in CRL.M.C.3268/2021 and this Court directed the learned Session's Court to restore the original bail application and the petitioner was given an opportunity to file additional grounds for seeking bail and the bail application was directed to be decided on merits. Vide the impugned order the learned Session's Court yet again dismissed the bail application and granted some time to him to surrender. The petitioner surrendered on 24.0