JUDGMENT

1. The present petition is filed under Section 439 of the Code of Criminal Procedure, 1973 (`CrPC') seeking grant of regular bail in FIR No. 99/2017, for offences under Sections 120B/420/409 of the Indian Penal Code, 1860, registered at Police Station Economic Offences Wing.

2. The FIR was registered against M/s Alpine Realtech Private Limited (hereafter `the developer') on a complaint made by Mr. Rajesh Kumar, who is stated to be an authorized representative of Ekdant Welfare Society- formed by the fifty-one aggrieved home buyers. The applicant is one of the authorized signatories in the bank accounts of the developer and was arrested on 26.03.2023 after being decaled a proclaimed officer.

3. The members of Ekdant Welfare Society are stated to be the buyers in the group housing project namely `FNG Ekdant' (hereafter `the project'). It is alleged that the developer had committed that the project will be completed and the possession will be handed over by September, 2014. Further, the developer had also promised in case of failure to deliver the project by March, 2015, the developer shall pay every allotee at the rate of .5/sq. ft., per month for the delay in handing over the possession.

4. It is alleged that despite passing of March, 2015, the developer failed to complete the project on time and had only constructed skeleton structures on the project site. It is further alleged that on being approached for the payment of the penalty for the delay in handing over the projects, the developer started making various excuses and had not paid any money. The developer, is alleged to be demanding more money for the completion of the project.

5. The chargesheet and the supplementary chargesheet in the present case has already been filed. During the course of investigation, from the statement of the accounts of the developer in which payments were collected, it was revealed that approximately Rs.22,35,00,000/- have been withdrawn by way of cash and huge sums of money were transferred to the bank accounts of the other group companies, that is, M/s Ekdant Buildtech Private Limited, M/s Ekdant Infrabuild Private Limited, M/s Ekdant India Limited and other firms and companies of the accused persons.

6. It was also revealed that the signatures of Sujeet Singh and Anuj Mittal whose names were also shown as authorized signatory were found to be forged.

7. The allegations against the present applicant are that he is one of the authorized signatories in the bank accounts of the developer as well as other group companies which are evidenced from the account opening forms.

8. The present applicant is alleged to be one of the signatories since the opening of the bank account, maintained in the name of the developer, bearing no. 045301601000536 in Corporation Bank, from where a sum of Rs.15.51 crores was withdrawn as cash. Further, the present applicant is also authorized signatory in two more bank accounts bearing nos. 914020047069338 in Axis Bank and 07171100011137 in Punjab & Sind Bank.

9. On scrutiny of the bank accounts of the developer, it is alleged that the applicant and other accused persons have siphoned off major portions of money collected from the home buyers as cash withdrawals or by transferring the same to their other group companies. Majority of the withdrawals/fund transfers as stated in the charge sheet are reproduced below:

Account number of M/s Alpine Realtech Pvt. Ltd.Cash WithdrawalsEkdant India LtdEkdant Infrabuild Pvt. Ltd.Ekdant Buildtech Pvt Ltd.Biofuel Industries04530160100053615,51,88,2942,78,51,0002,91,01,5388,37,37,00079,01,3959140200470693382,31,07,30029,43,0001,46,64,9951,19,37,25041,00,000Total17,82,95,5943,07,94,0004,37,66,5339,56,74,2401,20,01,395

SUBMISSIONS

10. The learned senior counsel for the applicant submitted that the chargesheet in the present case has already been filed and the custody of the applicant is not required for any further investigation. He submitted that all the evidence is documentary in natur

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