Economic offences necessitate a distinct approach for bail, considering their impact on public funds and the economy, emphasizing the gravity and calculated nature of such crimes.

ORDER

Anoop Kumar Mendiratta, J. An application has been preferred on behalf of the petitioner under Section 439 read with Section 482 Cr.P.C. for grant of regular bail in FIR No. 92/2016, under Sections 420/467/468/471/120B IPC, registered at Police Station Barakhambha Road.

2. In brief, as per the case of prosecution, the FIR was registered on directions of learned MM, Patiala House Courts under Section 156(3) Cr.P.C. on the complaint of Mr. Pradeep Gupta, AR, Standard Chartered Bank, who alleged that Rakesh Kumar Sharma (M.D.) and Vinay Sharma, (Director) (petitioner in the present case) executed various documents on behalf of M/s Indian Technomac Company Ltd. (ITCOL) in order to avail credit facility to the tune of Rs.30 Crores. Standard Chartered Bank agreed to consider the opening of `Letter of Credit Facility' as and when requested from the company. Subsequently, the facility was modified on the request of the company as Rs.10 Crores as `fund based' and Rs.20 Crores as `non fund based facility'. It is further alleged that an amount of Rs.10 Crores was used by way of an overdraft by ITCOL. Further, an amount of approximately Rs.20 Crores which was paid by the bank, was not paid by ITCOL on due date i.e. on or before 30.07.2013. ITCOL also did not pay back the overdraft facility of Rs.10 Crores.

3. During investigation, it was revealed that the letter regarding banking facility/arrangements dated 27.02.2012 was signed by the Directors Vinay Sharma (petitioner) and Rakesh Kumar Sharma. Petitioner Vinay Sharma also furnished his personal guarantee with the bank and also deed of guarantee dated 08.09.2011 was executed by Vinay Sharma and others as empowered vide resolution dated 05.09.2011. Also, the deed of guarantee dated 23.05.2012 was executed and signed by the Directors of M/s ITCOL i.e. Vinay Sharma (petitioner), Rakesh Kumar Sharma and two Corporate Guarantors. Further, Vinay Sharma was involved in day-to-day affairs of the company and duly authorized by the minutes of meeting of Finance Committee of the Board of Directors dated 22.05.2012.

4. It is further the case of prosecution that ITCOL allegedly engaged in manufacturing of Ferro alloys, purchased the Vanadium Pentaoxide, Molybdenum Ore and Aluminium Scrap from five companies through the letter of credit. The record of 02 companies i.e. M/s Kamal Raj Udyog and M/s Green Overseas was found nowhere in ROC and their offices did not exist on the given addresses. The other 02 beneficiary companies i.e. M/s Ford Asia Trading Pvt. Ltd. and M/s Western Alliance Tradexim Pvt. Ltd. were incorporated on 21.04.2010 & 22.04.2010 respectively, but were not found existing on the given addresses.

The four transporters through which the material was supplied from Delhi to Ponta Sahib (HP) by the aforesaid four companies to the manufacturing unit of ITCOL, were not found at the given addresses and the enquiries revealed that no such transport operator ever existed at the said premises. The vehicles used by the said companies to transport the material from Delhi to Ponta Sahib (HP) were also found fake.

The amount of LC received by the beneficiary companies i.e. M/s Ford Asia Trading Pvt. Ltd. and M/s Western Alliance Tradexim Pvt. Ltd. were also found re-routed through various accounts to the account of one of the debtor of the company.

5. It is further the case of prosecution that the fake/forged bills/builties/GRs were created by the company employees on the direction of Rakesh Sharma and Vinay Sharma (petitioner). Further, Vinay Sharma in collusion with Excise employees made the entries of these forged bills with the Excise/Sales Department at the interstate border with HP. The bills were created with mala fide intentions