Economic offenses necessitate a strict approach in bail considerations due to their serious implications on public interest and financial health, as highlighted in previous judgments cited by the court.

ORDER

Anoop Kumar Mendiratta, J. An application has been preferred on behalf of the petitioner under Section 439 Cr.P.C. for grant of regular bail in FIR No. 06/2018, under Sections 406/420/120B IPC, registered at Police Station EOW.

2. In brief, as per the case of prosecution, the present case was registered against M/s Amrapali Dream Valley Pvt. Ltd. on the joint complaint of Sh. Chandra Kant Singh and seven other victims/home buyers who had booked their housing units in group housing projects. During investigation, more than 450 victims filed complaints, who had also booked their housing units in the group housing projects M/s Amrapali Dream Valley-I and M/s Amrapali Dream Valley-II alleging similar nature of grievances. The aforesaid projects were proposed to be developed at Plot No. GH-09, Tech Zone-IV, Greater Noida, Gautam Budh Nagar, U.P.

3. It is further the case of prosecution that the allotment-cum-Flat Buyer Agreements were executed in favour of home buyers during 2011 to 2013 and the possession of the flats/Villas was to be delivered during the period 2014 to 2016. However, neither the possession was delivered nor construction/development activities were being carried at the project site.

The Plot No. GH-09, Tech Zone-IV, Greater Noida, Gautam Budh Nagar, U.P. was leased to accused company vide lease deed dated 25.02.2011 and the building plan stood approved on 13.06.2011. The revised layout plan was further approved vide letter dated 05.08.2014. The projects were to be constructed in phases having approximately 9000 flats along with some shops and the partial delivery of flats under M/s Amrapali Dream Valley-I had to be given before construction of M/s Amrapali Dream Valley-II.

4. As per status report filed by the prosecution, the structure of project M/s Amrapali Dream Valley-I is mostly completed and in M/s Amrapali Dream Valley-II, the structure is halfway and the villa part of Green Valley is completed 70% approximately. Thereafter, the site was found abandoned.

5. During the course of investigation, it was also revealed that the audited balance sheet for 2015-2016 was filed by the accused company with ROC, but no further balance sheets were filed thereafter. The balance sheet for the financial year 2015-2016 reflected that short term loan and advances had been given by the company to the tune of approximately Rs.563 Crores collected from the victims/buyers. Thus, there was a diversion of huge amount and the project could not be completed. The petitioner along with Anil Kumar Sharma and Shiv Priya are stated to be the directors of M/s Amrapali Dream Valley Pvt. Ltd. during the relevant period and were also the authorised signatory in bank account of the company. The documents of the company were further seized by the forensic auditor vide order dated 10.10.2018 in writ petition no.940/2017 filed in the Hon'ble Supreme Court of India.

6. Learned counsel for the petitioner presses the application for bail on following grounds:

(i) That the petitioner is in judicial custody since 26.04.2019 and the matter is still pending at the stage of arguments on charge, owing to COVID-19 pandemic.

(ii) That the petitioner is one of the directors of the holding company of Amrapali Group of companies M/s Ultra Home Construction Pvt. Ltd. with the meagre shareholding of 3.2% with no executive powers and was not a part of the day-to-day management and the affairs of the company. The petitioner was part of the team, looking after the construction activities of the projects. It is further claimed that the petitioner became the Direct