Bail applications must weigh the severity of fraud allegations and compliance with procedural requirements under criminal law before granting bail.

JUDGMENT

1. The present bail application is filed under section 439 of the Code Of Criminal Procedure, 1973 (hereinafter referred to as "the Code") on behalf of the Deep Kanwar Singh Walia (hereinafter referred to as "the petitioner") for grant of bail in FIR bearing no. 268/2018 dated 27.12.2018 registered at PS Economic Offence Wing under sections 406/420/120B IPC.

2. The present FIR bearing no.0268/2018 was got registered on the basis of complaint made by J.P. Kakkar s/o C.L. Kakkar (hereinafter referred to as "the complainant") wherein it is alleged about cheating, fraud, and misappropriation of money which is stated to have been taken from the complainant for developing IT & IT Enabled Services Office Space(s)/Retail Unit in Project namely "Mist Avenue/Festival City" Business Towers, Sec 143-B, Noida, Uttar Pradesh at Plot No. 1, Sector 143-B, Noida by M/s Mist Avenue Private Limited (hereinafter referred to as "the Company") having its registered Office at premises bearing no.28, Raja Garden, New Delhi-110015 and against its Directors, namely, Mr. Dharam Narayan Gautam, Mr. Vinod Kumar, Mr. Kanwarjit Singh and Mr. Satinder Singh Bhasin. It is alleged in FIR that the complainant is a retired Additional General Manager from Bharat Heavy Electricals Limited and invested Rs.23,61,079/- (Rupees Twenty Three Lacs Sixty One Thousand and Seventy Nine Only) in the project "Mist Avenue" in the year 2013 being developed by the Company which is one of the Company under the umbrella of Bhasin Group.

2.1. The Company advertised about the project "Mist Avenue" in the year 2013 that 33 floors/storey would be constructed in 99 days and collected/demanded money without constructing the office spaces with the mala fide intention to dupe, cheat the buyers. The Company subsequently changed the plan and shifted the location of tower/structure which could not be permitted without the consent of all the allottees according to the U.P. Apartment Act, 2010. The Directors have changed the name of Company on RERA, U.P site without duly acting in accordance with the provisions of law and also increased the delivery time from 2018 to 2022 which was against the agreed terms with the complainant. It was not clear whether Mist Avenue/Festival City Project is being developed by M/s Mist Avenue Private Limited or M/s Mist Direct Sales Private Limited. The building structure was developed at very slow pace by the developer since 2012-13. The Company also changed its email domain names, bank accounts, project name (Mist Avenue to Festival City) and created another Company to mislead the allottees (Mist Avenue Private Limited to Mist Direct Sales Private Limited). The Ministry of Corporate Affairs (MCA) website reflects that these two companies are different. It reflected fraudulent intention of the developers with the sole intention to grab the hard earned money of the complainant.

2.2. The M/s Mist Avenue Private Limited had invited applications for Commercial IT Office Space/Retail unit in December 2012-13 with assurances to give the possession after 3 years after taking 100% payment from the complainant. The project is kept in abeyance without being constructed. M/s Anand Infoedge Private Limited has submitted the revised map on 12.01.2015 without getting permission from vagbirers and Sanctioned Authority (NOIDA) to increase the FAR and revised map/plan as evident from the letter dated 21.07.2017 of Noida Authority. The Company and its directors have duped, used criminal force, cheated, and misappropriated the