ORDER :

1. This application is filed under Section 439 of the Code of Criminal Procedure, 1973 by the applicant – accused with a prayer that he may be enlarged on regular bail in connection with Final Report/Charge Sheet No.11/19 dated 21.09.2019 arising out of FIR being C.R.No.I­5 of 2019 registered with CID Crime, Gandhinagar Zone Police Station for the offences punishable under Sections 406, 409, 420, 465, 468, 471 and 120B of the Indian Penal Code, 1860 (IPC for short) and under Section 13(1)(d) of the Prevention of Corruption Act, 1988.

2. The applicant is shown as accused No.1 in the aforesaid FIR, which is registered on 26.06.2019. Applicant came to be arrested on 02.07.2019 in connection with the said FIR. After the investigation, investigating agency has filed charge­sheet No.11 of 2019 on 21.09.2019. In the said charge­sheet, it has been mainly stated that the Gujarat Maritime Board (GMB) awarded tender for the purpose of setting up of a Vessels Traffic & Port Management System (VTPMS) to Aatash Norcontrol Pvt. Ltd. (ANL) of which the applicant herein is a Director. In the year 2007, a Concession Agreement dated 30.09.2007 was entered into between the two companies. That according to the contract entered into between the two companies, VTS fee (charge) was to be collected from the vessels for a period of 30 years from the day of VTPMS system came into existence. That according to clause 11.2, VTS fees will be fixed at the rate as framed by the complainant and notified and the said rates will be revised at 10% every 5 years. It was further stated that the capital cost claimed by ANL is 119,39,27,755/­, out of which bills amounting to Rs.16.31 crores are false and forged bills. It is also alleged that though the applicant was aware about the fact that the said bills were false, the same were used as genuine. Moreover, from August 2010, ANL has been charging more VTS fees than what was decided. It is also alleged that ANL has inflated the capital cost by using forged bills and by doing the same, it has illegally earned an amount of Rs.134.38 crore more from Financial Year 2015­16 to 2018­19. Upon further inquiry, it has been found that the funds have been siphoned through various shell companies like Aakash Palace Developers Pvt. Ltd. And Chardham Developers Pvt. Ltd. And their subsidiary companies i.e. the sister concern of ANL being Aatash Dredging and Construction Private Ltd. (ADCPL) and Aatash Computer and Communication Pvt. Ltd. back into the account of ANL. It is further alleged that a bill has been submitted by ANL for development of Dumas premises for the purpose of construction of Master Control Station of the VTPMS project, which has not bee constructed at all. Moreover, no construction work as described in the 8 bills issued by Chardham Developers Pvt. Ltd. and Aakash Palace Developers Pvt. Ltd. has taken place and the said bills are false and forged.

3. Heard learned Senior Advocate Mr. I. H. Syed appearing for the Singhi & Company for the applicant, learned Senior Advocate Mr. S.V.Raju assisted by learned advocate Mr. G.H. Virk appearing for the original complainant and learned Public Prosecutor Mr. Mitesh Amin for the respondent – State.

4. Learned Senior Advocate Mr. Syed referred the paper­book separately supplied and the relevant material placed on record and thereafter learned counsel has given brief facts of the present case. It is submitted that in the year 1997, the Government of Gujarat issued Build, Own, Operate and Transfer (BOOT) Policy for involvement of the private sectors in construction and operation of new ports. The purpose of such policy was to give complete freedom to private investors for design and operation of the Port Management System where the private investors and Government of Gujarat and GMB acted as partners or principals who would share the benefits as per the agreement. As p