Point of law : Court cannot be oblivious of the need of completion of the investigation not only for the purpose of giving an penultimate shape to the entire investigation, but also to ensure that the material which has been collected so far, the prosecuting agency needs to put into the shape. It shall further ensures that it prosecutes the trial expeditiously as possible, since delay would surely jeopardize the interest of the prosecution itself.

ORDER :

1. These are the applications preferred for regular bail under Section 439 of the Code of Criminal Procedure in connection with the R.C.No.RC0292018A0006 with the following prayers:

“54…

(a) To enlarge the applicant on regular bail in connection with RC.No.0292018A0006 dated 26.03.2018 registered with CBI/ACB-Gandhinagar and be pleased to pass all other and consequential orders in that regard;

(b) Pending admission, final hearing and disposal of this application, to enlarge the applicant on regular bail in connection with RC No.0292018A0006 dated 26.03.2018 registered with CBI/ACB-Gandhinagar;

(c) To quash and set aside the order dated 18.05.2018 at Annexure-M passed in CBI Criminal Misc. Application No.236 of 2018;

OR IN THE ALTERNATIVE

(d) to extend the interim bail granted to the applicant vide order dated 13.07.2020 passed by this Hon’ble Court in Criminal Misc. Application No.8622 of 2020;

(e) Pending admission and final hearing of the matter, to extend the interim bail granted to the applicant vide order dated 13.07.2020 passed by this Hon’ble Court in Criminal Misc. Application No.8622 of 2020;

(f) To pass any other and further orders as may be deemed fit and proper.”

2. This Court initially had availed interim bail to the applicants on 18.06.2019 in Criminal Misc. Application Nos.8438 & 8435 of 2019. All factual details and rational for grant have already been incorporated in the said orders, which are not being repeated here by the Court. Apt would be to refer to paragraph Nos.21 and 22:

“21. This Court is conscious of the fact that essentially and predominantly the case is based on documentary evidences. The further investigation of the C.B.I. which is on going is also mainly relying on the documentary evidences and concerned witness is being questioned on the strength of such documents. There is no likely hood of tampering with the documentary evidences which have been seized and which are in the custody of various Banks. The Court is also conscious of the well laid down principle of 'bail and not jail' where more particularly there are rival claims of loss being not on account of any fraud committed with the Bank, but because of the various factors affecting the market so also the aspect that the chargesheet has been filed long ago and there is no likely hood of the trial getting over with such bulky volume of evidence and numbers of witnesses in a near future. The matters which are investigated by C.B.I. since involving serious question, the trial is likely to take a longer time. However, in this set of facts and circumstances, it is deemed appropriate and equitable to enlarge the applicant on interim bail rather than granting regular bail, at this stage, and allow the investigating agency to complete its task. It will also give an opportunity to the Court to monitor the pace of investigation and the conduct of the accused during the course of further investigation. This will uphold the right of individual liberty and yet will not stultify in any manner the right of investigating agency to further investigate.

22. For the foregoing reasons, this application is partly allowed and the applicant is ordered to be released on interim bail for the period of three months from the date of his release in connection with R.C.No.C0292018A0006 dated 26.03.2018 register with CBI/ACB Police Station, Gandhinagar on his executing personal bond of Rs.2.5 Cr. And furnishing surety of Rs.50 Lakh (cost) with two solvent sureties the said amount of Rs.50 Lakh each to the satisfaction of the C.B.I. Court and subject to the conditions that he shall:

(a) not take undue advantage of liberty or misuse liberty;

(b) not to tamper with any evidence, and/or documents nor to act in a manner injuries to the interest of the prosecution;

(c) surrender his passport, if any, to the C.B.I. Court within a period of three days from the date of his release