The court ruled that insufficient evidence existed to connect the petitioners with the alleged financial offences, emphasizing the distinction between cheating and criminal breach of trust.

JUDGMENT :

Rakesh Kainthla, J.

1. These petitions arise out of the same FIR; therefore, they are being taken up together for disposal.

2. The petitioners have filed the present petitions seeking pre-arrest bail. It has been asserted that the petitioners are accused in RC0962025A0004, dated 13.01.2025, registered at CBI, Shimla (H.P), for the commission of offences punishable under Sections 120-B, 409, 420 of Indian Penal Code (“in short IPC”) & Section 13(2) read with Section 13(1)(A) of Prevention of Corruption Act (PC Act), 1988. The petitioners were falsely implicated. They apprehend their arrest. The petitioners are the partners of M/s. Devang Sales Corporation. They applied for the loan in the year 2019-20, which was sanctioned on 06.03.2020. The world was affected by the COVID-19 pandemic in the year 2020, and a complete lockdown was imposed after March 2020. The business of the petitioners closed, and the petitioners could not pay the loan instalments. Proceedings are also pending before the learned Debt Recovery Tribunal, Chandigarh. A complaint was made regarding the transaction to the CBI. A team of CBI searched the petitioner’s house and the Office, however, nothing incriminating was found. The dispute between the parties is civil and pertains to the recovery of the amount. As per the guidelines framed by the Government, the CBI can investigate a complaint when the loan is above Rs.6 Crore. However, in the present case, the loan amount is Rs.3 Crore only. The petitioners are innocent, and they were falsely implicated. They would abide by the terms and conditions which the Court may impose. Hence, the petition.

3. These petitions are opposed by filing a reply asserting that a written complaint was made by the Chief Manager, Punjab National Bank, Circle Office, Shimla, against M/s. Devang Sales Corporation, a registered partnership firm through its partners, i.e. Vijay Singh Chaudhary & Jyoti Chaudhary, unknown public servants and unknown private persons. It was asserted that M/s. Devang Sales Corporation approached the Branch Office of PNB, Kala Amb, for a Cash Credit Limit of Rs.300 Lacs. The proposal was sanctioned by PNB, CLPC Parwanoo. M/s. Devang Sales Corporation failed to return the amount, and the loan was classified as a Non-Performing Asset (NPA) on May 2, 2022, effective from March 31, 2022, with an outstanding balance of Rs.3.34 Crores. The bank initiated recovery proceedings under the Securitisation & Reconstruction of Financial Assets & Enforcement of Security Interest (SARFAESI) Act, 2002. The borrower misutilized the bank funds. Several irregularities were discovered during the internal investigation conducted by the bank. It was found that the funds were transferred from the Cash Credit (CC) account of the firm to unrelated parties, followed by subsequent cash withdrawals. The original title deeds were not submitted to the Bank. The Bank was taking regular Departmental Action (RDA) against the Officials found accountable in the Staff Accountability Examination. However, the details of the Officers were not provided by the Bank in the complaint. The accused were asked to return the public money, but they did not respond. The addresses given by the borrower were verified, and it was found that the unit premises were vacated. Search warrants were obtained, and searches were conducted on 17.01.2025. It was found that the premises of M/s. Devang Sales Corporation was sealed by the Punjab & Sindh Bank. The investigation is at the initial stage. The petitioners are the main accused in the case. They can influence the witnesses and tamper with the evidence in case of their release on bail. The allegations against the petitioners are serious. Therefore, it was prayed that the present petitions be dismissed.

4. Separate rejoinders denying the contents of the replies and affirming those of the petitions were filed.

5. I have heard M/s. Amrinder Singh Rana & Kamlesh Kumari, learned counsels for the petitioner and Mr.