1. Shri Brij Bhushan Sharma-petitioner herein, an accused in case FIR No. 35/2005 under Sections 5(1) (c) (d) of Prevention of Corruption Act, 1949 read with Sections 120-B, 419,420,468 and 471 RPC, with respondents 4 and 5, through medium of instant petition under Section 561-A Cr. P.C seeks quashment of the charge-sheet pending against him before Special Judge And Corruption, Srinagar. The petition has been filed against the following backdrop.

2. Shri Mohammad Shafi Dar, Chairman Cooperative House Building Society, Budgam—respondent no. 4 in the present petition and Shri, Mohammad Yousuf Kuchay—respondent No. 6 in the present petition (deleted vide High Court order dated 19th March, 2010), sometime in 1998 conceived a plan to develop a residential Housing Colony at Humhama, District Budgam. To execute their plan they ap#31;proached one Sofi Mohammad Hussain, owner of large chunk of land measuring 139.18 Kanals for purchase of said land for setting up the proposed housing colony and after negotiations settled the price @ Rs. 1.87 lacs per kanal. However, as Mr. Sofi insisted on payment of the total consideration amount in one go, the duo approached petitioner—Managing Director J&K Cooperative Housing Corpora#31;tion Limited (hereafter to be referred as Corporation) for financial assistance/loan, of Rs. 8.00 crores.

3. The Corporation declined to sanction any loan to the respondents 4 and 6 (deleted). The Corporation however, developed an interest in, on its own develop#31;ing the proposed Housing Colony. The Corporation instead of extending loan facility entered into negotiations with the respondent No. 6 (deleted), whereby it agreed to purchase an area of land measuring 214 Kanals from the respondent No. 6 (deleted)—attorney holder of the land owners for an amount of Rs. 8.56 crores @ Rs. 4.00 lacs per kanal.

4. The Corporation accordingly took over possession of 214 Kanals of land and paid the consideration amount of Rs. 8.56 crores through payee's Account cheques to the respondent No. 6 (deleted) for onward payment to estate holders. The payee's Account cheques drawn from time to time in the name of respondent No. 6 (deleted) were duly deposited by him in his account and after the amount was credited, respondent No. 6 (deleted) disbursed the payments to the estate holders/land owners.

5. Sometime after the transaction was completed, it surfaced that one payee's account cheque drawn by the Corporation in the name of respondent No. 6 (deleted) in connection with the deal was deposited by respondent No. 4 in an account fictitiously opened in the name of respondent No. 6 in the State Cooperative Bank, Chanapora by resorting to impersonation and forgery and identifying one Mohammad Ayoub Reshi—respondent No. 5 in the petition as respondent No. 6 (deleted). The petitioner was allegedly found to have written the cheque in the name of Mohammad Yousuf (as payee) instead of "Mohammad Yousuf Kuchay" so as to facilitate the deposit of the aforesaid cheque account No. 949/16 later its transfer to respondent No. 4s account No. 4815/25 in Ellaquai Dehati bank, Hyderpora.

6. There were also allegations of purchase of the land for setting up the colony at higher price than the prevailing market price. The allegations as regards sale of land at exorbitant price to the Corporation by respondents 4,5, and 6 (deleted) and opening of fictitious account, prompted Police Station VOK to register a case— FIR No. 35/2005. The investigation conducted and the material collected during inves#31;tigation, led the Investigating Officer to following conclusions;

' i) That the respondent No. 6 (deleted) hatched a criminal conspiracy with the petitioner and respondent No. 4 to sell the land for the proposed Housing Colony at exorbitant price of Rs. 4.00 lacs per Kanal, whereas the land was purchased by the respondents 4 and 6 @ Rs. 1.87 Lacs per Kanal and the petitioner and respondents 4 and 6 (deleted) by doing so conferred illegal benefit on petitioner and the

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