JUDGMENT :

1) CRM(M) No.375/2020:

(I) The petitioners, in this petition, have challenged FIR No.RC/ DST/2019/A/0004 dated 26.08.2019 for offence under Section 420 read with Section 120-B RPC registered with Central Bureau of Investigation (CBI) as also the proceedings/investigation being conducted by the CBI pursuant to aforesaid FIR.

(II) The impugned FIR has been registered by respondent No.3-CBI on the basis of a complaint lodged by respondent No.4 – Bank of India, vide its complaint dated 9th of August, 2019. As per the said complaint, M/S Jhelum Industries and its Directors, petitioner No.1 and 2 along with other corporate guarantors and individual guarantors indulged in commission of acts of cheating, fraud, diversion/siphoning of funds.

(III) It is alleged that M/S Jhelum Industries had represented that it was managing projects of over Rs.100.00 crores and having business of approximately Rs.400.00 crore in pipeline but it earned a revenue of Rs.5.34 crore and Rs.11.18 crore against the estimates of Rs.117.78 crore and Rs.174.78 crore for the financial years 2012-13 and 2013-14 respectively. It is further alleged that the contracts obtained by M/S Jhelum Industries were as a sub