JUDGMENT :

1. Heard Mr. Ajit Kumar, the learned Senior counsel appearing on behalf of the petitioner in Cr.M.P.No.3140 of 2022, Mr. Sumeet Gadodia, the learned counsel appearing on behalf of the petitioner in Cr.M.P.No.2681 of 2022, Mr. Sanjay Samdarshi, the learned counsel appearing on behalf of the petitioner in Cr.M.P.No.2660 of 2021, Mr. Anil Kumar, the learned A.S.G.I., appearing on behalf of the respondent- Central Bureau of Investigation (C.B.I.) in all the three cases as well as Mr. Rajeev Kumar Sinha, the learned counsel appearing on behalf of the respondent-Bank of India.

2. In all these cases, a common question of law has been involved and that is why with consent of all the parties, these petitions have been heard together.

3. In Cr.M.P.No.2660 of 2021, the prayer is made for quashing of the entire criminal proceeding including the order dated 01.09.2021 passed in connection with R.C.01(S)/2019-EOW-Ranchi, pending before the learned Sub-Divisional Judicial Magistrate-cum-Special Judicial Magistrate, C.B.I., Ranchi; in Cr.M.P.No.2681 of 2022, the prayer is made for quashing of the entire criminal proceeding arising out of CBI/EOW/Ranchi FIR No.RC0932019S0001 dated 10.01.2019 including the order dated 01.09.2021 in Case No.RC 01(S)/2019-EOW, Ranchi, pending before the learned Sub-Divisional Judicial Magistrate cum-Special Judicial Magistrate, CBI, Ranchi; and in Cr.M.P. No.3140 of 2022 the prayer is made for quashing of the entire criminal proceeding in connection with CBI/EOW/Ranchi FIR No.RC0932018S0007 dated 16.07.2018 including the order dated 05.07.2021, pending before the Sub-Divisional Judicial Magistrate cum-Special Judicial Magistrate, CBI, Ranchi.

4. The F.I.R. in Cr.M.P.No.2660 of 2021 and Cr.M.P.No.2681 of 2022 was registered alleging therein that Amit Sarawgi, Swati Sarawagi and other accused persons entered into a criminal conspiracy during 2015 to 2018 and in pursuance thereof, obtained loan of Rs.15.00 crores on 29.06.2015 from Bank of India, Ranchi, in the name of accused company, i.e. M/s Badri Kedar Udyog Ltd. for doing wholesale trade/business of cloth and textiles. The loan amount was not used to trading of clothes rather money was diverted to various Shell companies headquarter at Kolkata and subsequently, money was again transferred to the account of M/s Sarawagi Builders and Promoters Pvt. Ltd., Ranchi under the Directorship of the said Amit Sarawagi and Swati Sarawagi. The loan account became NPA on 31.03.2018 with outstanding amount of Rs.12.84 crores due to default in repayment of loan.

5. It has been further alleged that the loan amounts were remitted in the account of shell companies on the basis of bogus/fabricated bills, raised by those companies. Later on, the funds were transferred in the current account of M/s Sarawgi Builders and Promoters Pvt. Ltd., which was a Real Estate Developers and Builders and nowhere connected with the business of clothes and textiles. The forged bills were raised by shell companies, on the basis of which loan amount was transferred from account no.490030110000120 of M/s Shree Badri Kedar Udyog Pvt. Ltd. to various shell companies situated at Kolkata. Most of the shell companies in which money was transferred are not doing any business and situated at the same address, i.e., 6/H/10, Shyampur Street, Kolkata, West Bangal. The name of such shell companies are (i) Nirjhar Saree Trading Pvt. Ltd., (ii) Periwinkle Agencies Pvt. Ltd., (iii) Marvellous Sarees Pvt. Ltd., (iv) Dawkins Suppliers Pvt. Ltd., (v) Evenstar Marketing Pvt. Ltd., (vi) Shitalmay Distributors Pvt. Ltd., (vii) Afterlink Vinimay Pvt. Ltd., (viii) Musty Distributors Pvt. Ltd. Thereafter, money was re-transferred from these shell companies to the account of M/s Sarawagi Builders Pvt. Ltd., Ranchi in which Amit Sarawgi and his wife Swati Sarawgi are Directors.

6. It has also been alleged that loan was sanctioned against collateral security in the form of stocks and book debts, flat, land and building.