Quashing of criminal proceedings is not permissible where serious fraud allegations threaten public interest; individual settlements cannot outweigh collective societal harm.

JUDGMENT :

SANJAY KUMAR DWIVEDI, J.

1. Heard Mr. Indrajit Sinha, learned counsel for the petitioner appearing through Video Conferencing and Mr. Prashant Pallav, learned counsel for the CBI.

2. This petition has been filed under Section 528 of the Bharatiya Nagrik Suraksha Sanhita, 2023 praying therein for quashing the entire criminal proceeding arising out of First Information Report being Regular C.B.I. Case No.5 of 2025 (RC0242025A0006), dated 29.05.2025, registered for the offence punishable under Section 120 (B) read with Section 420 , 467, 468 and 471 of the Indian Penal Code and Section 13 (2) read with 13(1)(d) of the Prevention of Corruption Act, 1988, pending in the Court of the learned Additional Judicial Commissioner-XVIII, Ranchi.

3. The prosecution case is that a written complaint vide PNB/RAN/CS/ SASTRA/2024-25 dated 21.02.2025 has been received from Shri Avijit Gupta, Circle Sastra Head, Assistant General Manager, 5^th Floor, Nile Complex, Kantatoli, Ranchi alleging therein that (1) M/s Rajeshwari Iron and Steel Company Private Limited, registered office at 71, Canning Street, 5^th Floor, Room No.512A, Kolkata, West Bengal, (2) Sumit Kejriwal, S/o Ashok Kumar Kejriwal, Director having address at 28, New Road, Ganesh Court, 5^th Floor, Alipore, Kolkata-700027, (3) Smt. Aasha Kejriwal, W/o Ashok Kumar Kejriwal, Director having address at 28, New Road, Ganesh Court, 5^th Floor, Alipore, Kolkata-700027, (4) Navin Rajgaria, S/o Champak Prasad Rajgaria having address at 243, C.R. Avenue, Kolkata-700006, (5) Amit Kejriwal, S/o Ashok Kumar Kejriwal, Guarantor having address at 28, New Road, Ganesh Court, 5^th Floor, Alipore, Kolkata-700027 and (6) Unknown public servants in criminal conspiracy with each other applied and managed to obtain credit facility of Rs.15.00 Crores (CC of Rs.5.00 Crores and LC of Rs.10.00 Crores) on 04.09.2012 from Regional Level Credit Committee from erstwhile United Bank of India, Ranchi, Jharkhand in their favour. The accused persons in criminal conspiracy with each other submitted fake title deed dated 4288 dated 31.12.2002 for the property at Dhopagachi located at Dag No.84, 85, 123, 124, 125, 127, 130, 133, 134, 136, 137, 139, 196, 223, 271, 277, JL No.43, Baruipur, South 24 Parganas (South) measuring 2 Acres 84 decimal existing in the name of one of Director/Guarantor Naveen Rajgaria for the properties located at South 24 Parganas, West Bengal as collateral security. It was also alleged that valuation and Search report submitted to the Bank over the period of time is contradictory in themselves. The primary purpose, as stated by the accused company for which the loan was availed was to expand its business in trading/export and import of minerals, metals and agro based commodities.

4. Mr. Indrajit Sinha, learned counsel for the petitioner appearing through Video Conferencing submits that the said case has been registered on the written complaint filed by the Punjab National Bank before the opposite party for the offence of fraud by diversion of funds, criminal breach of trust, forgery etc. and thereby causing wrongful loss to the complainant Bank to the tune of Rs.1337.77 Lakhs. He further submits that in the written complaint, there is no allegation of diversion of the funds/loan amounts. He then submits that in light of the order of the Debts Recovery Tribunal, the matter has already been settled between the petitioner and the Bank and in view of that, the FIR may kindly be quashed. On these grounds, he submits that this criminal miscellaneous petition may kindly be allowed.

5. Mr. Prashant Pallav, learned counsel for the CBI opposed the prayer and submits tha