The court emphasized the importance of allowing sufficient opportunities for the prosecution to conduct investigation and inquiry at the preliminary stage of a criminal case.

The synopsis of the prosecution is as follows:-

The respondent herein / Inspector of Police, Central Bureau of Investigation, Anti Corruption Bureau, Chennai has registered a case in R.C-MA1-2012-A-0024 under Section 120-B read with 420 and Section 13(2) read with 13(1)(d) of Prevention and Corruption Act, 1988, against the revision petitioner herein / third accused and two other accused viz., Mr.S.Gurusamy.A-1, formerly Chief General Manager, South Zone, M.M.T.C. Ltd., Chennai, Regional Office and Mr.V.Gurumurthy, A-2, former General Manager attached to the M.M.T.C. Limited, Chennai Regional Office, stating that during the period 2007 to 2009, M/s.Surana Corporation Limited, accused No.3 had purchased bullion (gold and silver) under the Stand-By Letter of Credit Scheme, through M.M.T.C.Limited and deposited the cost of the bullion arrived at on the basis of notional price and notional exchange rate prevailing on the date of delivery.

2. As per the above mentioned basis and procedure Stand-By Letter of Credit transactions are located through on line bullion trading system, but accused 1 and 2 and unknown officials attached to the M.M.T.C Limited, in order to favour M/s.Surana Corporation Limited, abandoning the bullion trading system and made all transactions manually, thereby making M/s.Surana Corporation Limited to unduly become rich to the tune of Rs.18 Crores. For the said purpose, the accused created the provisional invoice as the final invoice and kept the differential cost under purchase rate difference. The accused officials manipulated the System and intentionally failed to reconcile the differences in the exchange rate and to recover the premium and other accompanying costs and thereby the accused 1 and 2 and unknown officials of M.M.T.C. Limited, Chennai, in connivance with M/s.Surana Corporation Limited and caused a willful loss to the tune of Rs.18 Crores to M.M.T.C. Limited, and corresponding wrongful gain to the accused themselves.

3. It is further stated that the accused 1 and 2 while working with M.M.T.C. Limited, Chennai Regional Office, allowed the third accused to conspire to cheat the Government of India, M.M.T.C. Limited manipulated several documents and others relating to Bullion trading books of accounts, fixed deposit receipts / bank statements / challans, day book, journal vouchers and various other documents pertaining to M.M.T.C Limited. Hence, the Criminal case has been levelled against the accused persons.

4. Thereafter, the respondent has filed a petition in Crl.M.P.No.3680 of 2012 before the VIII Additional Principal and Special Judge for C.B.I. Cases, Chennai and prayed to issue search warrants to conduct searches at the residential and office premises of the accused, the same was allowed. On the basis of the search warrants issued by the learned judge, the searches were conducted at the office and the residential premises of the accused persons. In the search, 400 Kilograms of gold was recovered from the petitioner and the recovered gold was kept in the safety lockers of A-3's Company and the safety lockers were also seized.

5. Under these circumstances, the revision petitioner herein / third accused had filed two petitions, in Crl.M.P.No.3767 of 2012 and prayed to remove the seal of the safety lockers on the ground floor in M/s.Surana Corporation Limited, at New No.161, Old No.79 and to return the keys thereof (78 Nos.). The revision petitioner had filed another petition in Crl.M.P.No.3861 of 2012, to direct the respondent to release the passport and the personal bank accounts and cash of Rs.5,50,000/- and Rs.2,33,72,200/-.

6. Both the applications were resisted by the respondent after filing a counter statement. The learned judge after hearing the arguments of the learned counsels on either side and on perusing the averments of both sides, the said two petitions were dismissed and a common order was passed in Crl.M.P.No.3767 of 2012 and Crl.M.P.No.3861 of 2012 on 04.07.2012. Ag