JUDGMENT :

(Prayer: Criminal Original Petition filed under Section 482 Cr.P.C., to call for the records in C.C.No.1067 of 1999 on the file of the learned Chief Metropolitan Magistrate Egmore, Chennai and to quash the same.)

1. This Criminal Original Petition has been filed under Section 482 Cr.P.C., to quash the First Information Report in Crime No.RC0322021A0007 dated 04.05.2021 registered by the Superintendent of Police, CBI, Anti-Corruption Branch, Chennai under Sections 120B, 420 IPC and under Sections 13(2) read with 13(1)(d) of PC Act, 1988 by the named 4th accused.

2. The FIR was registered on the basis of a complaint dated 04.01.2021 given by the Zonal Manager of Bank of India, Usman Road Branch, T.Nagar, Chennai. In the complaint it had been alleged that A1, Hallmark Infrastructure Pvt. Ltd., had availed loan against property of Rs.2.00 Crores and Project Term Loan of Rs.10.00 Crores for development of 56 premium residential apartments at Mahendra World City, Chengalpattu Taluk, Kanchipuram District and also further loan against property of Rs.2.94 Crores.

3. It had been further stated in the complaint that A1 and its directors who had named as A2 to A5 had diverted and misappropriated the funds received on the sale of the flats. It was very specifically stated that an internal investigation conducted by the bank revealed that 46 flats out of 56 flats had already been sold and out of that, 34 flats were sold without obtaining No Objection Certificate from the bank. It was also stated that the disbursed amount and the sale proceeds were not utilized for the purpose for which loans were sanctioned and that the funds were diverted for various purpose.

4. It was also alleged that A1/Company had not routed the sale proceeds of sale of the flats into the Escrow Account maintained by the bank as per the terms of sanction and had also operated the Escrow Account through Internet Banking which was against the extant guidelines. It was also stated that the accused and other public servants had hatched criminal conspiracy to cheat the Bank of India, Usman Road Branch, T.Nagar, Chennai by availing loan and diverting the disbursed amount and the sale proceeds for other purposes than for which they were sanctioned. It was stated that the Book Outstanding was Rs.12.52 Crores which was claimed to be wrongful loss to the bank and corresponding wrongful gain for the accused.

5. On the basis of the said complaint, a FIR was registered by the respondent/the Superintendent of Police, CBI, Anti-Corruption Branch, Chennai under Sections 120B, 420 IPC and under Sections 13(2) read with 13(1)(d) of PC Act, 1988.

6. The same is now sought to be quashed by the 4th accused.

7. It is the contention of the petitioner/A4 was that she was appointed as Professional Director of A1 on 23.06.2015, whereas, the loans were sanctioned in the year 2013. It was also pointed out that the FIR does not attribute any specific role/over tact against her. There was also no averment that she was in-charge of day to day activities of A1. She claimed that she was not in-charge of the affairs/decisions of A1. She further stated that merely because a person is appointed as director it would not automatically make such person as an accused in the absence of specific allegations of a specific role in the alleged offence. She also stated that the bank had approached the Debt Recovery Tribunal at Chennai and also NCLT Chennai by filing petitions. She also stated that the bank and A1 are also engaged in settlement discussions. In view of the above reasons, she urged that the FIR should be quashed against her.

8. Heard argument advanced by Mr.R.Palaniyandavan, learned counsel appearing on behalf of Mr.R.Revanth Kumar, learned counsel for the petitioner and Mr.K.Srinivasan, learned Special Public Prosecutor for CBI.

9. Mr.R.Palaniyandavan, learned counsel after taking the Court through the averments which had been reduced above stated that the petitioner would squarely come under the 1