JUDGMENT :

(Prayer: Criminal Original Petition filed under Section 482 Cr.P.C., to call for the records in RC0333021(A)003 dated 23.03.2021 pending on the file of the Court of XI Additional City Civil Judge (Special Court for CBI Cases) at Chennai pending disposal of the above Criminal Original Petition.)

1. This Criminal Original Petition has been filed under Section 482 Cr.P.C., to call for the records in RC0333021(A)003 registered by the 1st respondent/The Central Bureau of Investigation, ACB, Chennai and now pending on the file of the XI Additional City Civil Court, Chennai/Special Court for CBI Cases, Chennai and to quash the same.

2. The petitioners have been shown as A3 and A4 in the FIR registered by the 1st respondent on a complaint given by the 2nd respondent. An unregistered partnership firm M/s.Subra Enterprises had been started by A.S.Sharath Chandran and his son S.Shiyaam/A2. A partnership deed had been entered into by them on 20.12.2010. A.S.Sharath Chandran is no more. He was the Managing Partner. The 1st petitioner/A3 is his wife and the 2nd petitioner/A4 is his mother.

3. A complaint had been given by the 2nd respondent/the Chief Manager, Punjab National Bank, Chennai, alleging that the aforementioned partnership firm M/s.Subra Enterprises had sought financial assistance claiming that they are carrying on business in import and export of pulses as well as procurement of pulses directly from farmers and thereafter selling the same to dhal manufacturers and had sought cash credit facility and pursuant to such requisition, the bank had sanctioned a sum of Rs.9.75 crores with sub limit of Rs.3.00 crores for FLC/ILC/ILG facility on 22.01.2016. The property said to have been owned by A.S.Sharath Chandran and A2, A3 and A4 had been provided as collateral securities. All the partners including the deceased Managing Partner/A.S.Sharath Chandran had executed personal guarantees.

4. It had been alleged in the complaint that the accused did not route the sale proceeds through the loan account which was in violation of the terms of sanction and amounted to diversion of funds with an intention to siphon the money. The business was also closed owing to the death of A.S.Sharath Chandran, the Managing Partner. An adhoc limit of Rs.20 Lakhs availed on 22.05.2018 was not repaid. Stock statement was also not submitted regularly. It was claimed that the accused did not co-operate in the stock audit conducted by the bank. It was further stated that the accused did not divulge the details of business turnover, stock statement, bill purchase, book debts, receivables, stocks in trade and annual audited balance sheet. Since the loan was running irregular it was classified as Non-Performing Asset on 16.11.2018 and the bank had reported the account as fraud to the Reserve Bank of India on 12.04.2019. It was also stated that internal investigation conducted in the account revealed that from the cash credit account, several credits were transferred to the current account and had been withdrawn in cash. It was claimed that the accused had availed credit facilities only to gain unlawful enrichment and to cause wrongful loss of the property.

5. Further the properties located at Sananallur Village, Tiruvarur Taluk had been offered as collateral securities and had been valued at Rs.14.29 crores as per valuation report dated 10.02.2016. However, when the properties were subsequently valued they were found that their value was only Rs.4.51 crores vide a report dated 28.08.2019 and only Rs.3.65 crores by another report dated 31.08.2019.

6. It was also stated that between 18.04.2016 and 15.03.2017, Rs.3.73 crores had been transferred from the cash credit account to the current account and substantial portion of the same had been withdrawn by cash and huge amounts had been withdrawn on a single day on many occasions.

7. It had been further stated that a total of Rs.3.15 crores had been paid to M/s.Annai Agro on various dates and a total of Rs.3.87 crores h