Judgment :

Chittaranjan Dash, J.

1. By means of this application, the Petitioner seeks to quash the order the order dated 04.01.2021 passed by the learned S.D.J.M., Bhubaneswar in C.T. No.4259 of 2019 and judgment dated 19.03.2021 passed by the learned Addl. Sessions Judge-cum- Special Judge, CBI-II, Bhubaneswar in Criminal Revision No.22 of 2021.

2. In the aforesaid order and judgment, the learned court below declined to release the sum of Rs.30,00,000/- deposited in the form of Standby Letter of Credit (SBLC) with the banker of the accused Opposite Party i.e. State Bank of India, Commercial Bank, IDCOL House, Ashok Nagar, Bhubaneswar as against the security for awarding proposed dealership of retail outlet for Indizel and products purported to have been seized in connection with the investigation of the case in CID Crime Branch P.S. Case No.78 of 2019.

3. The factual backdrop of the case, in brief, is that the Petitioner, having come across an advertisement published in the Odia daily newspaper “The Sambad” dated 06.10.2017, contacted the authorised signatory of M/s. My Own Eco Energy Private Limited, Pune, which claimed to be a manufacturer and distributor of Indizel (bio-diesel), a renewable diesel product. Pursuant thereto, one Soumya Ranjan Mishra, representing the accused company, entered into an agreement dated 01.12.2017 with the Petitioner/Informant through one Tapas Kumar Sahoo for grant of a retail outlet for Indizel and allied products at Ankul, Jajpur, in terms of the business plan. In furtherance of the said agreement, the Petitioner paid a sum of Rs.30,00,000/- (Rupees Thirty Lakhs only) in the form of a Letter of Credit through the State Bank of India, Commercial Branch, IDCOL House, Ashok Nagar, Bhubaneswar, and also deposited a refundable security amount of Rs.15,00,000/- (Rupees Fifteen Lakhs only) in five instalments in the bank account of the accused company. It is stated that after the aforesaid payments were made, one Priyabarta Nanda, Junior Head of the accused company, developed the site and undertook certain civil construction works. However, despite repeated requests and follow- up by the Petitioner with Soumya Ranjan Mishra and Tapas Kumar Sahoo, the authorised representatives of the accused company declined to supply the equipment in terms of the agreement, subsequently closed their office at Bhubaneswar, and failed to respond to the Petitioner’s requests for refund of the amounts received towards the proposed dealership. According to the Petitioner, Clause-7 of the agreement contemplated furnishing of a bank guarantee to secure the dues of the company towards supply of equipment and products. However, it later transpired that the accused company had allegedly adopted fraudulent practices and cheated not only the Petitioner but several other entrepreneurs across different parts of the State of Odisha, collecting substantial sums of money. The Petitioner further claims to have ascertained that the Managing Director of the accused company and his associates were arrested by the Hyderabad Central Crime Station Police in connection with FIR No. 78 of 2019 dated 10.04.2019 for offences of cheating. It is further alleged that the accused company had indulged in similar fraudulent activities and was attempting to encash or transfer the Standby Letter of Credit (SBLC) of Rs.30,00,000/- to unknown concerns. Apprehending such action, the Petitioner approached this Court by filing W.P.(C) No. 16019 of 2019 seeking a direction to the State Bank of India, Commercial Branch, IDCOL House, Bhubaneswar, not to disburse, encash or permit transfer of the SBLC in favour of