JUDGMENT :

1. The present application under Section 439, read with section 167 of the Code of Criminal Procedure 1973 (hereinafter referred to as "Cr.P.C.") has been filed by the applicants, Kapil Wadhawan and Dheeraj Wadhawan, seeking default bail in Crime No. RC No.0062020A0005 under Sections-120B, 409, 420, 467, 468, 471 of The Indian Penal Code, 1860 (hereinafter referred to as “I.P.C.”) read with Sections 7A, 8, 13(2),13(1)(d) of Prevention to the Corruption Act, 1988 Police Station-CBI/ACB, Lucknow, after their bail application for default bail bearing Bail Application No. 7528 of 2022 got rejected by the learned Special Judge, Anti-Corruption, CBI (West), Lucknow, vide order dated 1st October 2022.

2. The facts in brief of the present case, which are relevant for the purposes of deciding the present bail application are mentioned as under:

3. On 2nd November 2019, an FIR No. 540 of 2019 came to be registered at Police Station Hazaratganj, Lucknow on the complaint of one I.M. Kaushal, Secretary, Trust of Uttar Pradesh Power Corporation Limited (hereinafter referred to as "U.P.P.C.L.") against Mr. Praveen Kumar Gupta, ex-Secretary (Trust) and Mr. Sudhanshu Dwivedi, who served U.P.P.C.L. in the capacity of Director (Finance) from June 2016 to June 2019. During the investigation names of several other accused came to the light as the investigating agency found these accused also involved and part of deep-rooted criminal conspiracy in the mega scam of several thousand crores Rupees. Investigation of the said case was transferred to the Central Bureau of Investigation (CBI) and CBI registered the Regular Case and undertook the investigation.

4. As per the FIR, in pursuance of the implementation of the Uttar Pradesh Electricity Reforms Transfer Scheme, 2000, the Uttar Pradesh State Electricity Board was divided on 14th January 2000 into 3 Companies i.e. (i) Uttar Pradesh Power Corporation Limited, (ii) Uttar Pradesh Rajya Vidut Utpadan Nigam Limited, and (iii) Uttar Pradesh Hydro Power Corporation Limited. On 14th January 2000, the employees working in the Uttar Pradesh State Electricity Board were assigned to the aforesaid three corporations established in pursuance of the Reform Scheme. In respect of all the employees working in these three power corporations, Uttar Pradesh State Power Sector Employees Trust was constituted on 29th April 2000 under the provisions of the Provident Fund Act, 1952 to manage the general provident fund, gratuity fund, and pension fund of the employees of three electricity corporations so constituted.

5. A Trust-deed was executed on 24th April 2000 for the creation of the Trust. As per the trust deed, the aforesaid three funds namely, General Provident Fund, Gratuity Fund, and Pension Fund created for the benefit of employees of three power corporations shall be called "Uttar Pradesh State Power Sector Employees General Provident Fund", "Uttar Pradesh State Power Sector Employees Gratuity Fund" and "Uttar Pradesh State Power Sector Employees Pension Fund". These funds collectively would be referred to as “Funds”.

6. As per the Trust-deed, the funds vest in the Board of Trustees who shall administer the Funds in accordance with the Rules as set out in the Schedule of the Trust-deed. The First Trustees are:

(i) ''Chairman cum Managing Director, U.P.P.C.L.' Chairman of the Trust;

(ii) ''Chairman cum Managing Director of U.P.R.V.U.N.L.' Member; and

(iii) ''Chairman cum Managing Director, U.P. Hydro Power Corporation Ltd.', Member.

7. For the management of the provident fund of the employees joining the U.P.P.C.L. on 14.01.2000 or later, Uttar Pradesh Power Corporation Contributory Provident Fund Rules, 2004 was enacted and made applicable with effect from 1st April 2004. Uttar Pradesh Power Corporation Contributory Provident Trust (hereinafter referred to as "CPF") was constituted on 25th June 2006 under the Provident Fund Act, 1952.

8. Appropriation and the management of Provident Funds of the employees of the