JUDGMENT :

(Subhash Vidyarthi, J.)

1. Heard Sri Gopal Swaroop Chaturvedi, Sri. Satish Chandra Misra and Sri Nandit Kumar Srivastava Senior Advocates assisted by Ms. Soumya Chaturvedi, Sri Pranjal Krishna, Sri Samarth Agarwal, Smt. Pooja Kothari and Ms. Urvi Purve, Advocates, the learned Counsel for the applicant and Sri Anurag Kumar Singh Advocate, the learned counsel representing the Central Bureau of Investigation (C.B.I.).

2. The instant application has been filed seeking release of the applicant on bail in Criminal Case No. 370 of 2020, arising out of Case Crime No. RC0062020A0005, registered with Police Station CBI/ACB, Lucknow, under Section 120-B read with Sections 409, 420, 467, 468, 471 I.P.C. and Section 7-A, 8 and Section 13 (2) read with Section 13 (1) (d) of Prevention of Corruption Act, 1988, pending in the Court of Additional District Judge/Special Judge, Anti Corruption, C.B.I. (West), Lucknow.

3. On 02.11.2019, a First Information Report bearing Case Crime No. 540 of 2019 for commission of offences under Sections 409, 420, 467, 468 and 471 IPC was lodged in Police Station Hazaratganj, Lucknow by Sri. I. M. Kaushal, Secretary of Uttar Pradesh Power Corporation Contributory Provident Fund Trust against (1) Praveen Kumar Gupta, the then Secretary of the Trust and (ii) Sudhanshu Dwivedi, the then Director Finance, stating that on 09.05.2013, the Board of Trustees of the Trust had decided that the amount of General Provident Fund will be invested in Fixed Deposit Schemes of Nationalized Banks for 1 to 3 years. On 21.04.2014, a decision was taken by the Board of Trustees to consider other options, which are secured like investments made in the bank and which give higher assured interest and the Director Finance was authorized to take the services of a Financial Consultant, if necessary. Till October 2016, the amount of Provident fund was invested in fixed deposit schemes of Nationalized Banks. In December 2016, on a proposal made by Praveen Kumar Gupta, Secretary of the trust, which was approved by Sudhanshu Dwivedi, the then Director Finance and A. P. Mishra, the then Managing Director, amounts of General Provident Fund and Contributory Provident Fund were started being invested in Fixed Deposit Schemes of PNB Housing. In March 2017, the aforesaid named accused persons Praveen Kumar Gupta and Sudhanshu Dwivedi started investing the amounts of GPF and CPF in DHFL in violation of the procedure laid down by the Notification dated 02.03.2015 issued by the Ministry of Finance, Government of India, as per which a maximum of 50% of non-government Provident fund can be invested in Scheduled Commercial Banks.

4. The F.I.R. further states that in a meeting of the Board of Trustees held on 24.03.2017, it was agreed to consider the investment proposals as per Government Notification dated 02.03.2015 in securities other than deposits of Nationalized Banks, in AAA rated companies giving higher security and high interest rates. In contravention of the clear guidelines of the government of India contained in the notification dated 02.03.2015 prohibiting investment of amounts of the employees Provident Fund in institutions other than Scheduled Commercial Banks, Secretary of the Trust Praveen Kumar Gupta invested 2,631.90 Crores in DHFL, after obtaining approval Rs.2,631.90 Crores in DHFL, after obtaining aproval from Director Finance Sudhanshu Dwivedi, knowing fully well that DHFL is not a scheduled commercial Bank and it is an unsecured private institution. Out of the aforesaid amount, 1185.50 Crores had Rs.2,631.90 Crores in DHFL, after obtaining aproval been received back by the trust and 1445.70 Crores were yet to be Rs.2,631.90 Crores in DHFL, after obtaining aproval received. Similarly, an amount of 1491.50 Crores was invested in Rs.2,631.90 Crores in DHFL, after obtaining aproval DHFL from the Contributory Provident Fund amount, out of which Rs.2,631.90 Crores in DHFL, after obtaining aproval 669.30 Crores had been repaid and