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Court No. - 71

Case :- CRIMINAL REVISION No. - 2529 of 2018

Revisionist :- G.S.C. Rao

Opposite Party :- State Of U.P. And 2 Others

Counsel for Revisionist :- Kali Azad,Akshay Mohiley

Counsel for Opposite Party :- G.A.,Gyan Prakash

Hon'ble Siddharth,J.

Order on Application No. 02 of 2019

This application has been filed by the opposite party No.2

praying for grant of sufficient time to complete their investigation.

Earlier this Court by order dated 11.12.2018 directed the C.B.I. to

conclude the investigation of present case by 31st January of

2019. This application has been filed praying for further time to

complete the investigation since there is involvement of loan

account of 5762 farmers and despite best efforts, investigation

could not be completed within the time granted by this Court.

Learned counsel for the C.B.I. is granted six months'

further time from today to complete the investigation of this case.

This application stands allowed.

Order on Criminal Revision

Heard Sri Rohan Gupta holding brief of Sri Kali Gupta,

learned Counsel for the revisionist and Sri Gyan Prakash learned

Counsel for the C.B.I.

This criminal revision has been preferred against the

judgment and order dated 10.7.2018 passed by Special Judge,

Corruption (C.B.I.), Court No. 1, Ghaziabad, Case No. 2 of 2018,

C.B.I. Vs. Simbhaoli Sugar Mills Limited and others, under

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Sections 120-B read with Section 420 and 409 IPC alongwith

Section 13/2 r/w Section 13(1)(d) of Prevention of Corruption Act,

1988, Police Station C.B.I., BS & FC, New Delhi. By the

aforesaid order, the court below has rejected the application of

the applicant for release of seized assets of the applicant.

The facts of the case in brief are that the first information

report dated 22.02.2018 was lodged by the Central Bureau of

Investigation (C.B.I. in short), under Section 120-B read with

Section 420 and 409 IPC alongwith Section 13/2 r/w Section

13(1)(d) of Prevention of Corruption Act, 1988, Police Station

C.B.I., BS & FC, New Delhi. It was alleged in the FIR that various

loans were advanced by Oriental Bank of Commerce to the

farmers, who supplied cane to M/s Simbhaoli Sugar Mills Limited

(hereinafter referred to as the Company), during the period,

25.01.2012 to 13.02.2012. 5762 accounts were opened and

disbursement of loan was made, but the entire loan amount was

credited to Escrow/Current Account of the Company for

distribution of materials like seed, fertilizers, etc., to the farmers.

It was alleged that the Company misappropriated the loan

amount and diverted the money received from the Bank to other

avenues. The loan accounts of borrower farmers were declared

as Non-Performing Assets (NPA) on 31.3.2012 and a suit for

recovery of Rs.112.94 crores was filed by the Bank before DRT,

Lucknow. The company took corporate loan of Rs.110.00 crores

from the Oriental Bank of Commerce on 28.01.2015 and

liquidated the liability of the farmers' loan in the proceedings

before the Debt Recovery Tribunal, Lucknow.

The corporate loan of Rs.110.00 crores issued to the

Company became NPA on 29.11.2016 due to non-payment of

installments by the company. C.B.I. investigated the matter and

conducted search of the original premises of the revisionist

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situated at B-8/24 First Floor, Vasant Vihar, New Delhi on

25.02.2018 and certain articles were seized and search memo

was prepared. C.B.I. team seized eight items including Rs.10

lacs in cash, 9500 US dollars and key of bank lockers. On

27.02.2018, locker No. 2278 in HSBC Bank, 47 Greater Kailash-

I, New Delhi in joint name of the revisionist and his wife, Mrs.

G.R. Lakshmi, was searched and articles like bangles, coins,

chains, rings etc., were found in the locker and the same was

seized. On the same day, locker No.2 and G-950 in Alaknanda

Vaults, East of Kailash, New Delhi in the joint name of his wife,

Mrs. G.R. Lakshmi and revisionist was sea