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IN THE HIGH COURT OF DELHI AT NEW DELHI

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Judgment delivered on: 18.01.2024

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BAIL APPLN. 2385/2023

NEETU SINGH

..... Applicant

versus

STATE NCT OF DELHI & ANR.

..... Respondents

Advocates who appeared in this case:

For the Applicant

: Mr. Jaspreet Singh Rai, Ms. Sukhdeep Kaur

Rai, Mr. Ravi Kumar, Mr. Linoy Varghese,

Mr. Ankur Singh & Mr. Shwetabh Kumar,

Advocates

For the Respondent

: Mr. Yudhvir Singh Chauhan, APP for the

State with Insp. Yad Ram Yadav, PS EOW.

CORAM

HON’BLE MR JUSTICE AMIT MAHAJAN

JUDGMENT

AMIT MAHAJAN, J

1.

The present application is filed under Section 439 of the Code of

Criminal Procedure, 1973 (‘Cr.P.C’) for grant of Regular bail in FIR

No. 54/2016, dated 05.05.2016, under Sections 406/420/120B/174A of

the Indian Penal Code, 1860 (‘IPC’), registered at Police Station

Economic Offences Wing, Delhi.

Digitally Signed

By:SANJAY KUMAR

Signing Date:18.01.2024

22:26:34

Signature Not Verified

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2.

The FIR No. 54/2016 was registered at the behest of a joint

complaint of ten complainants, Ms. Nidhi Singh and others, alleging

that M/s Value Infracon India Private Limited (hereafter ‘Company’)

had assured the complainants of providing flats in the Meadows Project

but on the contrary defrauded the complainants by selling the already

allotted flats to different buyers, multiple times. It was also alleged that

the company had siphoned approximately ₹10 crores, with regard to the

booking of thirty-one flats received from the complainants, to the

accounts of its sister concerns.

3.

It is alleged that the company, through its Managing Director,

Mr. Pramod Kumar Singh, who is the husband of the applicant, and

other Directors, launched a housing project namely “Meadows Vistas”

situated at Village Morta, Raj Nagar Extension, Ghaziabad. It was

assured by the company that the project shall be completed within a

period of three years from the date of booking and that the flats were

free from all kinds of encumbrances and the title was clear.

4.

It is alleged that the Directors, Mr. Pramod Kumar Singh and the

applicant, through their representatives, Mr. Ashish Verma, and Mr.

Vipin Saroha, approached the potential investors to buy the flats in the

said project. Believing the assurances, many investors, including the

complainants, booked the flats in the said project vide tripartite

agreements executed amongst the complainants, the company and the

concerned banks, which extended the loans to the said purchasers.

5.

It is alleged that the company made arrangements with the bank

officials and sanctioned and disbursed the loans on the already allotted

Digitally Signed

By:SANJAY KUMAR

Signing Date:18.01.2024

22:26:34

Signature Not Verified

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flat / units which were sold twice or thrice to different buyers. The

complainant, Ms. Nidhi Singh, was shocked to know that the two flats

No. A-126 and D-094, allotted to her, were further sold by the company

to its sister concern, M/s Niparth Enterprises and Mrs. Vinita

Kesarwani, respectively.

6.

A total of twenty complaints were received at Economic

Offences Wing, against the company, and the present FIR No. 54/2016,

dated 05.05.2016, was registered under Sections 406/420/120B/174A

of the IPC at Economic Offences Wing, Delhi. All the Directors,

including the applicant, were made co-accused in the FIR.

7.

The applicant was the director of the company from 30.09.2013

to 21.08.2014 and is also mentioned in the FIR as an accused. The

applicant holds 11% of equity in M/s Niparth Enterprises.

8.

It is alleged that the applicant and her husband did not join the

investigation and were summoned multiple times. On 30.10.2018, the

applicant and her husband were declared as proclaimed offenders by the

learned CMM, Patiala House Courts, Delhi. Thereafter, on 07.12.