[2025:RJ-JP:44624]

HIGH COURT OF JUDICATURE FOR RAJASTHAN BENCH AT JAIPUR S.B. Criminal Miscellaneous Bail Application No. 13055/2023 Sameer Modi S/o Bharat Modi, Aged About 35 Years, R/o Zodiac Arish 801, Prerna Teerth, Devsar Road, Satellite Ahmadabad, 380015 (Current Address) Sunaharwada, Sirohi Road, Rajasthan 307001 (Permanent Address) (At Present Accused In Central Jail Jaipur.)

----Petitioner Versus

1. State Of Rajasthan, Through PP

2. Sanjeev Bhatnagar, R/o 20/39 Renu Path, Mansarovar, Jaipur Jaipur City (South) Raj. 302020 ----Respondents For Petitioner(s) : Mr. Swadeep Singh Hora with Mr. Sahjveer Baweja For Respondent(s) : Mr. Jaiprakash Tiwari, PP Mr. Rajesh Choudhary, GA-Cum AAG with Mr. Aman Agarwal, AAAG HON'BLE MR. JUSTICE PRAMIL KUMAR MATHUR

Judgment

31/10/2025

1. The petitioner has filed this bail application under Section 439 of Cr.P.C. in FIR No.24/2018 registered at Police Station Special Operation Group (‘SOG’) Rajasthan, District Jaipur for offence under Sections 406, 409, 420, 467, 468, 471, 477-A, 120B of the Indian Penal Code, 1860 (hereinafter referred to as ‘IPC’).

2. Succinctly stated, the facts of the case are that the present case pertains to allegations of large-scale financial irregularities and misappropriation of funds in Adarsh Credit Cooperative Society Ltd. (hereinafter referred to as ‘ACCSL’). The present petitioner was allegedly appointed as the Chief Financial Officer (CFO)/Additional Managing Director (AMD) of ACCSL.

3. The following acts were attributed to the present petitioner while he was allegedly holding the office of CFO/CMD of ACCSL during the relevant period:

(i) That a sum of Rs. 1,46,82,24,42,239/- was invested by Adarsha Credit Co-operative Society Ltd.

in shell companies.

(ii) That Adarsh Credit Co-operative Society Ltd. paid a commission of Rs. 720 crore to the wife and son-in-

law of Shri Mukesh Modi.

(iii) That there was an embezzlement of Rs. 447.55 crore by the Managing Director of Adarsh Credit Co- operative Society Ltd. and its associated shell companies/firms.

(iv) That an ex-gratia payment of Rs. 270 crore was illegally made to Mukesh Modi, as well as to the son/daughter and son-in-law of Shri Virendra Modi, by Adarsh Credit Co-operative Society Ltd.

(v) That Adarsh Credit Co-operative Society Ltd. held stock worth Rs. 225 crore, allegedly acquired through accommodation entries.

4. Heard learned counsel for the petitioner and learned Public Prosecutor and perused the material available on record.

5. The learned counsel for the petitioner has made the following submissions for buttressing his arguments:

(1) that in the present case, complete charge-sheet has not been filed in due time which accrued him a right of default bail and in similar situation, the co- accused, Kamlesh Chaudhary has been granted bail by the Coordinate Bench of this Court vide order dated 10.02.2020.

(2) The petitioner was arrested on 25.05.2009 and has been behind bars for almost six years and still the trial has not concluded, therefore, in view of Article 21 of the Constitution of India, right of speedy trial, the petitioner has the statutory right of bail.

(3) Learned counsel for the petitioner also submitted that there is no case made out against the petitioner since he was neither a Director, nor a shareholder and not even a member of the board of ACCSL, who has the power to advance any loans. Thus, the petitioner has no authority or role in operation of ACCSL.

6. It is therefore submitted that considering all these aspects, the bail application may be allowed and the petitioner may be released on bail.

7. In support of his arguments, learned counsel for the petitioner has placed reliance on the following judgments: (1) M. Ravindran v. Directorate of Revenue Intelligence, (2021) 2 SCC 485;

(2) Uday Mohanlal Acharya v. State of Maharashtra, (2001) 5 SCC 453;

(3) Satendar kumar antil v. Central Bureau of Investigation, (2022) 10 SCC 51;

(4) Kamlesh Choudhary v. State of Rajasthan, S.L.P Crl.

5715/2020;

(5) Achpal