SANJAY RAGHUNATH AGARWAL Vs. DIRECTORATE OF ENFORCEMENT

JUDGEMENT

(1.) Leave granted.

(2.) Heard Shri R. Basant, senior counsel and Shri S.V. Raju, learned Additional Solicitor General for the parties.

(3.) A criminal complaint in FIR No.664/2013 was registered on 29/10/2013 with the Cyberabad Police, against six persons, including the appellant herein for alleged offences under Ss. 406, 407, 415 to 420, 120B read with Sec. 34 IPC. The FIR was registered on the basis of a complaint lodged by one M. Srinivas Reddy, who was the Managing Director of a Company by name M/s Farmax India Limited (hereinafter referred to as "Farmax"). The gist of the complaint was, that Farmax availed the services of the accused in raising Global Depository Receipts (GDRs), to the tune of USD 71.09 millions equivalent to INR 318 crores; that though the accused raised the said amount, they transferred to Farmax only a sum of USD 0.4 millions equivalent to INR 2.20 crores; and that upon enquiry with the bank, the complainant company came to know that the accused has misappropriated the balance amount by forging the signatures, with the help of the pledged documents.