VAKATI NARAYANA REDDY Vs. CENTRAL BUREAU OF INVESTIGATION

JUDGEMENT

(1.) Both these petitions are filed by petitioner-accused No.2 under Sec. 482 of Cr.P.C. for quashing First Information Report filed by the respondent bearing No.RC 7(E)/2017 dtd. 5/5/2017 for the offence punishable under Sec. 120B read with Sec. 420 IPC and Sec. 13(2) read with Sec. 13(1)(d) of Prevention of Corruption Act, 1988 (hereinafter referred to as 'PC Act') and also the charge sheet in Spl. C.C. No.231/2018 pending on the file of XXI Additional City Civil and Sessions Judge and Special Judge for CBI cases, Bengaluru.

(2.) Heard learned Senior counsel appearing for the petitioner and learned Special Counsel for the respondent CBI.

(3.) The case of the prosecution is that one Smt. Pooja Tiku, the Deputy General Manager of the Industrial Finance Corporation Limited (IFCI) lodged a written complaint dtd. 3/5/2017 against the petitioner and others to the CBI at Bengaluru alleging that the company VNR Infrastructures Ltd. (Accused No.1) and the petitioner-accused No.2 being the Managing Director along with accused Nos.3 to 9 said to have committed fraud on the complainant IFCI Ltd. to the tune of Rs.205.02 crores as on 15/3/2016 by way of misappropriation, cheating and criminal misconduct. It is further alleged that accused Nos.1 and 2 had availed corporate loan from the complainant bank IFCI to the tune of Rs.190.00 crores in two cheques, that is, Rs.90.00 crores on 15/9/2014 and Rs.100.00 crores on 5/5/2015. The said loan amounts were secured by immovable properties. It is further alleged that the first loan of Rs.90.00 crores was secured by mortgaging 29 acres 23 guntas of Non-agricultural land situated at Panjeerala Village of Mahbubnagar District of Telangana State, 5 acres 27 guntas of Non-agricultural land situated at Nandigama Village of Mahbubnagar District of Telangana State, 20 acres 10 guntas of Non-agricultural land situated at Raikal Village of Mahbubnagar District of Telangana State, 20 acres 18 guntas Non-agricultural land situated at Immulnarva Village of Mahbubnagar District of Telangana State along with personal guarantee of Accused No.2 and Corporate Gurantee of the Mortgagers. It is also alleged that the said complainant IFCI Ltd. appointed Accused Nos.4 and 5 as valuators in order to evaluate the mortgaged properties. The valuation was effected by the Accused No.4 along with K. Chandrasekhkar (official of the company) on 11/9/2014, and as per the valuation report, the fair value of the mortgaged properties situated at Mahbubnagar was estimated to be Rs.257.59 crores as against Distress Sale Value at Rs.231.54 crores. The 2nd valuation regarding the mortgaged properties situated at Mahbubnagar was effected by the Accused No.5 along with K. Chandrasekhar (official of the company) on 12/9/2014 and estimated the fair market value at Rs.282.80 crores as against distress sale value at Rs.226.24 crores. Based on the two valuation reports of Accused No.4 and Accused No.5, the corporate loan for an amount of Rs.90.00 Crores was executed between the Company (Accused No.1) and the Complainant IFCI Ltd. on 15/9/2014.