RAJIV BAKSHI Vs. C B I

JUDGEMENT

(1.) This is a petition under Section 482 of Code of Criminal Procedure seeking quashing FIR No.RC 2(A)/97 ACU.X dated 18.11.1997 registered by CBI, as well as the chargesheet filed, and criminal proceedings pending pursuant thereto against the petitioners.

(2.) The case of the CBI is that under Gold Loan Scheme introduced by MMTC, petitioner No.1, Rajiv Bakshi, proprietor of Ganesh Exports, obtained sanction for gold limit and packing credit limit, giving inflated value of property No.152, Old Gupta Colony, New Delhi and obtained delivery of 26 kg. of gold from MMTC. He was required to make jewellery from that gold and export the same within 45 days of taking the gold from MMTC. However, he effected export of gold jewellery only in respect of 21 kg. of gold. This is also the case of CBI that delivery of gold was taken pursuant to a criminal conspiracy between petitioner No.1 Rajiv Bakshi and petitioner No.2 Vivek Sood, and part of the gold was delivered by MMTC to Shri Vivek Sood on the strength of authorization from Rajiv Bakshi. 5 kg. gold which was not converted into jewellery was, however, not returned to MMTC. After filing of chargesheet, charges have been framed against the petitioners and both of them are presently facing trial.

(3.) The case of the petitioners is that MMTC had also initiated arbitration proceedings against them and an award was passed by the arbitral Tribunal in its favour. Pursuant to that award, an offer was made to MMTC to settle its dues against Ganesh Exports and some other firms which also are alleged to have committed similar offences. This is also the case of the petitioners is that the offer having been accepted by the Disputes Settlement Committee of MMTC, a sum of Rs.4,80,08,842/- was pad to it by them and other firms.