AJAY KUMAR Vs. STATE OF NCT OF DELHI

JUDGEMENT

(1.) This is an application for regular bail under Sec. 439 of Cr.PC filed on behalf of the petitioner in FIR No.201/2016 under Ss. 406/409/420/120-B of IPC, Police Station EOW, New Delhi.

(2.) In brief, as per the case of prosecution, the FIR was registered on the complaint of Anubhav Jain against M/s Amrapali Silicon City Pvt. Ltd. and its directors/officials. Complainant alleged that in the month of November, 2011, the directors of M/s Amrapali Silicon City Pvt. Ltd. approached him and represented that they shall hand over the vacant physical possession of 26 fully furnished flats in Tower G-1 in the project "Amrapali Silicon City" proposed to be developed at plot No. GH-1A, Sector 76, Noida by September, 2013. Being induced by the accused persons, the complainant agreed to invest in the said project and made full and final payment of Rs.6.60 crores against the said flats in November, 2011. On 11/8/2012, a Memorandum of Understanding (MOU) was also executed between the complainant and the accused company, wherein it was assured by the company that possession of the flats will be handed over by 30/9/2013. It was also agreed that on expiry of nine months from 13/8/2012, the investor (complainant) shall have the option either to continue with the booking or to take refund of the sum paid by the investor and 26 cheques of the principal amount were also handed over to the complainant, as security. Till then, the builder further agreed to compensate the investor by way of assured return of Rs.19,55,000.00 per month and also handed over the 18 cheques for 9 months. The cheques of the principal amount given as security were dishonoured upon presentation in bank. Later on, it was revealed that Tower G-1 did not exist and was not even sanctioned in the project.

(3.) During the course of investigation, it was revealed that payments made by the complainant to accused company have been verified and found credited in the account M/s Amrapali Silicon City Pvt. Ltd. in which Ajay Kumar/petitioner is one of the authorized signatory. It was also revealed that as per MOU dtd. 11/8/2012, the accused has handed over 9 cheques of Rs.17,30,000.00 of Bank of Maharashtra, Sector-62, Noida for the period from 13/8/2012 to 13/4/2013 and 9 cheques of Rs.2,25,000.00 of Axis Bank, Indirapuram (totaling Rs.1,75,95,000.00) of assured return for the above said period. The investigation conducted from the above banks revealed that account maintained with Bank of Maharashtra, was already inactive/closed on 14/6/2012 and account maintained with Axis Bank had also been closed on 21/11/2012. Despite knowing this fact, the accused persons issued PDCs for assured return of a closed bank account.