AVINASH JAIN Vs. CENTRAL BUREAU OF INVESTIGATION

JUDGEMENT

(1.) The present application under Sec. 439 read with Sec. 482 of the Code of Criminal Procedure, 1973 (CrPC') seeks the following prayers:

(2.) The present FIR was registered on the basis of a complaint received from S. Bavani Sankaran, Deputy General Manager, State Bank of India, SAMB-I ('SBI') on behalf of a consortium of six banks alleging that M/s Arise India Ltd. ('the company') and its directors, including the present applicant alongwith other unknown public servants availed credit facilities from the said consortium of banks led by the SBI and diverted the borrowed funds for purposes other than those for which they were released. The loan account of the company was declared as a Non-Performing Asset ('NPA') by the SBI on 27/2/2017 and subsequently by other banks in the consortium, with a total outstanding amount of Rs.512.67 Crores. After a forensic audit, the account of the company was declared as a 'fraud' by the SBI on 27/5/2019.

(3.) On the basis of the aforesaid complaint, the present FIR was registered against M/s Arise India Ltd., Avinash Jain (applicant herein), Virender Mishra, Rajnish, unknown public servants and other unknown private persons under Sec. 120B read with Ss. 420, 468 and 471 of the Indian Penal Code, 1860 ('IPC') and Sec. 13(2) read with Sec. 13(1)(d) of the Prevention of Corruption Act, 1988 ('PC Act') for causing wrongful loss of public money on 19/11/2020. The applicant was arrested on 14/11/2022 in the said FIR for offences under Sec. 120B read with Ss. 420, 468 and 471 of the IPC and Sec. 13(2) read with 13(1)(d) of the PC Act. He was produced before the learned Special Judge on 15/11/2022 and remanded to judicial custody for one day. Thereafter, after five days in police custody granted vide order dtd. 16/11/2022, he was remanded to judicial custody on 21/12/2022. The CBI filed a chargesheet, dtd. 30/12/2022, on 6/1/2023 qua the applicant and other accused persons under Sec. 120B read with Ss. 420 and 471 of the IPC and substantive offences thereof. In the said chargesheet, it was stated that further investigation was continuing in terms of Sec. 173(8) of the CrPC.