SAI RAMAKRISHNA KARUTURI Vs. STATE

JUDGEMENT

(1.) The present application under Sec. 438 of the Code of Criminal Procedure seeks grant of anticipatory bail in FIR No. 0135/2018 under Ss. 420 and 409 of the Indian Penal Code, registered at P.S. Crime Branch, Sunlight Colony, Delhi.

(2.) The present FIR was registered on a complaint filed by Sh. H.E. Said Absieh Warsama, Ambassador of Republic of Dijbouti in India. It was alleged that Ms. Rama Krishna Karuturi, the applicant who is the Director of M/s Karuturi Global Limited ( 'KGL ') entered into an agreement dtd. 10/9/2011 through its sister concern, M/s Karuturi Overseas Limited, Dubai ( 'KOL ') with the Government of Djibouti. By virtue of the said agreement, KOL was supposed to provide 10,000 hectares of land in Ehiopia for agricultural purposes. It was further alleged that in the year 2012, KOL entered into a second agreement dtd. 23/2/2012 with the Government of Djibouti for development of 5,000 hectares of land. It was alleged that in order to assist KOL in performing its obligations. the Central Bank of Djibouti issued bank guarantee in the sum of 6.5 Million USD in favour of Bank of Africa. Accordingly, Bank of Africa issued a loan/credit of 6.5 Million USD to KOL. However, KOL allegedly failed to perform its obligations and repay the said loan. It is alleged that consequently, Bank of Africa insisted that the Government of Djibouti repay the loan amount of 6.5 Million USD. It was further the case of the complainant that in the year 2013, the applicant issued a letter of 'Acknowledgment of Debt ' dtd. 10/2/2013 acknowledging to pay 5 Million USD alongwith interest to the Government of Djibouti. It was alleged that the obligations as undertaken by the applicant were not honored and thus, the present FIR came to be registered.

(3.) Learned counsel for the applicant submitted that the present FIR arises from a complaint dtd. 4/5/2018 containing misleading facts. It was submitted that several bonafide transactions took place between KGL and KOL on one hand and the Republic of Djibouti and its appointed advisory/consultant firm, namely, Multiplex Biotech FZC ( 'Multiplex ') on the other. It is submitted that aforesaid KGL and KOL, the company of which the present applicant is a Director performed contracts entered into with the Republic of Djibouti and Multiplex, and had suffered losses. It is further submitted that in addition to the aforesaid losses, an amount of approximately 3.5 Million USD (in cash as well as cash equivalent i.e. machinery) had been returned.