V S MURTHY Vs. STATE

JUDGEMENT

(1.) These are three bail applications filed by three different accused which arise from F.I.R.No. 178/94 registered under Sections 420, 406, 409, 468, 471 and 120-B of the Indian Penal Code, Police Station Hauz Khas (Crime Branch).

(2.) The case of the prosecution, in brief, is that a conspiracy was hatched among certain accused to obtain Rs.70.00 crores purporting as fixed deposit from M/s Bharat Dynamics Limited, Hyderabad and get it deposited fraudulently in the account of M/s J.D.International which is a sole proprietorship firm of the accused John Daniel.

(3.) John Daniel was planning to start a company called Wens Airways Corporation to fly airtaxies and he needed funds and was thinking to mobilise investments from N.R.Is of Quwait but he wanted initial investment by procuring loan from Indian banks or any other financer. One Pradeep Goel is stated to have got in touch with Daniel and offered his services to procure the loan from the State Bank of India. Daniel was having an account with State Bank of India, Karol Bagh Branch but said Pradeep Goel @ Aggarwal suggested that he should open an account in State Bank of India, Green Park Branch. He was introduced to Y.K.Sharma, accused and on the introduction of the said accused, who is an employee of the said State Bank of India, a current. account No.9 6 5 was opened in the name of the sole proprietorship firm of Daniel M.s J.D. International in the month of February 1994. Mohan Gupta, accused, was introduced to Daniel by said Aggarwal. In March 1994, Mohan Gupta informed that money could be obtained from Hyderabad and thereafter Aggarwal who visited Hyderabad on return informed that loan could be arranged from Bharat Dynamics Limited.