NAVEEN JANAKBABU PARASHAR Vs. STATE OF GUJARAT

JUDGEMENT

(1.) The applicant, by way of this application, filed under Sec. 439 of the Code of Criminal Procedure, seeks regular bail in connection with the FIR being I-C.R. No. 9 of 2022 registered with CID Crime, Gandhinagar Police Station of Economic Offences Wing, for the offences punishable under Ss. 406 , 409 , 420 , 467 , 468 , 471 , 477A , 120B of IPC.

(2.) Brief facts leading to filing of present application are that, the complainant Shashinbhai Patel being a Director of Sadbhav Engineering Ltd. lodged an FIR against seven persons. The accused No.7 is Gayi Adi Management Trade Pvt. Ltd., Hyderabad. The applicant accused is the Director of accused No.7 company. The FIR came to be lodged on 23/8/2022. The complainant availed loan from accused No.7 M/s. Gayi Adi Management Pvt. Ltd. Company and as per the arrangement /understanding, the loan was extended to the tune of Rs.6.00 crore, against which the borrower - complainant had to transfer /securitized 3183300 shares of M/s. Sadbhav Engineering Ltd. as a collateral against the loan amount and the same was reduced in writing. The transactions entered into writing in the month of January, 2020. It is further case of the prosecution that, the accused GSV Securities Pvt. Ltd. was the instrumental in the alleged loan contract, as the company is broking company. It is the case of the prosecution that, the complainant had transferred the disputed shares in the demat account, opened with GSV Securities Pvt. Ltd and simultaneously, loan of Rs.6.00 crore was being sanctioned by the accused No.7 company. It is alleged that, the demat account opened with GSV Securities Pvt. Ltd. was fraudulently without any authority, was misused by the accused No.7 and with the forged signature of the complainant, the disputed shares were sold off by accused No.7 to make profit, have committed the offence of cheating, criminal breach of trust and forgery for the purpose of cheating and created a false account to defraud the complainant.

(3.) In the aforesaid facts, the FIR came to be registered with EOW, CID Crime, Gandhinagar. The applicant herein has been arrested from his house at Hyderabad on 25/8/2022. He moved an application under Sec. 439 of Cr.P.C before the City Sessions Court, Ahmedabad, which came to be rejected vide order dtd. 13/9/2022. Being aggrieved by the said order, the applicant has approached this Court by present bail application.