HIMANSHU PRAFULCHANDRA VARIYA Vs. STATE OF GUJARAT

JUDGEMENT

(1.) This application has been filed under Sec. 439 of the Code of Criminal Procedure for regular bail in connection with the First Information Report being C.R. No.RC 0682020E0008 of 2020 registered with EOB Police Station, Mumbai for the offences punishable under Ss. 420, 468, 471 and 120(B) of the Indian Penal Code and under Sec. 13(2), 13(1)(d) of the Prevention of Corruption Act, 1988.

(2.) Learned Senior Counsel for the applicant submitted that as per the Affidavit of the Central Bureau of Investigation (CBI), the arrest of the applicant is made on the ground that he has willfully avoided investigation of the case despite service of multiple notices under Sec. 41A of the Code of Criminal Procedure, 1973 (hereinafter referred to in short as ' Cr.PC .'). It is submitted that the applicant had joined the investigation on 26/7/2021 and the allegations qua the applicant are that he had refused to answer material questions when the investigation agency wanted to know the source of documents which are alleged to false, fabricated and forged. It is submitted that as per the allegations, the applicant had refused to divulge the details of one - Mr. Sarfaraz Mansuri and others who are alleged to have helped in preparation of false documents and that the applicant also refused to give specimen signatures. It is further submitted that every accused has a right of silence. The applicant though had co-operated with the investigation, the arrest appears to have been made under Sec. 41A(3) of the CR.PC.

(3.) Referring to the Affidavit filed on behalf of CBI, it is submitted by Special Public Prosecutor Mr. R.C. Kodekar that the present applicant from the years 2011 to 2016, in connivance with the Promoters and Directors and other unknown persons had cheated the Bank of Baroda (BOB), CFS Branch, Ahmedabad by obtaining credit facilities and by misappropriating the funds sanctioned. It is submitted that under a conspiracy, forged / bogus / fabricated documents were created and on the basis of the false and forged documents, the accused got disbursal of credit facilities to the tune of Rs.80.00 Crores in the year 2011 from BOB, CFS Branch. It is further submitted that the applicant alongwith other conspirators got credit facility of Rs.110.00 Crores in the year 2013 and the Promoters / Directors diverted the loan amount, thus causing loss of Rs.123.88 Crores. It is stated that the debtor companies in their written replies to Resolution Professional Report of NCLT denied any outstanding debt to the borrower company. It is further submitted that the Forensic auditors found huge difference in inventories, creditors and debtors submitted by the borrowers to the Bank in March 2015. It is also submitted that the investigation reveals that the present applicant is a prime conspirator, and under the Sarfaesi Act all the accounts has been classified as NPA. In the search carried out at the factory premises, incriminating documents were seized which have been shown as evidence in the charge-sheet. It is also submitted that the accused is named in the First Information Report and during the investigation, it was found that there was a conspiracy hatched and there was a fraud committed with other PSU Banks also causing a loss of Rs.450.00 Crores of the public money. It was therefore, submitted that the applicant may not be enlarged on bail.