NOORMOHMED JAMALBHAI LATIWALA Vs. STATE OF GUJARAT

JUDGEMENT

(1.) Heard Mr.S.V.Raju, learned Counsel with Chaudhary in the group of Criminal Misc. Application No.5326/2003 to No.5338/2003; and Mr.Lakhani, learned Counsel appearing in the group of Criminal Misc. Application No.6951/2003 to No.6963/2003 as well as in the group of Criminal Misc. Application No.7302/2003 to No.7314/2003 on behalf of the concerned petitioners and Mr.A.D.Oza, learned PP for the State, who has appeared in all the matters. All learned Advocates are heard for final disposal of matters.

(2.) The petitioner of Criminal Misc. Applications No.6951/2003 to No.6963/2003 is the Chairman of Janata Commercial Co-op. Bank Limited (hereinafter referred to as "the Bank"), the petitioner of Criminal Misc. Application No.7302/2003 to No.7314/2003 is the Managing Director and the petitioner of Criminal Misc. Application No.5326/2003 to No.5338/2003 is the co-opted Director of the Bank. The Administrator of the Bank through the Manager filed 13 complaints, which ultimately came to be registered by the Police as different FIRs against the aforesaid petitioners and other Directors of the Bank as well as the concerned Loanees and guarantors of the loan transactions for the offences under Section 406, 408, 409, 420, 467, 468, 471, 120(B) etc. of IPC, alleging cheating, misappropriation of bank money, forgery of documents etc., in the matter of transactions of loans granted to various parties: (1) Maheswari Traders for Rs.30 lac, Suraj Traders for Rs.30 lac, Ambika Traders for Rs.30 lac (vide C.R. No.I-074/2002); (2) Bhavna Traders for Rs.30 lac, Kalpana Traders for Rs.30 lac, Aradhana Traders for Rs.30 lac (vide C.R. No.I-075/2002), (3) Sachin Marketing for Rs.30 lac, Saraswati Hardware for Rs.30 lac (vide C.R. No.I-80/2002), (4) Siddhi Traders for Rs.30 lac (C.R. No.I-81/2002), (5) Jay Ambe Sanitory for Rs.30 lac, Chandan Ceramics for Rs.30 lac (C.R. No.I-83/2002), (6) Godhavri Chemicals for Rs.30 lac, Jalaram Chemicals for Rs.16.5 lac (vide C.R. No.I-103/2002), (7) Jay Sales Corporation for Rs.30 lac (C.R. No.I-105/2002), (8) Nav Yug Corporation for Rs.30 lac (C.R. No.I-106/2002), (9) Vallabh Traders for Rs.30 lac, Sukun Enterprises for Rs.30 lac (vide C.R. No.I-82/2002), (10) Tirupati Plastic Manufacturing for Rs.30 lac (vide C.R. No.I-39/2003), (11) R. Natvarlal for Rs.21 lac, Akar Builtron for Rs.30 lac, Shatibhadra Cement for Rs.30 lac, Bijal Sales for Rs.30 lac, Vishant Marketing for Rs.30 lac, Ankit Plastic for Rs.30 lac (C.R. No.I-46/2003), (12) Tilak Hardware for Rs.30 lac, Millennium Export for Rs.40 lac, Richa Sales for Rs.30 lac, Nagraj Steel for Rs.30 lac (vide C.R. No.I-47/2003) and (13) Unitex Sales for Rs.30 lac, Kayak Enterprises for Rs.40 lac, J.R. Joshi for Rs.10 lac, Sonu Plus for Rs.40 lac (vide C.R. No.I-55/2003). The total amount involved in the alleged so-called loan transactions, as per the Bank is a scam, is of about Rs.9.5 crore.

(3.) At this stage, it may not be necessary for stating all the contents of the complaints/FIRs. However, the allegations in substance are (i) in certain cases, in loan transactions, the guarantors are nonexistent, though on paper such persons are shown as guarantors, (ii) in certain cases, there is no existence of the property, which is said to have been mortgaged with the Bank and (iii) in certain cases, the allegations are that there is no proper documents at the time when the loans were sanctioned. However, the common allegations in respect of all such loans are that (i) the office bearers of the bank have not at all considered the certain norms of banking business and the guidelines of R.B.I. to be followed for the purpose of giving the loans and it is also alleged that the petitioners and other office bearers of the Bank have made a conspiracy with the so-called loanees for cheating and for creating bogus documents and for creating bogus mortgages and as a result thereof there is a cheating with the bank money of about Rs.9.5 crore. In all these matters charge-sheets have been filed and as per the prosecution case, the offences are constituted.