P. ANAND Vs. ASSISTANT DIRECTOR

JUDGEMENT

(1.) The petitioner, who was arrested by the respondent on 12/7/2022 and remanded to judicial custody on 13/7/2022 for the offence punishable under Sec. 4 of the Prevention of Money Launder Act, 2002 in ECIR Nos.CEZO-I/05/2019, CEZO-I/37/2020 and CEZO-I/42/2020 on the file of the respondent, seeks bail.

(2.) The factual aspects in brief are as under:- (i) Originally three separate complaints dtd. 1/11/2019, 8/9/2020 and 8/10/2020 were registered by the Central Bureau of Investigation, Bangalore, against (i) Surana Industries Ltd and Promoters and Directors (ii) Surana Power Ltd and others and (iii) Surana Corporation Ltd. and others at the instance of the Bankers viz., IDBI and State Bank of India on their behalf and on behalf of other consortium lenders for misappropriation and criminal breach of trust, manipulation of books of accounts through fictitious accounts and conversion of property against unknown public servants, for the offences punishable under Ss. 120-B read with Ss. 420, 467, 468 and 471 IPC and Sec. 13(2) read with Sec. 13(1)(d) of Prevention of Corruption Act, 1988.

(3.) Learned counsel Mr.J.Sivanandaraj appearing for the petitioner would submit his arguments as under:-