M. S. RAGHAVAN Vs. INSPECTOR OF POLICE, BANGALORE

JUDGEMENT

(1.) These Criminal Original Petitions are filed under Sec. 482 of the Code of Criminal Procedure 1973, seeking permission to travel abroad to USA by the petitioner.

(2.) Petitioner is shown as an accused in Ref.Crime No.9 of 2018 on the file of the Inspector of Police, Central Bureau of Investigation, Banking Security and Fraud Cell, Bangalore for offences under Ss. 120-B r/w. 409, 420 IPC and under Ss. 13(2) r/w. 13(1) (d) of Prevention of Corruption Act, 1988. Petitioner has never been arrested in this case nor has he applied for pre-arrest bail. He has been co-operating in the investigation of the first respondent. This petition is filed seeking permission to travel to USA for a period of six months to take care of his first daughter, who is due for delivery. Petitioner had earlier moved Crl.O.P.No.12877 of 2020 praying permission to travel to USA and return to India on 31/12/2020 to attend marriage of petitioner's daughter scheduled to take place on 4/11/2020. Due to Covid-19, the wedding was postponed to 25/4/2021. Thereafter, petitioner withdrew the petition on 30/9/2020, informing the said fact before the Court. Once again, petitioner approached this Court to attend the marriage. He filed Crl.O.P.No.619 of 2021 and this Court on 4/3/2021 permitted the petitioner to travel abroad with certain conditions. Since, petitioner's daughter's marriage was shifted to Chennai and conducted in Chennai itself, there was no requirement for the petitioner to travel to USA. Petitioner's son-in-law's father is terminally ill with cancer and his son-in-law has to take care of his father at Chennai. Petitioner is required to travel to USA, to take care of his elder daughter who is expecting a child. Petitioner sent a letter to first respondent on 18/12/2021 in this regard and there is no response till date. There was look out circular No.1842564 issued against the petitioner. Petitioner understands that look out circular expired with effect from 23/4/2021. Look out circular has not been re-extended and there exists no embargo for the petitioner to travel abroad. Petitioner now seeks permission to travel to USA for a period of six months and he is prepared to abide by conditions imposed by this Court.

(3.) Respondents opposed these petitions and the first respondent filed statement of objections, objecting to the petitioner's prayer seeking permission to travel to USA. The objections of the first respondent for the limited purpose of considering this petition, in brief, is as follows, The case No.RC-09(E)/2018 registered by CBI, BS & FC, Bangalore, against M/s.Axcel Sunshine Limited (A-1) and 38 other accused, unknown public servants and other unknown persons under Ss. 120-B r/w 409, 420 IPC and Sec. 13 (2) r/w 13 (1) (d) of Prevention and Corruption Act 1988, based on the directions issued by Central Vigilance Commission, New Delhi. The allegations in brief, are that credit facilities of Euros 52 million was sanctioned and disbursed to M/s.WinWind Oyo during 2010-2011 and this account became NPA to the extent of Rs.393.00 crores in 2013. Senior Management of IDBI Bank Limited, in criminal conspiracy with private persons and in violation of extant guidelines, instructions and procedures of RBI extended a further loan of Rs.530.00 crores to one M/s.Axcel Sunshine Limited, another entity of the same group of companies during 2014 and adjusted the NPA and other overdue accounts of the group of companies, thus, causing a wrongful loss of more than Rs.600.00 crores to IDBI Bank. It is alleged that though the credit facilities advanced to M/s.WinWind Oyo became NPA, accused Senior Management officials of IDBI Bank Limited entered into a criminal conspiracy with the accused Promoter Directors of Siva Group of Companies, their official position in the capacity of public servants facilitated the latter to procure loan amounting to US $ 83 million from IDBI Bank in favour of M/s.Axcel Sunshine Limited, to use the same for repaying other loans of other associate companies of the group in flagrant violation of regulatory guidelines. Further modifications were made on 25/3/2014 by the officials of IDBI Bank to favour M/s.Axcel Sunshine Limited. Accused bank officials disbursed USD 67 million to Siva Industries and Holdings Limited (SIHL), Chennai through its associate companies. The Directors of Siva Industries and Holdings Limited utilized this fund to clear the dues of M/s.WinWind Oyo, M/s.Sterling Agro Products and Processing Private Limited, M/s.Planet Pickles Private Limited, M/s.WinWind Power Energy Private Limited, M/s.Dalmia Securites and M/s.Siva Industries. Further accused bank officials provided three disbursements aggregating the USD