STATE BANK OF INDIA Vs. SUPERINTENDENT OF POLICE

JUDGEMENT

(1.) The criminal original petition is filed seeking direction to the first respondent to transfer the complaint received vide FIR No.7/2020 on the file of the District Crime Branch, Tirupur Police Station to Central Bureau of Investigation, Economic Offences Wing of CBI within a time frame.

(2.) FIR in Crime No.7 of 2020 on the file of the District Crime Branch, Tirupur, was registered on the basis of the complaint given by the petitioner against Govindhasamy and six others for the offences under Ss. 380, 421 and 408 IPC. The allegation made in the complaint is that the defacto complainant was the Principal Manager of State Bank of India, SME Branch, Tirupur. The partners of M/s.K.R.Corporation viz., C.Govindasamy and his wife Manimala approached the petitioner's bank for WHR facility for a storage of cotton bales. The petitioner's bank sanctioned stand alone WHR facility of 5 crore against the stock of cotton bales with National Collateral Management Services Limited (NCML). Cotton bales were handed over to the custody of NCML and there was an agreement between the bank and NCML entered into on 7/3/2017. The terms of the conditions are that NCML should send a report on quality and quantity of the stock every month and without written authorization of the bank, the stock should not be transferred. NCML is sole responsible for the stock. 3,500 cotton bales were kept in the godown of Senthilkumar, which is under the control of NCML. M/s.K.R.Corporation has not repaid the loan within the time and therefore, it was decided to sell the cotton bales towards the loan amount. NCML sent a report dtd. 26/3/2019 stating that the cotton bales of M/s.K.R.Corporation is in good condition and it's value was Rs.6.8 Crore as on 28/2/2019. When the decision was taken to sell the cotton bales in auction, Govindasamy and his wife Manimala approached this Court and this Court ordered them to deposit Rs.50,00,000.00. Since they did not comply with the condition, it was decided to sell the cotton bales in auction and inspection was conducted on 3/6/2019 along with NCML officials. The bank officials found that inferior quality cotton bales were kept in the place of quality cotton bales. An inspection was conducted by bank officials on 30/12/2019 and it was found that there were no cotton bales available in the godown. Therefore, it is apparent that all the accused including the officials of NCML, in criminal conspiracy with each other, in an endeavour to cause wrongful loss to the bank, removed the cotton bales from the godown. Hence, the complaint.

(3.) The learned counsel for the petitioner submitted that though this complaint was registered on 21/12/2020, so far, no effective investigation was conducted by the first respondent to arrest the accused and recover the cotton bales. The offences relating to Public Sector Banks valued more than three crores and less than 25 crores shall have to be referred to Economic Wing of CBI and investigated. Therefore, this petition.