DHEERAJ WADHAWAN Vs. STATE OF U.P.

JUDGEMENT

(1.) Heard Sri Gopal Swaroop Chaturvedi, Sri. Satish Chandra Misra and Sri Nandit Kumar Srivastava Senior Advocates assisted by Ms. Soumya Chaturvedi, Sri Pranjal Krishna, Sri Samarth Agarwal, Smt. Pooja Kothari and Ms. Urvi Purve, Advocates, the learned Counsel for the applicant and Sri Anurag Kumar Singh Advocate, the learned counsel representing the Central Bureau of Investigation (C.B.I.).

(2.) The instant application has been filed seeking release of the applicant on bail in Criminal Case No. 370 of 2020, arising out of Crime No. RC0062020A0005, registered at Police Station CBI/ACB, Lucknow, under Sec. 120-B read with Sec. 409, 420, 467, 468 and 471 I.P.C. and Ss. 7-A, 8 and 13 (2) read with 13 (1) (d) of the Prevention of Corruption Act, 1988, pending in the court of learned Additional District Judge/Special Judge, Anti Corruption, C.B.I. (West), Lucknow.

(3.) On 2/11/2019, a First Information Report bearing Case Crime No. 540 of 2019 for commission of offences under Ss. 409, 420, 467, 468 and 471 IPC was lodged in Police Station Hazaratganj, Lucknow by Sri. I. M. Kaushal, Secretary of Uttar Pradesh Power Corporation Contributory Provident Fund Trust against (1) Praveen Kumar Gupta, the then Secretary of the Trust and (ii) Sudhanshu Dwivedi, the then Director Finance, stating that on 9/5/2013, the Board of Trustees of the Trust had decided that the amount of General Provident Fund will be invested in Fixed Deposit Schemes of Nationalized Banks for 1 to 3 years. On 21/4/2014, a decision was taken by the Board of Trustees to consider other options, which are secured like investments made in the bank and which give higher assured interest and the Director Finance was authorized to take the services of a Financial Consultant, if necessary. Till October 2016, the amount of Provident fund was invested in fixed deposit schemes of Nationalized Banks. In December 2016, on a proposal made by Praveen Kumar Gupta, Secretary of the trust, which was approved by Sudhanshu Dwivedi, the then Director Finance and A. P. Mishra, the then Managing Director, amounts of General Provident Fund and Contributory Provident Fund were started being invested in Fixed Deposit Schemes of PNB Housing. In March 2017, the aforesaid named accused persons Praveen Kumar Gupta and Sudhanshu Dwivedi started investing the amounts of GPF and CPF in DHFL in violation of the procedure laid down by the Notification dtd. 2/3/2015 issued by the Ministry of Finance, Government of India, as per which a maximum of 50% of non-government Provident fund can be invested in Scheduled Commercial Banks.