AVINASH NIVRITTI Vs. CENTRAL BUREAU OF INVESTIGATION

JUDGEMENT

(1.) The applicant, who is arraigned in FIR/RC No.219 2020 EOOO4, registered with CBI/EO-I, New Delhi, for the offences punishable under Ss. 120B, 409 and 420 of the Indian Penal Code, 1860 ("the Penal Code") and Ss. 7, 12 and 13(2) read with Sec. 13(1)(d) of the Prevention of Corruption Act, 1988 ("PC Act, 1988"), has preferred this application to enlarge him on bail.

(2.) The background facts necessary for the determination of this application can be stated as under:

(3.) The prosecution alleges out of the aforesaid amount of Rs.569.22 Crores fraudulently paid to the applicant, a significant portion of Rs.300.00 crores was diverted by the applicant to acquire a property at 5 Strand, London, at GBP 92.5 Million through a SPV namely M/s. Flora Development Ltd., floated in UK, a wholly owned subsidiary of M/s. ABIL Infraproject Pvt. Ltd. The balance amount to acquire the said property was also allegedly remitted by YES Bank directly to UK.