KAVITA MANIKIKAR OF MUMBAI W/O RAVIKIRAN MANKIKAR Vs. CENTRAL BUREAU OF INVESTIGATION BS & FC, THROUGH I

JUDGEMENT

(1.) Rule. Rule returnable forthwith. Heard by consent of the parties. The petitioner has approached this Court seeking a declaration that her arrest dated 20.02.2018 by CBI. be declared as illegal and contrary to Section 46 (4) of the Code of Criminal Procedure The petitioner has also prayed for issuance of a writ in the nature of mandamus for setting aside the order dated 21.02.2018 passed by Special Judge, Greater Bombay, by which the petitioner has been remanded to the Central Bureau of Investigation Custody for 14 days. The petitioner has also prayed for a direction to initiate an inquiry against the officers who have arrested the petitioner in contravention of the statutory provisions.

(2.) In order to deal with the reliefs sought for in the present petition, it would be necessary to refer to the brief chronology of facts and events leading to the filing of the present petition. An FIR bearing No. RC RCBSM2018E0001, was registered by the respondentCentral Bureau of Investigation (hereinafter referred to as "CBI"), BS & FC, Mumbai on a written complaint of the Deputy General Manager, Zonal Office, Mumbai, Punjab National Bank under Section 120B read with 420 of the Indian Penal Code and Section 13 (2) read with Section 13 (1) (d) of the Prevention of Corruption Act, 1988. On registration of the said FIR, the petitioner was called to attend the investigation and it is the specific case of the petitioner that she cooperated with the investigating agency. As a part thereof, she was called in the office of CBI on 20.02018 and at about 8.00 p.m. she came to be arrested. It is the specific case of the petitioner that the said arrest is in violation of the provisions contained in Section 46 (4) of the Code of Criminal Procedure. The petitioner was thereafter produced before the learned Special Judge, Greater Bombay, on 21.02018 wherein the respondentCBI sought her custody for a period of 14 days. The petitioner invited the attention of the learned Special Judge to the alleged illegal arrest in contravention to the provisions of the law. However, according to the petitioner, an order of remand was passed thereby remanding the petitioner to the custody of the respondentCBI for a period of 14 days. Being aggrieved by the said action of the respondentCBI as well as the order passed by the Special Judge, the petitioner has approached this Court.

(3.) In order to contest the claim of the petitioner, the CBI has filed an affidavitinreply and in the said affidavit, it is stated that a complaint was registered by the Deputy General Manager, Punjab National Bank, Zonal Office, Mumbai on 31.01.2018 with the CBI, BS & FC, Mumbai categorically disclosing that the petitioner was working as an Executive Assistant with Mr. Niram Modi and she was an authorised signatory of M/s. Diamonds R US, M/s. Solar Exports and M/s. Stellar Diamond, which had obtained fraudulent Letters of Understanding (LOUs) from the Punjab national Bank, Mid Corporate Branch, Brady House, Mumbai for raising various credits. In the complaint, it was disclosed that Nirav Modi along with other partners of M/s Diamonds R US, M/s. Solar Exports and M/s. Stellar Diamond, had entered intro criminal conspiracy with Gokulnath Shetty, the then Deputy Manager of Punjab National Bank, Mid Corporate Branch, Mumbai and other unknown persons with an object to cheat the Punjab National Bank. It was alleged in the complaint that in furtherance of the criminal conspiracy, the accused public servants abused their official positions to cause pecuniary advantage to M/s. Diamonds R US, M/s. Solar Exports and M/s. Stellar Diamond by issuing fraudulent Letters of Undertaking (LOUs) without following the prescribed procedure. As a conspiracy, the accusedpublic servants transmitted the SWIFT instructions to the overseas branches of Indian banks for raising Buyer's Credit for payment of import bills, consequent to which, such overseas branches of the Indian banks credited the NOSTRO Bank accounts of Punjab National Bank abroad. The Buyer's Credit so raised, in many cases, was not used for the said purpose and was siphoned off. By this activity, Punjab National Bank was cheated to the tune of Rs.280, 70, 12, 2998/ (Rs. 280.70 Crores approximately) The complaint alleged that the applicant is one of the coconspirators in the massive fraud wherein she fraudulently and dishonestly signed the applications for issuance of large fraudulent LOUs, which were ultimately issued by coaccused Gokulnath Shetty and Manoj Hanumant Kharat of the Punjab National Bank.