R SRI HARSHA Vs. STATE OF ANDHRA PRADESH

JUDGEMENT

(1.) This Criminal Petition is filed under Ss. 437 & 439 of Criminal Procedure Code ('Cr.P.C.' in short), seeking regular bail, by the petitioner/Accused No.3 in Crime No.13 of 2022 of CID Police Station, Mangalagiri, Amaravathi, Guntur District, registered for the offences punishable under Ss. 420, 406, 409 and 120-B of the Indian Penal Code 1908 ('IPC', in short).

(2.) The facts of the case, in brief, are that on the complaint of the Senior Regional Head of the IDBI Bank Limited, Regional Office, Vijayawada, stating the M/s. Hanuman Industrial and Commercial enterprises Private Limited and M/s. Harsha Associates were sanctioned loan of Rs.50.00 lakhs each, by mortgaging an open plot admeasuring 200 Square Yards bearing No.C/2, Block No.K, Survey No.2/1, situated at Radha Krishnanagar Lay out in Alipuram Ext.Ward, Visakhapatnam as collateral security. When the above borrowers failed to repay the loans obtained, the Bank tried to realize the due amount through the collateral security. At that point of time, when the land got surveyed through M/s. R.R. Associates, Visakhapatnam, it was informed through their e-mail dtd. 22/11/2019 that there are multiple sale entries in respect of the land in question. On the basis of the said report, the above crime was registered against the companies, its Directors, the Advocate and the Engineer. The petitioner herein is the Director of the above companies.

(3.) Heard Sri K.B. Ramanna Dora, learned Counsel for the petitioner and Smt. L. Sivakalpana Reddy, learned Standing Counsel-cum-Special Public Prosecutor for CID.