MADHAV BAIRAGI Vs. CENTRAL BUREAU OF INVESTIGATION

JUDGEMENT

(1.) This is second application under Section 439 of the Cr.P.C. for grant of bail. Applicant Madhav Bairagi was arrested on 27/01/2020 in Crime No.RC000082018A0010 registered at Central Bureau of Investigation, Bhopal for the offence punishable under Sections 120-B, 420, 468, 471 of the IPC and Section 13(1)(d) read with Section 13(2) of the Prevention of Corruption Act, 1988.

(2.) The earlier bail application filed by the applicant was dismissed on merit by this Court vide order dated 03/03/2020 passed in M.Cr.C.No.6146/2020.

(3.) As per the prosecution case, in pursuance of criminal conspiracy hatched between applicant Madhav Bairagi and co-accused Narendra Prajapati and Rajesh Chutani, who was posted as Chief Manager of Punjab National Bank Branch, Marwari Road, Bhopal by misusing his official position, opened a CC limit account on 01/07/2014 in the name of applicant Madhav Bairagi (proprietor of M/s Swastik Enterprises) and sanctioned CC limit of Rs.400 lac to him on the same day. The loan was to be used in the business related to Coal Trading. Applicant Madhav Bairagi who was proprietor of the firm M/s Swastik Enterprises had hypotheticed the coal purchased from the loan amount as primary security with the Bank. Co-accused Narendra Prajapati and his relatives are the guarantor of that loan. For the security of loan guarantor co- accused Narendra Prajapati, Suresh Prajapati had mortgaged a land admeasuring 0.556 hectare which was part of Khasra No.143, 144 and part of Khasra No.154, 157 located at Village Jamunia Cheer as a collateral security in favour of the Bank. The applicant Madhav Bairagi in connivance with co-accused Narendra Prajapati managed to get the Signature Not Verified facility of cash credit limit sanctioned for trading in coal and coke in the SAN proprietorship concern and valuation of said property was done by Sanjay Agrawal, valuer for Rs.447.93 lacs on 30.06.2014. It was subsequently reduced to Rs.250.00 lacs by Ranjan Raina another valuer on 21.07.2015. At the time of sanction of loan, the value of the collateral security was shown on higher side which also significantly decreased as per current valuation. The account was irregular since inception and turned NPA on 27.07.2015. The coal stock hypothecated as primary security was inspected from time to time by the Bank officials. In this process, which this unit (coal yard) at Mendiya, Near Devdharm Mandir, Gram Mandla, Indore Road, Ujjain of borrower applicant Madhav Bairagi was inspected on 25.06.2015, it came to the notice that applicant Madhav Bairagi had misappropriated coal stock financed by the Bank and hypothecated to the Bank without any intimation to the Bank and did not deposit sale proceeds with the Bank and also closed the business without intimation to the Bank. An amount of Rs.532,19,818.74 including interest is outstanding in the account of applicant Madhav Bairagi as on 31.12.2017. By diverting the funds i.e., selling the coal stock and not depositing their proceeds in the Bank, the borrower applicant Madhav Bairagi and guarantor Narendra Prajapati and Suresh Prajapati cheated the Bank and embezzled the public money and caused loss of Rs.532,19,818.74 to the bank. On that CBI registered Crime No.No.RC0082018A0010 for the offence punishable under Sections 120B r/w 420 and 471 of IPC and Section 13 (1)(d) r/w 13 (2) of the Prevention of Corruption Act, 1988 and investigated the matter. After investigation, CBI filed charge-sheet against the applicant Madhav Bairagi and co-accused Rajesh Chutani, Narendra Prajapati, Suresh Prajapati, Sanjay Agrawal and other co-accused persons before the Special Judge, CBI, Bhopal.