PRIYANKA MODI Vs. SERIOUS FRAUD INVESTIGATION OFFICE

JUDGEMENT

(1.) The petitioner herein seeks the relief of regular bail in the Criminal Complaint Case bearing No.3 dtd. 18/5/2019 titled as "SFIO vs. Adarsh Build Estate etc.", as filed under Ss. 120-B, 406, 417, 418, 420 & 477A IPC and Ss. 211(7), 227 & 628 of the Companies Act, 1956 as well as Ss. 74(3), 147, 447 & 447 of the Companies Act, 2013 (for short "the Act of 2013") and pending in the Court of learned Sessions Judge, Gurugram.

(2.) Shorn and short of unnecessary details, the facts, culminating in the filing of the subject Complaint Case, are that in pursuance of the orders issued by the Ministry of Corporate Affairs (for short "the MCA") on 20/6/2018 and 25/2/2019 in the public interest, the investigation was conducted into the affairs of Adarsh Group of Companies and LLPs (for short "AGC&L") and on completion of the same, the respondent submitted its report to the MCA. On the basis of this report, the above-said Complaint Case has been filed in the Special Court with the allegations that the petitioner is one of the Directors of Adarsh Credit Co-operative Society Limited (here-in-after to be referred to as "ACCSL") which has been revealed to be the fund mobilization arm of AGC&L and the said Group comprises of 126 Companies, managed and controlled by her (petitioner's) father, Mukesh Modi, and his family members including her and she is found to be involved in siphoning-off the funds of ACCSL as she was one of the Directors of several companies of AGC&L which had secured the loans from ACCSL fraudulently and illegally, by way of falsification of their financials whereas only the members of ACCSL were eligible to secure such loans and thus, she committed fraud by swindling away the hard-earned money of the members/depositors of ACCSL, mainly belonging to the low and middle income groups. Vide the order Annexure P-2 as passed on 3/6/2019, the Special Court has taken the cognizance against the petitioner under the provisions, as enumerated in the opening para of this order.

(3.) The respondent has already filed its detailed written-reply in the instant petition.