MADHU GUPTA Vs. STATE OF PUNJAB

JUDGEMENT

(1.) THIS order will dispose of the above noted two petitions i.e., CRM -M -1395 -2014 filed by Madhu Gupta and Saurabh Gupta and another CRM -M -2049 -2014 filed by Rohit Gupta, for the grant of pre -arrest bail in a case bearing FIR No.1 dated 2.1.2014, under Sections 420, 406 & 120 -B of the Indian Penal Code, Police Station, Gobindgarh Mandi, District Fatehgarh Sahib, registered at the instance of Lakhvir Singh, Assistant General Manager, Union Bank of India, Branch Office, Mandi Gobindgarh, alleging that the petitioners are partners of M/s Vishnu Steels, Amloh Road, Mandi Gobindgarh and had availed the cash credit limit facility of Rs.10 crores against the mortgage/hypothecation of raw material, stock of finished/semi -finished/unfinished goods, plant and machinery, electrical equipments and other assets which were lying in the Unit.

(2.) THE plant and machinery had allegedly been dismantled and machinery and material etc., were being shifted in five trucks when the present FIR was registered alleging that wrongful loss has been caused to the Bank on account of misappropriation of the hypothecated material.

(3.) THE matter was enquired into by the police as the petitioners did not return the amount required to be returned to the Bank on 19.7.2013 and a cheque dated 24.7.2013 of Rs.65 lacs issued to the Bank having been dishonoured and the furniture and machinery have been transferred to the other place and sold. It transpired during investigation that the hypothecated goods and machinery have been removed from the premises. After obtaining opinion from the DA (Legal), the above FIR was registered against the petitioners. The petitioner's firm has committed cheating with the complainant bank.