ANIL KUMAR AGGARWAL Vs. ENFORCEMENT DIRECTORATE

JUDGEMENT

(1.) The petitioner has called in question the action taken by the respondent that has led to his arrest in a case arising out of Enforcement Case Information Report(ECIR) bearing No. ECIR/JMSZO/02/2023 dtd. 31/3/2023 registered by the respondent. Challenge has also been thrown to Arrest Memo dtd. 6/2/2024, Arrest Order dtd. 6/2/2024 and Remand Order dtd. 7/2/2024 passed by the learned Special Judge, (PMLA) Jammu, whereby the petitioner has been remanded to custody of the respondent. In this regard, the petitioner has invoked the jurisdiction of this Court under Article 226 of the Constitution of India read with Sec. 482 of the Code of Criminal Procedure(Cr.P.C.). By way of interim relief, the petitioner has sought his release from the custody of the respondent.

(2.) It appears that on 11/2/2020, the State Bank of India, the Consortium Leader of the Banks from which M/s Bharat Paper Limited (hereinafter to be referred as the BPL), of which the petitioner was one of the directors, had obtained loan, filed a complaint before the Central Bureau of Investigation(CBI) against the BPL and its four directors including the petitioner herein. On the basis of this complaint, the Anti Corruption Bureau(ACB) CBI, Jammu registered an FIR bearing No. RC0042020A0001 dtd. 12/2/2020 for offences under Ss. 5(1)(d) read with 5(2) of the J&K Prevention of Corruption Act, 2006 and Ss. 120-B, 409 and 420 of J&K RPC.

(3.) It was alleged in the FIR that the accused persons have perpetrated bank loan fraud for an amount running into approximately Rs.200.00 crores with the Consortium of Banks with lead bank as State Bank of India, the other banks being J&K Bank, Punjab National Bank and Karur Vyasya Bank. It appears that a writ petition bearing CWP No. 6507/2021 came to be filed by the BPL and its directors before the High Court of Punjab and Haryana, whereby besides challenging circular dtd. 1/7/2016 read with circular dtd. 3/7/2017 by virtue of which the account of BPL was declared as fraud, the petitioners therein also sought a direction that no coercive action should be taken against them. The petitioners therein further sought stay of proceedings in respect of FIR bearing No. RC0042020A0001 dtd. 12/2/2020 of Police Station, ACB, Jammu.