The Delhi Court has granted the bail to a person accused of committing fraud, misappropriation of money to the tune of Rs.1800 crores.
M/s Jay Polychem India Limited and its Directors with the allegations of committing of fraud and misappropriation of money to the tune of Rs.1800 crores in respect of loan taken from consortium of 12 banks led by SBI also with the allegations of creating transactions with fictitious entities, fabricating and manipulating financial statements and stock statements and siphoning off the money on personal and family expenses etc.
In that case while the investigation was going on by the CBI, the Enforcement Directorate registered the ECIR in March 2021. Later search proceedings were conducted by the ED on 02.09.2021. Accused/applicants were called to join the investigation on 03.09.2021 and on the same day they were arrested by the ED. Accused/applicants remained in custody of ED and thereafter remanded to judicial custody on 15.09.2021 which stood extended from time to time.
In the remand extension application dated 01.11.2021 it is stated that ED has filed the complaint on 30.10.2021, however in the same application in para no.2 it is also mentioned that investigation in the matter is still continuing and require gathering of additional evidence, examination and confrontation of voluminous data to various persons, who have been summoned during the investigation and investigation is still in progress. It is in the application that upon knowledge of above said facts, the present application is being moved on the ground that since ED has admitted that its investigation is still continuing, despite filing of complaint on 30.11.2021. Therefore the said complaint is for incomplete investigation and accused are entitled for statutory bail u/s 167(2) Cr.P.C. as the investigation in the matter has not been completed.
The Special Judge (PC Act) CBI, Shailender Malik though ED is empowered to carry further investigation but accused persons to my mind are certainly entitled for bail in this case u/s 167(2) Cr.P.C. as by own assertion of ED, investigation has not been completed despite the filing of the complaint on 30.10.2021. Therefore, accused persons/applicants Sandeep Singh Madhok and Satender Singh Madhok are ordered to be admitted on bail upon furnishing of bail bond for sum of Rs.1,00,000/- with one surety of equal amount to the satisfaction of ld. CMM/ACMM on duty as well as subject to various conditions.
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