Case Law Details
ED Vs M/s Jay Polychem India Ltd. & Ors. [Special Judge (P.C. ACT) (CBI), Delhi]
Conclusion: Bail was allowed to accused person of committing fraud, misappropriation of money to the tune of Rs.1800 crores as investigation had not been completed despite the filing of the complaint on 30.10.2021.
Held: CBI had registered case against 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, 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 present application it was stated that in the remand extension application it was stated that ED has filed the complaint on 30.10.2021, however in the same application in para no.2 it was also mentioned that investigation in the matter was still continuing and require gathering of additional evidence, examination and confrontation of voluminous data to various persons, who had been summoned during the investigation and investigation was still in progress. It was in the application that upon knowledge of above said facts, present application was being moved on the ground that since ED has admitted that its investigation was still continuing, despite filing of complaint on 30.11.2021. Therefore the said complaint was for incomplete investigation and accused were entitled for statutory bail u/s 167(2) Cr.P.C. as the investigation in the matter had not completed. The Special Judge held that though ED was empowered to carry further investigation but accused persons to my mind were certainly entitled for bail in this case u/s 167(2) Cr.P.C. as by own assertion of ED, investigation had not been completed despite the filing of the complaint on 30.10.2021. Therefore, accused persons/applicants were 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 CMM/ACMM on duty as well as subject to various conditions.
FULL TEXT OF THE JUDGMENT/ORDER of DELHI HIGH COURT
1. This order will decide bail application jointly moved by accused Sandeep Singh Madhok and Satender Singh Madhok, filed u/s 167(2) Cr.P.C. seeking ‘default’ or ‘Statutory bail’ in ECIR No.DLZOI/15/2021, wherein accused were arrested on 03.09.2021.
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