Rakesh Kumar Gulati Vs Directorate Of Enforcement (Delhi High Court)
Delhi High Court granted bail granted to Chartered Accountant [CA] of entity found involved in money-laundering. Notably, bail is granted since trial in the present complaint case is yet to commence and would take some time to conclude.
Facts- The present ECIR arises out of FIR which was registered with CBI on a complaint filed by the then Chief Manager of Punjab National Bank, Hindu College Branch, Sonipat, Haryana, against M/s Sunstar Overseas Ltd. and its directors. As per the said FIR, accounts of 5 banks were declared NPAs (Non-Performing Assets). It was alleged that the accused company had availed various credit facilities from ‘Consortium of 9 lender Banks’ and had diverted/siphoned off the said loan amount, thereby, failing to repay the said loan amounts to the banks.
The case of CBI is that M/s Sunstar Overseas Ltd., accused company, through its directors/promoters/employees and others, had committed fraud by siphoning and diverting funds, criminal misappropriation, criminal breach of trust, cheating, fraud etc., thereby causing wrongful loss of approximately, Rs.951.88 Crores to the consortium of 9 lender banks. The present is a bail application filed by the Chartered Account of M/s. Sunstar Overseas Ltd.
