Mumbai, Maharashtra – A Special Judge for CBI cases in Greater Bombay has granted bail to Smt. Philomina C. Dias, 52, who was implicated in a significant bank loan fraud case. The order, issued by Special Judge Shri Jayendra C. Jagdale (C.R. No. 51) on January 22, 2018, highlights the court’s view that her role was minor, primarily acting as a guarantor for her husband and son.
Smt. Philomina C. Dias, identified as Original Accused No. 3, had filed Criminal Bail Application No. 38 of 2018 under Section 439 of the Code of Criminal Procedure. She was facing charges under Section 120(B) (criminal conspiracy) read with Sections 420 (cheating), 465 (forgery), 467 (forgery of valuable security), 468 (forgery for purpose of cheating), and 471 (using as genuine a forged document) of the Indian Penal Code (IPC), registered by the CBI (Economic Offences Wing) vide R.C. No. 14/E/2017-CBI, EOW, Mumbai.
Mr. Shyamrishi Pathak, the learned advocate for the applicant, argued that the only role attributed to his client was that of a guarantor for loans availed by her husband, Ashok Singh. He contended that the bulk of the defrauded money was siphoned off by “Pandey Brothers” who had befriended her husband and son. Pathak emphasized that his client is a 52-year-old woman, innocent, and falsely implicated. He also stated that the prosecution’s case was based entirely on documentary evidence already in the investigating agency’s custody, and that the investigation was complete, rendering further incarceration unnecessary.
Mr. J.K. Sharma, the learned Special Public Prosecutor (S.P.P.) for the CBI, opposed the bail application, outlining the prosecution’s detailed case. He stated that on July 29, 2011, Ashok Kumar Singh (Smt. Dias’s husband), through M/s. Ashoka Property Developers, applied for an overdraft facility of Rs. 2 Crores from Central Bank of India. This was sanctioned on August 5, 2011, with Smt. Philomina C. Dias standing as a guarantor and mortgaging two properties in her name (along with one in her husband’s name) as collateral. This account was classified as an NPA (Non-Performing Asset) on December 29, 2014, with Rs. 2,09,44,621/- outstanding.
Furthermore, on October 7, 2011, Shri. Aashish Kumar Singh (Smt. Dias’s son), through M/s. Aashish Communication Systems, applied for another overdraft facility of Rs. 2.75 Crores from Central Bank of India. Smt. Dias again stood as a guarantor, mortgaging three properties in her name (and one in her husband’s name). This account became an NPA on September 27, 2013. During inquiry, the bank discovered that the documents provided for both loans were forged and fabricated, and the firms mentioned did not exist. The prosecution alleged that the family had availed various other loans, totaling Rs. 17 Crores.
The CBI asserted that Smt. Dias was fully aware of the credit facilities being taken based on false documents and was “very much a part of said conspiracy,” being a beneficiary as Rs. 3,00,000/- was transferred to her personal bank account. They urged the court to reject the bail application due to her alleged active role in the conspiracy.
After considering both arguments and reviewing the records, Judge Jayendra C. Jagdale observed that Smt. Dias’s husband had already been chargesheeted. The court noted that the prosecution’s primary claim against Smt. Dias was her role as a guarantor, furnishing collateral security for the loan applications of her husband and son. While it was alleged that her husband and son forged income tax returns and balance sheets, the court found no specific allegation that Smt. Dias herself was instrumental in obtaining the loan or directly misappropriating the amount or cheating the bank.
The judge reasoned that “Being the wife and mother of accused Shri. Ashok Kumar Singh & Shri. Aashish Kumar Singh, she must have been performed the said act as per direction of her husband.” The court concluded that “obviously, there will be no useful purpose served by keeping the applicant/accused in judicial custody.” Given that her role was deemed “very minor” compared to the magnitude of the fraud, the court decided that her presence during trial could be secured by imposing appropriate conditions.
Consequently, the court granted bail to Smt. Philomina C. Dias subject to the following conditions:
- She is to be released on executing a Personal Recognizance (P.R.) Bond of Rs. 50,000/- (Rupees Fifty Thousand Only).
- She must furnish one or more sureties of the like amount within two months.
- She is directed not to leave India without prior permission from the court.
- Until furnishing surety, she must surrender her passport (if any) with the CBI.
- She must provide her permanent address and contact numbers to the CBI, along with addresses and contact numbers of two relatives.
- She is directed not to tamper with prosecution evidence and to assist in the disposal of the trial.
- She shall not commit any offense while on bail.
- Breach of any condition will lead to cancellation of bail.
- The Registrar (Sessions) is directed to accept cash bail even after Treasury hours.
- The earlier interim cash bail granted on January 10, 2018, will continue until fresh surety is furnished.
The Criminal Bail Application No. 38/2018 stands disposed of.