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IN THE COURT OF SPECIAL JUDGE (CBI) FOR GREATER BOMBAY
BAIL APPLICATION NO. 416 OF 2017
IN
REMAND APPLICATION NO. 611 OF 2017
Shri Arvind Sethi
Age: 58 years.
R/a: A403, Ramjas Apartment,
Devidas Lane, Borivali (West)
Mumbai400 103
Vs
The State of Maharashtra
(At the instance of Suptd. Of
police, CBI, EOW, Plot No.C35,
A Block, BandraKurla complex,
Near MTNL Exchange,
Bandra (E), Mumbai.
.. Applicant/accused.
… Respondents.
CORAM :
DATE
HIS HONOUR THE
SPECIAL JUDGE (C.B.I.)
SHRI P. S. TARARE (C.R.NO.50).
INCHARGE OF C.R.No.47
: 21st July, 2017.
Advocate Mr.Nagarseth for Applicant/accused.
PP Mr.Nandode for CBI.
ORDER
1.
This is the application for grant of bail in crime no.RC
02/E/2017EOW, Mumbai.
2.
Read the application and say filed by the prosecution.
Perused the case papers. Heard both sides.
3.
The prosecution opposed the application on the ground that
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the applicant/accused is prima facie involved in the commission of
crime.
4.
The offence is registered on the complaint dated 01/04/2017
of Shri M.M.Panda, AGM, Central Bank of India, Mumbai Main Office,
Mumbai against M/s. Swiss Brainstore Systems (India) Private Limited
its Directors Shri Sudesh Yogendra Prasad and Smt.Padmachar Sudesh
Prasad, Valuer Shri Hitendra Gangwar of M/s. Rachna Valuers and
Surveyors, Chartered Accounts Shri K.S.Subrahmanyam and Shri Sahil
Kothari, Shri S.K.Roy, then Chief Manager and shri Arvind Sethi, then
AGM, Central Bank of India, Mumbai Main office, Mumbai, Shri
Janardan Durgaprasad Pandey, Director M/s.Flextough Metals Private
Ltd.
Shri
Hirji
Khimji
Patel
for
causing
wrongful
loss
of
Rs.20,95,89,378/ as on 30/9/2014 to the Central Bank of of India by
committing fraud and forgery and diverting the funds sanctioned and
disbursed to M/s. Swiss Brainstore Systems (India) Private Ltd.
5.
During investigation it revealed that accused Shri Arvind
Sethi, AGM and accused Shri S.K.Roy, Chief Manager in connivance
with other accused persons prepared the Process Note dated 18/9/2012
and recommended sanction of Working Capital Limit of Rs.15 Crore and
ODBD of Rs.9 Crore to the Regional Office of Central Bank of India,
Mumbai without even ensuring that by this date the collateral property
was not even bought M/s. Swiss Brainstore System (India) Pvt. Ltd.
6.
I further revealed that, Valuer Shri Hitendra Gangwar,
overvalued the property at Rs.25.60 Crore at the instance of present
accused Shri Arvind Sethi.
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7.
The Ld. Counsel for the accused submitted that the accused
was arrested on 4/7/2017. He was in PCR till 14/7/2017. He further
submitted
that
the
applicant/accused
cooperated
the
CBI
investigation and ready to cooperate the CBI if needed.
in
The
applicant/accused ready to abide the conditions of grant of bail. He
further submitted that the accused is residing at Borivali, having his
property and family and there is no chances of his absconding any
where.
8.
The Ld. Counsel for accused relied on case Sanjay Chandra
Vs. Central Bureau of Investigation reported in AIR 2012 Supreme
Court 830, wherein the object of bail is discussed.
9.
On perusal of the case papers, it appears that the offence was
registered on 01/04/2017. During investigation CBI arrested the
present applicant/accused on 4/7/207. He was in PCR till 14/7/2017
and thereafter he is in judicial custody.
10.
On perusal of the FIR it appears that, no role has been
assigned to the present applicant/accused. The applicant/accused was
working as AGM (Branch head MMO Branch) and now he has been
removed from service. Therefore he is having no access to the bank
document. Furthermore it appears that nothing is recovered from the
accused. The accused is ready to cooperate the CBI in investigation.
Accused is residing at Borivali within the jurisdiction of this Court.
Therefore no purpose will be served in keeping the applicant/accused
behind bars.
The purpose of the prosecution will be served if the
applicant/accused is directed to attend CBI office for the purpose of
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investigation. Considering the above facts and circumstances, I think it
proper to to release the applicant/accused on bail on imposing certain
conditions and pass the following order;
ORDER
1.
Bail Application No. 416 of 2017 is allowed.
2.
Applicant/accused be released on bail on his executing PB of
Rs.50,000/ with one solvent surety in the like amount, on
the condition that;
(a)
He shall attend CBI office on every Monday in
between
10.00
a.m.
to
5.00
p.m.
till
filling
of
chargesheet.
(b)
He shall not tamper with the prosecution witnesses
in any manner
3.
In case of any breach of condition the prosecution is at liberty
to file application for cancellation of bail.
4.
Inform Investigating officer.
5.
Bail Application No 416/2017 disposed of accordingly.
Date: 21.07.2017
Dictated on : 21/07/2017.
Typed on
: 21/07/2017
Singed on : 21/07/2017
(P. S. Tarare)
Special Judge (CBI)
Incharge of C.R.No.47
City Civil & Sessions Court,
Gr. Bombay.
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“ CERTIFIED TO BE TRUE AND CORRECT COPY OF THE ORIGINAL
SIGNED JUDGMENT/ORDER”
UPLOAD DATE AND TIME
NAME OF STENOGRAPHER
: 24.07.2017 AT 0403 PM
: MRS. Prajakta K.More
NAME OF THE JUDGE
HHJ Shri.P.S.TARARE
(C.R.No.50)
Date of Pronouncement of Order
21.07.2017
Order signed by the P.O. On
21.07.2017
Order uploaded on
24.07.2017