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Crim. Bail Appl. No. 45/2018
IN THE COURT OF SPECIAL JUDGE FOR C.B.I.
FOR GREATER BOMBAY AT MUMBAI
CRIMINAL BAIL APPLICATION NO. 45 OF 2018
IN
REMAND APPLICATION NO. 40 OF 2018
(R.C. No. 14/E/2017CBI, EOW, Mumbai)
SHRI. HITENDRA VIRENDRA GANGWAR,
S/o. Late Shri. Virendra Prasad Gangwar,
R/o. Flat No. 03, Mithua Sector 02,
Srishti Complex, Mira Road (E), Dist. Thane.
(Presently in judicial custody.)
Applicant/
Orig. Accused No. 1
V/s.
THE STATE OF MAHARASHTRA,
(Through CBI, EOW, Mumbai.)
Respondent/
Complainant
CORAM :
H.H. THE SPECIAL JUDGE,
SHRI. JAYENDRA C. JAGDALE,
(C. R. No. 51).
DATED :
22nd January, 2018.
Mr. Santosh Singh, Ld. Advocate for the applicant/orig. accd.
Mr. J. K. Sharma, Ld. S.P.P. for the CBI/EOW/Respdt.
ORAL ORDER
1
This is an application placed by the applicant/original
accused no. 1 Shri. Hitendra Virendra Gangwar for bail u/sec. 439 of
the Code of Criminal Procedure against whom the offence punishable
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Crim. Bail Appl. No. 45/2018
u/sec. 120(B) r/w 406, 409, 420, 465, 467, 468 & 471 of Indian Penal
Code has been registered by CBI vide R.C. No. 14/E/2017CBI, EOW,
Mumbai.
2
Heard arguments advanced by Ld. Advocate for the
applicant/original accused no. 1 and Ld. S.P.P. for the CBI/Respondent.
The Ld. Advocate for applicant/accused has reiterated the contents of
application. The prosecution has raised objection to grant prayer in the
application. It has given say on the application. I have perused the
application
and
applicant/accused.
documents
produced
on
behalf
of
the
I have also perused the say given by the
prosecution.
3
The applicant/accused has contended that he is acting and
working on the panel of several banks and estimating valuations based
on comparable instances/ready reckoner. The applicant/accused has
made a statement.
An enquiry had been conducted and all the
transactions regarding loan and the bank statement are part of the
records.
He is the only earning member in his family.
Hence, the
applicant/accused has prayed to allow the application.
4
The prosecution has contended that on 29/07/2011 Shri.
Ashok Kumar Singh through M/s. Ashoka Property Developers has
applied for the overdraft facility of Rs. 2 crores under the Cent
Mortgage Scheme to the Central Bank of India, Peddar Road Branch,
Mumbai.
The same was sanctioned vide sanction letter dated
05/08/2011 issued by the branch on the basis of documents submitted
and the collateral security furnished.
His wife Smt. Philomino Dias
stood as a guarantor for the said overdraft facility. Three properties
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Crim. Bail Appl. No. 45/2018
were mortgaged as collateral security, of which two stood in her name
and one stood in the name of Shri. Ashok Kumar Singh. The overdraft
facility was fully availed by him, but he did not repaid the bank as per
the terms of sanction. As per the procedure, the account was classified
as NPA on 29/12/2014, on which date the outstanding amount was Rs.
2,09,44,621/. Thereafter again on 07/10/2011 Shri. Aashish Kumar
Singh, the son of Smt. Philomina Dias, through M/s. Aashish
Communication Systems has applied for the overdraft facility of Rs.
2.75 crores under the Cent Trade Scheme to the Central Bank of India,
Tardeo Branch, Mumbai. The same was sanctioned vide sanction letter
dated 29/11/2011 issued by the branch on the basis of documents
submitted and the collateral security furnished. Smt. Philomina Dias
stood as a guarantor for the said overdraft facility also. Four properties
were mortgaged as collateral security, of which three stood in the name
of Smt. Philomina Dias and one stood in the name of her husband Shri.
Ashok Kumar Singh. The overdraft facility was fully availed by Shri.
Aashish Kumar Singh, but he did not repaid the bank as per the terms of
sanction. As per the procedure, the account was classified as NPA on
27/09/2013. During the inquiry into the matter, the bank found that
the documents produced by them were forged and fabricated. There
were no such firms bearing those names and membership numbers.
Thereafter again they both have availed different kind of loans from the
bank and in all Rs. 17 crores were availed by them.
The
applicant/accused is the close associate of wanted accused persons viz.
Shri. Mehul @ Sadashiv D. Pandey and Shri. Janardhan Pandey. He
had given over valuation report of collateral security of property of co
accused Shri. Ashok Kumar Singh situated at Goregaon (E), Mumbai
admeasuring about 5000 sq.ft. for the loan account of M/s. Aashish
Communication Systems owned by coaccused Shri. Aashish Kumar
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Crim. Bail Appl. No. 45/2018
Singh. Being a part of criminal conspiracy to cheat the complainant
bank, the applicant/accused had received an amount of Rs. 10 lacs from
the wanted accused persons Shri. Mehul @ Sadashiv D. Pandey and
Shri. Janardhan Pandey.
applicant/accused
in
the
Said amount was received by the
bank
account
of
his
wife.
The
applicant/accused was the panel valuer for the complainant Central
Bank of India and he had submitted over valuation report of the
collateral property to facilitate coaccused Shri. Aashish Kumar Singh
(borrower). As per the statement of applicant/accused, he was paid an
amount of Rs. 10 lacs from the bank account of coaccused Shri.
Janardhan D. Pandey for submitting over valuation report of the
property of loan account of M/s. Swissbrain Store & M/s. Aashish
Communication Systems sanctioned by the complainant Central Bank of
India. It is quiet discernible clear and quantum of huge public money
involved in the nefarious deal, of which the applicant/accused is also a
part.
The applicant/accused has betrayed the complainant bank by
submitting over valuation report of the collateral security for the loan
account and thus caused for unlawful loss to the complainant bank and
unlawful gain to himself and other coaccused. Hence, the prosecution
has prayed to reject the application.
5
It has been alleged that the applicant/accused is a very
close associate of wanted accused persons Shri. Mehul @ Sadashiv D.
Pandey and Shri. Janardhan Pandey. It has also been alleged that the
present applicant/accused had placed inflated valuation report to
facilitate other coaccused and therefore, the coaccused managed to
received huge amount from the bank as a loan amount. It has also been
alleged that the applicant/accused is a main conspirator to cheat the
complainant bank. Any way, at this stage, it has to be seen that the
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Crim. Bail Appl. No. 45/2018
main accused persons Shri. Mehul @ Sadashiv D. Pandey and Shri.
Janardhan Pandey remained untraceable.
Moreover, the process of
investigation against the role of present applicant/accused is still going
on.
Moreover, the amount involved in the said fraud case is huge.
Apparently, at this stage, releasing the applicant/accused on bail may
hamper further investigation. Moreover, the police machinery is still
searching for some absconding accused. Therefore, it is not safe to
release the applicant/accused on bail.
In the result, the application
deserves to be rejected. Accordingly, in the interest of justice, I proceed
to pass the following order :
ORDER
1
Criminal Bail Application No. 45/2018 in CBI Remand
Application No. 40/2018 (RC No. 14/E/2017C.B.I., E.O.W., Mumbai)
is hereby rejected.
2
Criminal Bail Application No. 45/2018 in CBI Remand
Application No. 40/2018 stands disposed of accordingly.
(Order dictated and pronounced in open court.)
(Jayendra C. Jagdale)
The Special Judge for CBI,
City Civil & Sessions Court,
Gr. Bombay.
Dated : 22/01/2018
Dictated on
Transcribed on
Signed on
Delivered to Certified
Copy Section on
: 22/01/2018
: 23/01/2018
: 23/01/2018
:
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Crim. Bail Appl. No. 45/2018
“Certified to be true and correct copy of the original signed
judgment/order”.
Upload Date & Time : 23/01/2018 at 4.20 p.m.
Smt. G. K. Kotawadekar
Name of the Stenographer
H.H.J. SHRI. JAYENDRA C. JAGDALE (C. R. No. 51)
Date of pronouncement of judgment/order :22/01/2018
Judgment/order signed by the P.O. on :23/01/2018
Judgment/order uploaded on :23/01/2018