Jharkhand High Court
Gyan Prakash Sarawgi @ Gyan Prakash ... vs The Union Of India Through C.B.I. .... ... on 28 July, 2023
Author: Anil Kumar Choudhary
Bench: Anil Kumar Choudhary
IN THE HIGH COURT OF JHARKHAND AT RANCHI
B.A. No.5153 of 2023
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Gyan Prakash Sarawgi @ Gyan Prakash Sarawagi .... .... .... Petitioner Versus The Union of India through C.B.I. .... .... .... Opposite Party
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CORAM : HON'BLE MR. JUSTICE ANIL KUMAR CHOUDHARY
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For the Petitioner : Mr. Indrajit Sinha, Advocate
For the C.B.I. : Mr. Anil Kumar, Addl. SGI
Ms. Chandana Kumari, AC to Addl. SGI
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Order No.03 Dated- 28/07/2023
Heard the parties.
The petitioner has been made accused in connection with R.C. Case No.01(S)/2019-EOW-R instituted under Sections 120B read with 409, 420, 468, 471 of the Indian Penal Code.
Learned counsel appearing for the petitioner submits that the allegation against the petitioner is that the petitioner being the Director of M/s Sarawagi Builders & Promoters Pvt. Ltd. is one of the main beneficiaries of diversions of loan amount of M/s Shree Badri Kedar Udyog Pvt. Ltd. and there were six real estate projects going on during the relevant time and money was needed for the same. The co-accused Amit Sarawagi in connivance with the petitioner and Abhishek Agarwal diverted the loan amount through various accounts and finally used the money for completing the said real estate projects. It is submitted that the allegation against the petitioner is false, frivolous, malafide and unfounded. It is then submitted that the petitioner has all along co- operated with the investigation of the case and the C.B.I. never thought it fit to arrest the petitioner during the pendency of the case and the petitioner has been remanded in this case on 24.11.2022 as mentioned in paragraph-25 of the instant bail application and since then the petitioner has been in custody. It is further submitted that the petitioner is a well- recognized businessman having highest degree of integrity and commitment. It is further submitted that no loan was sanctioned to the petitioner in his individual capacity. It is then submitted that the loan of Rs.15 crores taken by M/s Shree Badri Kedar Udyog Pvt. Ltd. has been secured by collateral securities of much higher amount than the loan amount. It is next submitted that the petitioner is ready and willing to co- operate with the trial of the case. It is further submitted that the Bank of India has already filed an application before the Debts Recovery Tribunal, Ranchi, being Original Application No.366 of 2018 for recovery of Rs.13,09,52,407/- but the bank has no grievance nor has it filed any complaint. Hence it is submitted that the petitioner be released on bail.
Learned Addl. SGI appearing for the C.B.I. vehemently opposes the prayer for bail of the petitioner.
Considering the facts of this case, the above named petitioner is directed to be enlarged on bail on furnishing bail bond of Rs.25,000/- (Rupees twenty five thousand) with two sureties of the like amount each to the satisfaction of learned S.D.J.M.-cum-Special Judge, C.B.I. Ranchi in connection with R.C. Case No.01(S)/2019-EOW-R with the condition that he will co-operate with the trial of the case.
(Anil Kumar Choudhary, J.) Animesh/