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application of the petitioner, which is reproduced as under:-

"This second bail application has been filed by the accused petitioner under Section 439 Cr.P.C for releasing him on bail arising out of FIR No. RC.BD 1/2016/E/0002 P.S. CBI, BS&FC, New Delhi punishable under Sections 120B read with 409, 420, 467, 468, 471 IPC and Sec.13(2) read with 13(1) (c)(d) of Prevention of Corruption Act, 1988.

Brief facts of the case are that an FIR came to be lodged on the basis of written complaint of Sh. C. Sridharan, Deputy General Manager, Syndicate Bank, New Delhi stating therein that a fraud was committed by branch officials and a group of customers by resorting to discounting of fake/forged cheques, fake bills and arranging overdraft limit against non-existent LIC policies aggregating to Rs.1055.78 crores at Malviya Nagar, Jaipur, MI Road, Jaipur Branch and Udaipur Branches of Syndicate Bank. It is averred in the FIR that the petitioner has entered into criminal conspiracy with his relative Santosh Kumar Gupta @ S.K.Gupta, the then Chief Manager, Bharat Bamb and Vipul Kaushik and others. In pursuance of the said conspiracy, accused Vipul Kaushik got issued cheques from his Patanjali Yog Chikitasalya having an account No.135 at Rajsamand Urban Cooperative Bank Nathdrawar. The said cheques were forged by showing them as being issued by Temple Board Nathdwara and were got discounted by related concerns of Bharat Bamb i.e. M/s. Mobile Associates, M/s. Everest Ashiyana and others. In pursuance of the conspiracy, the said defrauded bank funds/crime proceeds were transferred to the account of Shankar Khandelwal and bank accounts of his associates/relatives which were further used to reduce bank liabilities of firms/companies owned by his relatives. He is the beneficiary of the bank funds/crime proceeds received from the discounting of forged cheques purportedly shown as having been issued by Temple Board Nathdwara. He knowingly and dishonestly allowed his bank accounts for routing the defrauded bank funds/crime proceeds which were ultimately utilized by him for clearing/reducing bank liabilities of firms owned by his family members/relatives. He received Rs.50.0 lacs from M/s. Raj Minerals which were defrauded bank funds/crime proceeds availed against forged cheques. The said amount was further transferred by him to Khandelwal Construction and Building on 28.5.2011. He is not only a beneficiary of the above amount, besides that, defrauded bank funds to the tune of Rs.230 crores approximately were credited in his group companies as received through the companies controlled by Bharat Bamb.

It was also mentioned that fake transactions had been carried out in Malviya Nagar and M.I.Road Branches and Udaipur Branches of Syndicate Bank, Jaipur city and that a group of customers defrauded the bank by discounting fake cheques and obtaining over draft limits against non-existent LIC policies. In the report, it was inter alia, alleged that one Satish Kumar Goyal, GM, FGM's Office, Vnew Delhi, Sanjeev Kumar, DGM, Regional Office, Jaipur, Desh Raj Meena, Chief Manager, MI Road Branch, Jaipur, Adarsh Manchanda, Asstt. GM, Malviya Nagar Branch, Jaipur, Avdesh Tewari, Asstt. GM, Udaipur Branch, all being employees of Syndicate Bank along with one Bharat Bamb, R/o Udaipur, Shankar Khandelwal (petitioner), Piyush Jain, Vineet Jain, other customers, companies, proprietorship, persons involved in said transaction etc, allegedly entered into a criminal conspiracy, to defraud the Syndicate Bank, in particular its branches situated in Malviya Nagar, Jaipur, MI Road, Jaipur and at Udaipur. The fraud allegedly was stated to be between 2011 to February 2016. It was alleged that the fraud transpired through providing of discounting facility of cheques which were fake, discounting facility against fake inland bills and extending the facility of secured overdraft limits. It was also alleged that many transactions were settled with proceeds of new fraudulent transactions.

As far as the mode of discounting of fake cheques is concerned, the modus operandi with the aforesaid branches of Syndicate Bank was to the effect that for instance, cheques purported to be drawn on Jan Jati Vikas Vibhag, a Government department, were discounted and proceeds credited to current accounts of various parties. There funds were then transferred to various current accounts with Udaipur Branch. It is further alleged that there is no evidence of dispatch of discounted cheques by concerning Branch of Syndicate Bank. As far as Udaipur Branch of Syndicate Bank is concerned, it was discounting cheques purportedly issued by Pariyojna Adhikari, Jan Jati Vikas Vibhag, a Government Department, drawn on OBC, Kankroli. A visit to Kankroli revealed that no such office was located at kankroli, further a visit to OBC at Kankroli, revealed that no such account was maintained with them and the cheques were found to be fake. It is also alleged that the discounted fake cheques were never sent through post for realization.