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26. The Single Judge has proceeded to examine the case as if it is a simple case of submission of forged Bills of Entry by observing that “the instant case is not related to any import or export of diamonds but relating to submitting forged Bills of Entry for making remittance….”. In our view, the learned Single Judge was not right in proceeding under the footing as if the case was a simple case of presenting forged Bills of Entry. The case of prosecution is a complex economic offence of sending foreign exchange to companies based in Dubai and Hong Kong through Hawala by setting up a web of companies; alleged collection of cash in rupees from the persons wishing to send money abroad, transfer of this cash through Angadia firms-couriers S. Babulal Angadias and others to Prafulbhai Patel who in turn deposited the cash via RTGS through a chain of companies which ultimately reached a chain of companies (vide chart infra) operated by accused Madanlal Jain. These companies approached the ICICI Bank and other banks and opened Letters of Credit and by presenting fake Bills of Entry on the fraudulent misrepresentation that these Bills of Entry were genuine and that there had been genuine import of diamonds. The ICICI Bank and other banks were fraudulently induced to remit this amount in foreign exchange to foreign companies (vide chart infra) in Dubai and Hong Kong. The offence alleged to have been committed is a complex economic offence of sending foreign exchange to Dubai and Hong Kong and not a simple case of forged Bills of Entry. The trail of the cash from India and remittance of the same in foreign exchange to the foreign companies is depicted as under:-

28. The learned senior counsel for the respondent-accused Mr. Mukul Rohatgi submitted that Angadias as well as Prafulbhai Patel would form a vital link in this flow of money and therefore, they should have been charged. It was submitted that the very fact that the Angadias and Prafulbhai Patel are not shown as accused in any of the charge sheet would show that the prosecution case is concerned only about fake Bills of Entry and not ‘Hawala’ as alleged or a complex/economic as alleged.

29. Refuting this contention, learned counsel for the appellant Mr. Pritesh Kapur submitted that the role of Angadias is only a courier service i.e. carrying the cash and the role of Prafulbhai Patel is to convert black money in cash into white. It was submitted that Angadia as well as Prafulbhai Patel were certainly participating in the tax fraud by facilitating tax evasion but they may not have been involved in the remittance of the amount in foreign exchange to the foreign companies. It was submitted that if and when any evidence of their involvement in the entities controlled by Madanlal Jain emerged, they would form part of the larger conspiracy and fraud involved in the present case.

36. The learned senior counsel appearing for the respondent submitted that in their statements, Angadias have not stated anything incriminating against the respondent and in the absence of any material emerging from the statement of these witnesses, there is nothing incriminating against the respondent to connect him with the transactions of remittance of foreign exchange to foreign companies. There is no merit in the above contention. The Angadias are yet to be examined in the court. During the time of trial, at the time of examining of Angadiyas, it is open to the prosecution to confront them with the relevant materials linking the respondent with the alleged transactions.