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Put up this case as fresh on 17.01.2022."

(emphasis supplied)

7. Learned counsel for the petitioner states inter alia; (i) the entire investigation by the EOW Varanasi has been conducted in casual manner and nothing significant was investigated by the police, (ii) the police did not investigate the allegations made in the complaint rather was conducted investigation about the conduct and place of residence of the complainant, which has nothing to do with the offence committed by the accused company, (iii) there are serious allegations against the transfer of the fund through sham companies abroad and thereafter, writing off the loan amount to the tune of Rs.2446 crore by the SBI officials in connivance with the accused persons, (iv) the KYC of the Agritrade Power Venture Ltd. has not been verified, (v) the nature of business, the amount involved, the loss to the national treasury has been eye-washed by the Investigating Officer, (vi) it is beyond the capacity and expertise of State police to investigate the alleged offence, and expertise required for the investigation are insufficient, (vii) it is the duty of the court to ensure effective and unbiased investigation for conducting fair trial, (viii) deficiency in investigation is visible on the part of the U.P. Police, it is apparently reflected that it's an eye washed investigation to benefit the accused persons, if the investigation is not transferred to the CBI, it would be a miscarriage of justice to the State, because of the reason that the police hurriedly botched up investigation and filed the closure report for the reasons best known to them, (ix) likewise, by adopting the similar modus operandi through various sham companies besides sending huge amount to the off shore holding companies of SKSPGL, the accused persons have caused a loss of Rs.5000 crore in connivance with the bank officials, and other unknown accused. There are serious allegations against the bank officials which is apparently reflected from the facts outlined in preceding paragraphs.

22. In the preceding paragraphs, the magnitude and gravity of the offenses have been discussed in two aspects: firstly, serious allegations of systematic fraud committed by the accused company resulting in a loss of Rs. 5000 crore to the government treasury. These actions not only undermine the financial health of the country but also its security. Secondly, the manner in which the investigation was conducted by the Economic Offences Wing of the Government of Uttar Pradesh, and subsequently, after approval from the confidential section of the Home Department, the police filed a closure report. This investigation, characterized by its botched nature, suggests malfeasance.

40. Corporate fraud causes a significant threat to the integrity of financial institutions and government functioning. When police conduct botched investigations in such fraud cases like corporate fraud, ponzi schemes, security fraud, accounting fraud, large scale tax evasion, kickbacks, embezzlement of government funds, cyber fraud including ransomware attacks and date theft, the implications are profound and multifaceted.

41. To combat large-scale fraud effectively, concerted efforts are needed from governments, regulatory authorities, law enforcement agencies, and private sector. Enhance regulatory oversight, stricter enforcement of laws and regulations, investment in Cyber Security Infrastructure at public awareness campaigns are essential components of a comprehensive anti fraud strategy.