Abhishek Agrawal @ Abhishek Agarwal V. Union of India through C.B.I.

A.B.A./4606/2023

AI Insights

The case involves Abhishek Agrawal, who was the Director of Shri Ram Comtrade Pvt. Ltd., accused of being involved in a criminal conspiracy that led to a significant financial loss to a public sector bank. The prosecution alleged that Agrawal, along with other co-accused, facilitated the diversion of a loan obtained in the name of M/s Sunbeam Dealers Pvt. Ltd. to M/s Sarawgi Builders and Promoters Pvt. Ltd., resulting in a bank loan loss of Rs.10.37 Crore. The defense argued that Agrawal was not the director of the company from which the loan was diverted and that his involvement was limited to overseeing the affairs of M/s Sunbeam Dealers Pvt. Ltd. The court considered the submissions, the charge sheet, and relevant precedents, ultimately granting anticipatory bail.

• Counselvise Citation: [2023] 140 COUNSELVISE.COM (IT) 695230 (HC-JHARKHAND)
• Appeal Type: Others
• Pronouncement Date: 28-07-2023
• Assessment Year: misc
• Other Referred Cases: Satender Kumar Antil Vs CBI (2022) 10 SCC 51, Sidhartha Versus State of U.P. (2022) 1 SCC 676, Aman Preet Singh Vs CBI, 2021 SCC Online SC 941
• Laws Referred To: Indian Penal Code
• Result in Favour of: Others
• Court: HIGH COURT
• Department Lawyers: ANIL KUMAR; CHANDANA KUMARI
• Assessee Lawyers: INDRAJIT SINHA; RISHAV KUMAR
• Keywords: Anticipatory bail; Criminal conspiracy; Loan diversion; Non-Performing Asset (NPA); Public sector undertaking
• Section: 468; 420; 471; 120B; 467; 438(2); 419

Judgement Text

"IN THE HIGH COURT OF JHARKHAND AT RANCHI A.B.A. No. 4606 of 2023 ------ Abhishek Agrawal @ Abhishek Agarwal .... .... …. Petitioner Versus Union of India through C.B.I. .... .... .... Opposite Party CORAM: HON'BLE MR. JUSTICE GAUTAM KUMAR CHOUDHARY For the Petitioner : Mr. Indrajit Sinha, Advocate Mr. Rishav Kumar, Advocate For the CBI : Mr. Anil Kumar, ASGI Ms. Chandana Kumari, A.C. to ASGI ------ Order No.03 / Dated :28.07.2023 The anticipatory bail application filed on behalf of petitioner, who is apprehending his arrest in connection with R.C. Case No. 07(S)/2018-EOW-R for the offence registered under Sections 120B read with Section 420, 419, 467, 468, 471 of the Indian Penal Code pending in the Court of learned S.D.J.M. cum Special Judge, CBI, Ranchi, is pressed into motion. As per the prosecution case, the petitioner was Director of Shri Ram Comtrade Pvt. Ltd. and he was looking after the work of M/s Sunbeam Dealers Pvt. Ltd., M/s Sarawgi Builders and Promoters Pvt. Ltd. Under a criminal conspiracy, loan was obtained in the name of M/s Sunbeam Dealers Pvt. Ltd. and the same was diverted to M/s Sarawgi Builders and Promoters Pvt. Ltd. through chain of companies and other group companies resulting in default of loan causing bank loan loss to the tune of Rs.10.37 Crore to the bank. It is submitted by the learned counsel on behalf of the petitioner that he was not Director of M/s Sunbeam Dealers Pvt. Ltd. in favour of which loan was sanctioned rather he was Director of other sister companies. The only allegation against him is that he was looking after the affairs of M/s Sunbeam Dealers Pvt. Ltd. Further, the charge sheet has been submitted and the instant petition is being pressed into motion relying on the ratio decided by the Hon’ble Supreme Court in the case of Satender Kumar Antil Vs CBI reported in (2022) 10 SCC 51 and subsequent order dated 21.03.2023. Further no purpose will be served by custody of the petitioner and in this circumstance Hon’ble Supreme Court held in the case of Sidhartha Versus State of U.P. reported in (2022) 1 SCC 676 and Aman Preet Singh Vs CBI, 2021 SCC Online SC 941. It is submitted that co-accused has been granted bail almost on similar footing. Learned ASGI has opposed the prayer for bail. It is submitted that he conspired with the main accused Amit Sarawgi, facilitated the diversion of loan and finally which declared NPA resulting in default of the amount and causing loss to the public sector undertaking. Considering the fact that charge sheet has been submitted and he was not Director in the Company from which the loan amount was diverted, the anticipatory bail application is allowed. Accordingly, the petitioner, above named, is directed to surrender before the learned Trial Court within a period of two weeks and in the event of his arrest or surrender, he shall be released on bail on furnishing bail bond of Rs.25,000/- (Rupees Twenty Five Thousand only) with two sureties of the like amount each to the satisfaction of the Court below, subject to the conditions as laid down under Section 438(2) of the Code of Criminal Procedure and the petitioner will deposit Rs.1,00,000/- (One Lakh) as security amount in the Court below and one of the bailors will be Income Tax Payee. (Gautam Kumar Choudhary, J.) Anit "