INSPECTOR OF POLICE Vs. CHERAN ENTERPRISES P LTD

JUDGEMENT

(1.) THE petition is filed by the investigating officer invoking the provision under section 439(2) of the Code of Criminal Procedure, 1973 seeking to cancel the bail granted to the first accused in a case in C.C.B. X.Crime No.87/2008 registered for offences punishable under sections 403, 406, 420, 466, 468, 471, 474, 477-A 506(1) and 120B of the Indian Penal Code on the file of the Inspector of Police, Central Crime Branch Team I, Egmore, Chennai.

(2.) THE allegation in the complaint is that the Company by name Cheran Enterprises Private Limited kept in its account a sum of Rs.78 crores in its bank account in ABN Amro Bank, Chennai. THE first accused siphoned off the entire money by diverting the same to the accounts of the other accused. THE first accused is supposed to utilise the funds of Cheran Enterprises Private Limited only as per the terms of the agreement dated 30.1.2004. THE said agreement postulates that the first accused cannot withdraw more than a sum of Rs.40,00,000/= from the said account without the consent of Mr.Chandran Rathnasami, one of its Directors. THE first accused also fabricated documents and records and fraudulently misappropriated the funds of the complainant. THE de facto complainant company had been stripped off its entire capital in the form of liquid cash. He had caused wrongful loss to the Company and wrongful enrichment to himself. THErefore, the first accused is guilty of misappropriation of property, criminal breach of trust, forgery, falsification of accounts and other related offences.

(3.) LEARNED Senior Counsel appearing for the de facto complainant would vehemently submit that the Trial Court had not chosen to consider the relevant points for grant of bail. The duration of custody cannot at all be a criterion for releasing an accused on bail more especially when the accused is facing such a serious charge. The criminal antecedents of the first accused had not been taken into consideration by the Trial Court. The accused had been in custody just for about 22 days. But, quite unfortunately, even during the pendency of the material part of the investigation, the learned Additional Chief Metropolitan Magistrate, Egmore, Chennai was pleased to enlarge the first accused on bail. If the core accused in this case is released on bail, the investigating agency may not be in a position to detect the whopping amount of Rs.78 crores diverted against the agreement entered into between the parties. Therefore, he would submit that the bail granted to the first accused will have to be cancelled to enable the investigating agency to thoroughly investigate the case and track down the sum of Rs.78 crores siphoned off by the first accused.