Madhumati Mitra, J. - (1.) The petitioners have filed an application under Section 401 read with Section 482 of the Code of Criminal Procedure for quashing the proceedings initiated by the opposite party No.2 being Baguihati P.S.Case No.193 of 2015, corresponding to G.R.Case No.902 of 2015 under Section 420/468/471/120B/34 of the Indian Penal Code pending before the Court of learned Chief Judicial Magistrate at Barasat,24 Parganas (North), District-24 Parganas (N).
(2.) Dr.G.Ravi Shankar (Deputy Zonal Head) of Corporation Bank on 3rd May, 2014 made a written complainant to the Additional Director General, Criminal Investigation Department, Economic Offence Wing, Bhawani Bhavan, Belvedere Road, Kolkata-700 027, against the present petitioners for having committed alleged offence of fraud, criminal breach of trust and misappropriation of public fund. It was alleged in the said written complaint that the Corporation Bank sanctioned 4(four) individual Cash Credit Loans aggregated to Rs.218.10 Lakhs to four borrowers. It was alleged that one of the borrowers viz Mrs. Sangeeta Sahal was sanctioned loan (petitioner no.1) to limit of 62.80 Lakhs on 4th May, 2011 against security of LIC Policies having surrender value of Rs.69.79 Lakhs as per the surrender value certificate dated 26th March, 2011 furnished to the Bank by the said borrower. Another individual CCIL Loan was sanctioned to petitioner no.2 Vivekanda Sahal to the limit of Rs.68.90 Lakhs on 24th May, 2011 against security of LIC Policies having surrender value of Rs.76.58 Lakhs as per the surrender value certificate dated 26.03.2011 furnished to the Bank by the said borrower i.e. petitioner no.2. Individual CCIL loan was also sanctioned to Mr. Suresh Kumar Sahal the present petitioner no.3 to the limit of Rs.52.50 Lakhs on 24th May, 2011 against security of LIC Policies having surrender value of Rs.76.58 Lakhs as per the surrender value certificate dated 26th March, 2011, furnished to the Bank by the said borrower. Individual CCIL loan was also sanctioned to Mr.Abhishek Sahal to the limit of 33.90 Lakhs on 25th May, 2011 against security of LIC Policies having surrender value of Rs.37.70 Lakhs as per surrender value certificate dated 26th March, 2011 furnished to the Bank by the said borrower. It was specifically alleged in the said written complaint that the surrender value certificates as furnished by the borrowers to the Bank were not genuine.
(3.) Mr. Abhishek Sahal was one of the borrowers as mentioned in the said complaint. He is not a petitioner before this Court. It was alleged in the complaint that four surrender value certificates each dated 26th March, 2011 furnished to the Bank by the borrowers were not genuine as the LIC Polices under Jeevan Samridhi Plus Scheme as stated by the LIC of India, have no provision for issuing surrender value certificates within one year of issuance of policies. It was the specific allegation made in the complaint that the actual aggregate surrender value of all the above mentioned policies offered as security for the four CCIL loans was only for Rs.19.93 Lakhs but surrender value certificates dated 26th March 2011 which were furnished to the Bank by the borrowers showed the aggregate value of Rs.242.39 Lakhs. It was also alleged in the written complaint that the actual surrender value of the LIC Policies was much less than what was furnished to the Bank by the borrowers through their surrender value certificates. It was further alleged that the borrowers with a view to get loan from the Bank had given false information to the Bank by furnishing surrender value certificates which were not genuine and had committed the offence of fraud, criminal breach of trust and misappropriation of public fund.;