MUKESH JAIN Vs. CBI

JUDGEMENT

(1.) THIS is a petition under Section 439 of the Code of Criminal Procedure for grant of bail in the case registered vide RC No.RC071/2009 (E) under Section 420/467/468/471/511 IPC and Section 13(2) read with 13(1)(d) of Prevention of Corruption Act, 1988. The petitioner was arrested by CBI on 8th April, 2009 and has been chargesheeted alongwith nine other co-accused persons, in a case of defrauding Punjab National Bank to the extent of Rs.1,46,71,000.00 and attempt to defraud the bank of Rs.2,72,38,000.00 using forged cheques for the purpose of cheating, in connivance with some bank officials.

(2.) AS far as the petitioner is concerned, the allegations against him are that two forged cheques one of Rs.51.65 lakhs and the other of Rs.55.06 lakhs purporting to be issued by M/s Sahara India Finance Corporation Ltd. were deposited in the bank account of M/s Bahubali Marketing Pvt. Ltd. in which he and his wife Benu Jain were Directors. These cheques were forged after procuring a blank Multicity Cheque Book from the Daryaganj Branch of Punjab National Bank and printing the name of Lal Bagh, Lucknow Branch on the cheques. According to CBI, out of the aforesaid sum of Rs.106.71 lakhs, Rs.38 lakhs were withdrawn by the petitioner and his wife through self cheques and a sum of Rs.60.61 lakhs was transferred to the account of M/s Analytical Impex Ltd. This is also the case of the CBI that Mr. Pramod Kumar Pandey of M/s Analytical Impex Ltd. withdrew Rs.50 lakhs in cash and handed them over to the petitioner Mukesh Jain in the presence of his co-accused Shri S.K. Bhargav and Rs.10 lakhs were transferred to the account of M/s Saint Grandeur, which is owned by a relative of the petitioner.

(3.) THE defence taken by the petitioner, as disclosed in para 15 to 18 of the petition, is that his co-accused S.K. Bhargav, who is a Chartered Accountant, has requested him to supply fabric to M/s Sahara India Finance Corporation Ltd. and had given the above noted two cheques one of Rs. 51.65 lakhs and other of Rs.55.06 lakhs, drawn in favour of M/s Bahubali Marketing Pvt. Ltd., which were deposited in the account of the company. It is claimed by the petitioner that he had also delivered material worth Rs.10 lakhs in the office of his co-accused S.K. Bhargav, who subsequently requested to cancel the order and transfer the remaining funds to the account of M/s Analytical Impex Ltd. It has been further alleged that the amount of Rs.38 lakhs, withdrawn by the petitioner and his wife in cash, was also handed over to co-accused S.K. Bhargav.