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2022 (3) TMI 1488 - HC - Indian LawsValidity of Lookout Circular - large scale diversion and siphoning of funds borrowed from Banks and Financial Institutions resulting in substantial loss of public money - HELD THAT:- A report has been filed by R1 on 17.0.2022 under the heading Role of Rahul Dinesh Surana in the case under investigation, setting out the details of various economic irregularities under investigation. The report concludes stating at para 39 that the investigation is in a crucial stage and that it is ‘reasonably apprehended that the applicant would not return to the country and might attempt to evade the process of law, more so as investigation prima facie finds siphoning of large extent of funds to foreign entities.’ The investigation, even after the elapse of three years, is stated to reveal only prima facie materials and no concrete evidences are stated to have been found been found to implicate the petitioner or frame charges. Admittedly, however there are no proceedings against the petitioner so as to implicate him before the Criminal Court or in any other fora to justify the restrictions under which he has been placed - Admittedly, there have been no instances when the petitioner has evaded summons/notices calling for his attendance/appearance. The Central Bureau of Investigation (CBI) has confirmed that there are no investigations that are ongoing in the case of the petitioner, though reserving their right to initiate appropriate action at an appropriate juncture in future. No material is placed before the Court in support of the bald assertion that the petitioner is a flight risk and as a consequence there is no tangible material available, admittedly, to deny the petitioner of his Fundamental Right. The petitioner’s challenge to the LOC dated 09.12.2020 is liable to be accepted. Even assuming that the same has been extended for which no materials are placed before the Court, the respondents has not been in a position to establish that the settled parametres justifying the issue of an LOC are satisfied in this case. Petition allowed.
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