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2020 (4) TMI 670 - HC - Indian LawsGrant of Bail - investment made for personal gain - malafide intent - huge scam/loss of employees funds - allegations in sum and substance are that the accused in furtherance of criminal conspiracy with malafide intention for personal gain and in violation of the relevant provisions of law, have invested huge amount of two funds i.e. Uttar Pradesh Power Sector Employees General Provident Fund and Uttar Pradesh Power Corporation Limited Contributory Provident Fund in DHFL, a company incorporated under the Companies Act - notification dated 2nd March, 2015 issued by Ministry of Finance. HELD THAT:- The accused-applicant was Director (Finance) and the trustee who was to operate the account of the trust with secretary of the Trusts. He was the person who recommended for investment in the DHFL.The investments were made on 16th March, 2017 without there being any authorisation of the Board of Trustees, but to justify the investment forged minutes of meeting allegedly held on 24th March, 2017 were prepared on which signature of the Chairman, Mr Sanjay Agrawal were forged. Statement of Abhinav Gupta s/o Praveen Kumar Gupta has prima facie disclosed that the brokerage amount of ₹ 30 crores was given by DHFL for making investment and this brokerage amount was divided among three accused - The economic crime of such scale and magnitute are carefully and meticulously planned and executed. It is well settled that economic offences constitute a class apart and need to be visited with a different approach in the matter of bail. While granting bail, the court has to keep in mind the nature of accusations, magnitude and gravity of offence and nature of evidence in support of the accusations. The present case involves a scam of huge magnitude involving money of 42000 employees of the Three Electricity Corporations who had invested it with a hope that they would get good return on it at the time they would need money. Trust has been breached in criminal conspiracy by the accused which has resulted huge loss to the two Trusts resultantly to the employees. The accused is an influential person - The money trail is yet to be completely discovered and, therefore, at this stage, the accused-applicant cannot be released on bail. Considering the allegation and the evidence available on record and the fact that a deep rooted conspiracy involved in the present case, it is not found appropriate to release the accused applicant on bail at this stage and thus, his bail application is also rejected - application dismissed.
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