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2020 (12) TMI 620 - HC - Money LaunderingGrant of anticipatory bail - money laundering - siphoning of funds - allegation of being allured to invest and purchase shares of EIPL by the petitioner - bogus contracts - HELD THAT:- The entire community is aggrieved if the economic offenders who ruin the economy of the State are not brought to books. A murder may be committed in the heat of moment upon passions being aroused. An economic offence is committed with cool calculation and deliberate design with an eye on personal profit regardless of the consequence to the community. A disregard for the interest of the community can be manifested only at the cost of forfeiting the trust and faith of the community in the system to administer justice in an even handed manner without fear of criticism from the quarters which view white collar crimes with a permissive eye unmindful of the damage done to the national economy and national interest. The alleged acts were committed when the petitioner was assuming office as a Director of ILRL and also as the Managing Director of ITNL. The ‘Committee of Directors’, which awarded the contracts, was constituted under the Chairmanship of the petitioner. The two contracts to M/s Suryamukhi Projects Pvt Ltd. and M/s AMR Constructions Pvt Ltd. were awarded during the petitioner’s tenure in ILRL. In fact, the petitioner was the Managing Director of ITNL when all the 10 alleged bogus contracts were awarded. The petitioner’s knowledge and involvement in the alleged awarding of contracts cannot be ruled out. The investigation qua the petitioner as well as the real beneficiaries of the siphoned off amount is still pending. Apparently, the money that is alleged to be siphoned off is public money and the offence is grave in nature. Indeed, the Investigating Officer has interrogated the petitioner twice, however looking at the gravity of the offence and the aspect of pending investigation relating to finding out the real beneficiaries of the siphoned off money, this Court finds itself in disagreement with the submission that no more interrogation in custody is required. This Court cannot overlook the submission made on behalf of the State that the petitioner had occupied the highest office and as such, the risk of his tampering with the evidence and influencing the witnesses also cannot be completely ruled out. The other co-accused namely R.L. Kabra and Mukund Sapre have been released on regular bail and as such, the petitioner cannot claim parity with them. The Court, in these facts and circumstances, cannot turn down the prayer of the Investigating Officer seeking custodial interrogation. Bail application dismissed.
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