TMI Blog2024 (2) TMI 996X X X X Extracts X X X X X X X X Extracts X X X X ..... ct that applicant is in jail since 7.2.2023 cannot be a ground to enlarge him on bail, particularly when there is submission of learned counsel for non-applicant that investigation is still going on. Hon'ble Supreme Court in case of NIMMAGADDA PRASAD VERSUS CENTRAL BUREAU OF INVESTIGATION [ 2013 (5) TMI 920 - SUPREME COURT] observed that Taking note of all these aspects, without expressing any opinion on the merits of the case and also with regard to the claim of the CBI and the defence, we are of the opinion that the appellant cannot be released at this stage, however, we direct the CBI to complete the investigation and file charge sheet(s) as early as possible preferably within a period of four months from today. Further, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cant being common partner in three partnership firms namely M/s Five Star Trading Companies (GSTIN: 22AAHFF8008J1ZJ), M/s Bharma Sales (GSTIN: 22ABAFP4753E1ZL); and M/s Pushpak Trading Co. (GSTIN: 22ABAFP4753E1ZL), had made purchase transactions with M/s AB Infrastructure and Engineering, M/s NB Marketing and M/s RLA Infrastructure and Engineering. Only paper transactions have been shown through aforementioned firms, invoices have been issued without any underlying supply of goods, Input Tax Credit (ITC) was availed and thereby applicant defrauded the government ex-chequer. After obtaining sanction, as required under Section 132 (6) of the Act of 2017, the complaint was filed for the offence punishable under Section 132 read with Section 20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nies and as per details collected during investigation, applicant has caused loss of Rs. 20,96,89,839/-. Fraud is played at PAN India level and investigation is still going on. Release of applicant on bail may hamper the investigation, which is in progress, and there is apprehension of destroying evidence and influencing witnesses to be examined during investigation. In support of his contention he places reliance upon the decision in the cases of Paritosh Kumar Singh vs. Senior Intell. Officer [MCRC No. 6764/2021, High Court of Chhattisgarh], Pankaj Agrawal vs. Union of India [MCRC No. 3769/2019], Bajan Lal Bishnoi @ Rohan vs. Superintendent of GST [Crl. O.P. No. 7672/2021, Madras High Court], Amit Beriwal vs. State of Orrisa [BLAPL No. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es availing input tax credits to the tune of Rs. 20,96,89,839/-. Mere fact that applicant is in jail since 7.2.2023 cannot be a ground to enlarge him on bail, particularly when there is submission of learned counsel for non-applicant that investigation is still going on. 7. Hon'ble Supreme Court in case of Nimmagadda Prasad vs. Central Bureau of Investigation reported in (2013) 7 SCC 466 observed as under:- 23. Unfortunately, in the last few years, the country has been seeing an alarming rise in white-collar crimes, which has affected the fiber of the country s economic structure. Incontrovertibly, economic offences have serious repercussions on the development of the country as a whole. In State of Gujarat vs. Mohanlal Jit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for believing instead of the evidence which means the Court dealing with the grant of bail can only satisfy it as to whether there is a genuine case against the accused and that the prosecution will be able to produce prima facie evidence in support of the charge. It is not expected, at this stage, to have the evidence establishing the guilt of the accused beyond reasonable doubt. 25. Economic offences constitute a class apart and need to be visited with a different approach in the matter of bail. The economic offence having deep rooted conspiracies and involving huge loss of public funds needs to be viewed seriously and considered as grave offences affecting the economy of the country as a whole and thereby posing serious threat t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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