It is alleged that one Chiman Sathi, Managing Director of the said bank, first appellant and other Directors of the bank siphoned off the funds of the bank by bogus loans and fictitious letters of credit in the name of their friends, relatives, associates and name lender companypanies either without any security or with wholly inadequate security.
Appeal Nos.
747/2000, 6/2003 and 479/2003 seeking regular bail which were rejected by the Sessions Judge, Anand on 5.4.2003, 16.5.2003 and 21.11.2003 respectively.
The appellants have challenged the order dated 15.12.2003 passed by the High Court of Gujarat at Ahmedabad, rejecting their application for bail filed under Section 439 of the Code of Criminal Procedure.
1 and 2 along with appellant No.3 are the Directors of M s Bhavika Creations which is one of the beneficiaries of the illegal and companylusive loans credit facilities given by the Bank.
4 letter of credit 10.95 crores Appellants Nos.
Appeal Nos.
Term loan to Jayraj Multimedia, Vadodara 12.6.2000 6.47 crores Appellant No.
1 to 3 12.
Appeal No.
Ltd. 27.6.2000 3 crores Appellant No.
In regard to the said bank scam, the bank lodged a companyplaint with the Police Station, Anand Town vide Criminal No.6 of 2002 for offences punishable under sections 409, 468 and 114 of Indian Penal Code.
The Appellants filed Criminal Misc.
1 to 3 It is also alleged that Chiman Sathi Managing Director and other Directors were involved in other fraudulent transactions relating to the Bank, which are number relevant for the purpose of this Appeal.
1, 2 3 and Chiman Sathi, which aggregate to more than Rs.50 crores, took place in the year 2000 01 S. No.
Letter of credit in the name of Trigon Jinco Co. in Baroda Peoples Cooperative Bank Limited.
1 to 3 11.
The investigation is companypleted.
6523/2003 and 6520/2003 before the High Court of Gujarat which were withdrawn.
1 and others 7.
1 to 3 8.
Loan given to Bhavika Creations 9.11.2000 0.50 crores Appellant No.
Ltd., Waghodia 14.11.2000 4.98 crores Appellants Nos.
Ltd., 27.12.2000 3.128 crores Appellants Nos.
Bogus letter of credit discounted by Himanshu Desai in the name of bogus companypany, Raheja Textile Industry 27.12.2000 2.486 crores Appellants Nos.
Ltd. 27.12.2000 2.486 crores Appellants Nos.
Bogus Letter of Credit in NRI account of Shri Subhash Mehta 7 crores Appellants Nos.
4 lakhs Appellants Nos.
It is stated that the Appellants voluntarily surrendered on 24.10.2002 and are in custody even since then.
1 to 3 10.
He became a shareholder of the bank on 18.10.99 and was appointed as a Director on the same day.
479/2003 by the Sessions Judge, the appellants moved a regular bail application Criminal Misc.
On companypletion of investigation, a charge sheet was filed on 22.1.2003 under sections 409, 465,466, 467, 468,470, 471, 406, 420 and 120 B of IPC against the Directors of the Bank.
Discounted letter of credit in the name of Rahul Industries.
Letter of credit in discounted by Himanshu Desai and his associates in the name of bogus companypany, Satya Sulpher Pvt.
1 to 3 9.
It is alleged that Appellants filed Criminal Misc.
1 to 3 and Chiman Sathi 13.
In the name of Bhanu Sulpher Industries Pvt.
No.1818 of 2004 RAVEENDRAN J., Leave granted.
10003 of 2003 in the High Court of Gujarat.
1 to 3 6.
Discounted Letter of Credit of Innovative Hydraulics Pvt.
The High Court after referring to the clandestine and fraudulent nature of the transactions rejected the application.
Discounted Letter of Credit 12.12.2000 2.67 crores Appellants Nos.
First appellant was one of the Directors of M s Charotar Nagarik Sahakari Bank Limited for short the Bank.
It is alleged that appellant number.
After rejection of Criminal Misc.
Application No.
802 of 2003 granting bail to one Rajendra Kumar Dhanraj Banthia, a share broker who according to appellants was the real beneficiary and took the siphoned money from the bank Even though the charge sheet has been filed as long back as on 22.1.2003, charges have number been framed.
The prosecution has cited as many as 150 witness.
Arising out of SLP Crl.
1 to 3 5.
The wives of appellant Nos.
Vehicle loan to Bhavika Creations.
Ltd., Rahul Industries, Innovative Hydraulics P Ltd., Satya Sulpher P Ltd., Raheja Textile Industries, Bhanu Sulpher Industries Ltd., Trigon Jinco Co. etc.
Vehicle loan to Himanshu Desai 1.4 lakhs Appellant No.
8.11.2000 4.67 crores Appellants Nos.
6.11.2000 4.956 crores Appellants Nos.
1 to 3 and Chiman Sathi 2.
The State alleges that the following fraudulent transactions involving appellant number.
