On 17th September, a single judge bench of the Delhi High Court consisting of Justice Yogesh Khanna while hearing a bail petition reiterated that where bail was granted for an offence under Section 409 IPC, and also considering the accused was in custody for almost two years and the investigation being complete, the accused could be executed to bail on executing personal bond.

Facts of the case:

The present petition was filed under Section 439 Criminal Procedure Code for regular bail to petitioner. The allegations are the petitioner was inducted as a director in M/s.Realcraft Buildtech Private Limited since 02.07.2012 to the extent of 86% share holdings and also director in M/s Primerose Infratech Private Limited since 26.07.2021 to the extent of 36% shareholding. The grievance of the complainants are they had invested in the projects to be raised by M/s Realcraft Buildtech Private Limited and despite making the payments of money, they never received the flats and their money have been siphoned off.

Contention of the petitioner:

The following contention has been submitted by the learned senior counsel for the petitioner:

  1. It was contended that even after filing of the charge sheet and also there was no progress in the case. Further, the charges have not been framed against the petitioner.
  2. It was argued by the learned senior counsel for the petitioner that accused Brij Bhushan Gupta has already been granted bail and Manmohan Bansal was never arrested despite he being an authorised signatory of M/s Primerose Infratech Private Limited.
  3. It was also submitted that there was no allegations against the petitioner of siphoning off of the funds and as alleged he was not a signatory of bank account of M/s Primerose Infratech Private Limited, maintained with Bank of Baroda from where diversion of funds is alleged.
  4. It was also argued that the future health of the project is strong and if it is restarted it shall make profit of Rs.18.00 Crores, and hence, there is no cause for worrying for the investors.

Observation and judgement of the court:

The following observation has been made by the learned bench of the court:

  1. The petitioner was in custody since 09.11.2019 and investigation qua him is complete; the petitioner has taken only Rs.1.62 Crores as his salary for a period of 55 months and there is no evidence against him of siphoning off funds.
  2. If one peruse internal page 4 of status report dated 27.08.2021 it confirms not a single penny was transferred in the account of this petitioner.

Thus, in the view of the above the court granted bail on his executing a personal bond in the sum of Rs.1.00 Lac with one surety of the like amount to the petitioner considering that the accused was in custody since 09.11.2019, for almost two years and the investigation was complete.

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