Nand Lal Sehgal vs C.B.I.E.O.W.Iv New Delhi
2012 Latest Caselaw 6128 ALL

HIGH COURT OF JUDICATURE AT ALLAHABAD
 
 

Court No. - 44                                                         AFR
 
Case :- CRIMINAL MISC. BAIL APPLICATION No. - 25024 of 2012
 
Petitioner :- Nand Lal Sehgal
 
Respondent :- C.B.I.E.O.W.IV New Delhi
 
Petitioner Counsel :- Lav Srivastava,Santosh Tripathi,Syed Mohd.Fazal,V.P.Srivastava
 
Respondent Counsel :- N.I.Jafri,A.G.A.
 

 
Hon'ble Ramesh Sinha,J.

The applicant namely Nand Lal Sehgal has prayed for bail involved in Special Case No.4 of 2012, R.C. No.3(E)/2011, C.B.I. EOW-IV, New Delhi, under Sections 120-B/420/406/468/471 IPC and Section 13(2) read with Section 13 (1)(d) Prevention of Corruption Act.

Heard Sri V.P. Srivastava, learned Senior Advocate, assisted by Sri Lav Srivastava, learned counsel for the applicant, Sri N.I. Jafri, learned counsel for the C.B.I and perused the record.

Counter and rejoinder affidavit have been exchanged between the parties.

The prosecution story as has been enumerated in the FIR is as follows:

The party, a proprietorship concern of Sri Kapil Kumar Tyagi, was sanctioned initially cash credit limit Rs.25 lacs on 27.3.2008 and thereafter a term loan of Rs.200 lacs on 03.11.2008 another term loan of Rs.296 lacs on 16.2.2009 along with enhancement of Cash Credit Limit from Rs.25 lacs to Rs.493.50 lacs for establishing a Chemical industry at plot No.F-7 to F-10 at Industrial Area, G.T. Road, Sikandrabad, district Bulandshahr. The limits sanctioned are collaterally secured by way of mortgage of immoveable properties valued at Rs.1267 lacs (at the time of sanction) as per following details:-

(i) Residential house at village Devla, Tehsil Dadri, district G.B. Nagar in the name of Smt. Munali Tyagi (Guarantor), Area 500 sq. yds (actually now found plot of land only).

(ii) Commercial property at village Devla in the name of Sri Kapil Kumar Tyagi, area 2900 sq yds (actually now found plot of land only).

(iii) Residential house at village Devla, Tehsil Dadri District G.B. Nagar in the name of Sri Kapil Kumar Tyagi, area 500 Sq. Yds. (actually now found plot of land only and sold on 4.4.2011).

(iv) Factory Land and Building situated at plot No.F-7 to F-10 industrial Area, G.T. Road, Sikandrabad district Bulandshahr, U.P. (now found that permission to mortgage these plots purported to have been issued by UPSIDC are forged.

It may be mentioned that Sri K.S. Goswami, the then Senior Manager, Punjab National Bank, Sikandrabad, U.P. Branch had visited properties of village Devla Tehsil Dadri on 15.12.2008 and submitted site visit report.

Smt. Munali Tyagi wife of Sri Kapil Kumar Tyagi proprietor of firm presently resident of F-113/1, ALFA-II, Greater Noida, district G.B. Nagar and Sri Akhtar Ali, S/o Sri Jalil Khan presently resident of house no.202, Mohalla Ram Nagar, Satha, Bulandshahar stood as guarantors in the account.

The investigations made in the matter have revealed that the properties mortgaged in the account were originally shown to be residential/commercial buildings whereas the same are actually found open plots with present value fair below the value as given by the valuer in his valuation report. Valuation report in the account was given by M/s Sehgal Associates having their office (I) at R-14/36, Raj Nagar, Ghaziabad-201002, (2) at PT-62/6, Kalkaji, New Delhi-110019. It has further came to notice of the Bank that the properties situated at village Devla Tehsil Dadri, district G.B. Nagar have been acquired by the Greater Noida Industrial Development Authority in February, 2010.

It is also mentioned here that the residual part of plant and machinery in the unit valuing Rs.184 lac, as per valuation report dated 20.8.2010 of M/s Tech Mech International Pvt. Ltd. Meerut (Bank's Approved valuer) has been clandestinely removed by the party.

It has further came to notice of the Bank that these persons with intent to cheat the bank of its given as land and to misappropriate the same, the proprietor opened an account no.30526992233 on 17.10.2008 in the name of M/s Sri Ganesh Chem Fab (Supplier of part and machineries as per bank record) with State Bank of India, Greater Noida (Lager Stroemia Shopping Centre Noida-Branch Code 4324). In this account, Sri Kapil Kumar Tyagi has shown himself as proprietor of this concern. Through this account, out of the total term loan of Rs.495.26 lacs, an amount of Rs.473.00 lacs, disbursed by way of draft issued for purchase of machinery had been withdrawn by him and misappropriated the amount of the bank given to him under the loan facility.

It is not out of place to mention that a fire occurred in the factory in October, 2009 and consequently an insurance claim of Rs.125.00 lacs was lodged by the party with United India Insurance Company, which was rejected by the Insurance Company. However, the sub judice before National Consumer Commission, New Delhi. Presently account is showing outstanding of Rs.1086.41 lacs.

On the above facts an FIR was lodged against K.S. Goswami, the then Senior Manager, Punjab National Bank, Post Office Sikandrabad, district Bulandshahr, Kapil Kumar Tyagi, proprietor of M/s Toshi Group of Industries, Smt. Munali Tyagi, W/o Kapil Kumar Tyagi, Akhtar Ali, M/s Toshi Group of Industries, F-7 to F-10, Industrial Area, Sikandrabad Block, M/s Sehgal Associates for cheating the Punjab National Bank, Sikandrabad Branch Bulandshahr to the extent of Rs.1086.41 lacs during the period of 2008-2009. The instant case RC-220-2011-E-0003, CBI, EOU.IV, New Delhi was registered on 15.6.2011 u/s 120-B r/w 420, 467, 468, 471 IPC and Section 13 (2) r/w 13(1) (d) of the Prevention of Corruption Act, 1988 on the basis of a written complaint dated 13.6.2011 submitted by Sri N.K. Gupta, Chief Manager, Punjab National Bank, Sikandrabad Branch Bulandshahr, U.P., wherein the name of M/s Shegal Associates a proprietorship concern of accused applicant, Nand Lal Shegal is also stated of having submitted incorrect valuation reports in respect of the properties which were mortgaged with the Punjab National Bank for the purpose of sanction and disbursement of loans and credit facilities to M/s Toshi Group of Industries.

Learned counsel for the applicant has submitted that the applicant has no concern with the sanction of Cash Credit Limit and term loan to Kapil Tyagi and his wife Smt. Munali Tyagi as the applicant is an official valuer of the property. He has simply assessed the value of the property which was kept as collateral security. The property was shown by the parties and the Manager of the Bank and the applicant inspected the property in question and submitted his report. He further submits that the Punjab National Bank Book of Rules prescribes procedure for the grant of loan by way of mortgage and the valuation of property by Bank's approved valuer is done much after the various other authorities of the Bank and panel of lawyers have verified and examined the various documentary evidences as well by personally inspecting the site in question and the role of the applicant comes at last for valuing the property for grant of loan. In para 12-A of the Rejoinder Affidavit, a chart has been reproduced as per the Punjab National Book of Rules showing the process of granting the loan which is not repeated for the sake of brevity. The learned counsel for the applicant further submitted that the applicant is an old man aged about 71 years and he is suffering from various old age ailments and annexed certain documents regarding his medical treatment at abroad as well as in India. He further produced certified copy of the report of the Medical Officer, District Jail, Ghaziabad dated 22.11.2012. He submits that the applicant is confined in jail since 5.9.2012 and there is no proper medical treatment of the applicant in jail.

Sri N.I. Jafri, learned counsel for the CBI has opposed the prayer for bail and has submitted that during investigation, it was disclosed that as per Banking practice in the Punjab National Bank at the pre-sanction appraisal stage, the applicant being one of the valuer on the panel of Punjab National Bank was required to undertake the valuation of the aforesaid properties and he submitted three valuation report dated 5.7.2008, 29.12.2008 and 29.12.2008 respectively with respect to properties in question. He submits that the said valuation reports was prepared by the applicant Nand Lal Sehgal and submitted to the Punjab National Bank, Sikandrabad Branch at Bulandshahr was proved by P.W.13 Bhupendra Singh CFSL Expert and the onus of inspecting and verifying the properties lies on the applicant. The applicant in criminal conspiracy with the Bank officials at the Branch level has submitted incorrect information to the Punjab National Bank Circle Officer to facilitate the sanction of loan and credit facilities to M/s Toshi Group of Industries. The valuation report prepared and submitted by the applicant had specifically mentioned Ghata Number and Khasra Number and the buildings located thereon were occupied by the owners. Thereby, intending to show falsely that the properties in question were under the occupation of co-accused Kapil Tyagi and Munali Tyagi. During investigation, P.W.9 Ranbir Sengar, the Lekhpal of the concerned area in his statement u/s 161 Cr.P.C stated that the plots of land were residential houses and commercial properties of Munali Tyagi and Kapil Tyagi were alleged to be located were found to be vacant and no development and construction have been found on the said plots of land till date. P.W.9 as per the official records cited in his report (para D-25) clearly confirmed that the plots purported to have been visited by the applicant for valuation are all vacant plots of land. Thus the applicant with the dishonest and fraudulent purpose enclosed the photograph of buildings/properties of some other persons along with his valuation report. It was argued that Sri Ashok Kumar Bhatti, P.W.14 and his father Kashi Ram Bhatti P.W.15 stated in their statements u/s 161 Cr.P.C that the photograph of the building enclosed with the valuation reports are of residential and commercial properties located at village Devla which was under their occupation after the completion of construction since 2006. Hence the applicant had submitted wrong facts and prepared false valuation reports wherein it was mentioned that the properties were under the occupation of co-accused Munali Tyagi and Kapil Tyagi. It was then urged that the applicant prepared and submitted false valuation report in criminal conspiracy with other co-accused persons who are the bank officials to facilitate the illegal sanction of loan and credit facilities to M/s Toshi Group of Industries as a result of the acts of applicant in collusion with other co-accused persons a public money to the tune of Rs.10.86 crore has been put to loss.

Considered the submissions advanced by learned counsel for the parties. From the perusal of the relevant records of the case, it is apparent that the offence in question cannot be an act of one person as the Cash Credit Facilities which was granted to M/s Toshi Group of Industries of which co-accused Kapil Kumar Tyagi is the proprietor have been granted in collusion with the bank officials and the applicant who was the official valuer of the property. It is very unfortunate that in spite of various checks and balances given the Punjab National Bank Book of Rules, which has been demonstrated by the learned counsel for the applicant in para 12-A of the rejoinder affidavit for granting loan and Cash Credit Facility to co-accused Kapil Kumar Tyagi huge sum of money to the tune of Rs.10.86 crores have been drained out due to collusion of the applicant with the bank officials and the actual beneficiaries of M/s Toshi Group of Industries. There has been huge loss of public money for which the applicant cannot be said to be an innocent person or no role to play in the sanctioning of the loan and Cash Credit Facility to M/s Toshi Group of Industries. So far as serious ailments of the applicant is concerned, the report of the Medical Officer dated 22.11.2012, shows that the applicant is not suffering from any such serious ailments for which any special treatment is required for him outside, which is not available in the District Jail, Ghaziabad. Moreover from the report of the Medical Officer, it is also evident that the applicant was also shifted from Jail for medical treatment outside as and when required for any special ailment and he is being taken proper care in the District Jail Hospital where he is said to be present confined.

In my opinion the applicant is not entitled to bail as his participation in the crime in question which is an organized crime does not lessen the liability of the applicant. Hence, his prayer for bail is refused and is accordingly rejected.

Gaurav

19.12.2012.