Delhi High Court
Raghu Menon vs State Govt. Of Nct Of Delhi on 7 July, 2022
$~12
* IN THE HIGH COURT OF DELHI AT NEW DELHI
Date of decision: 07.07.2022
+ BAIL APPLN. 563/2022 & CRL.M.A. 10696/2022
RAGHU MENON ..... Petitioner
Through: Mr. Aditya Aggarwal, Mr. Ankit
Mutreja, Mr. Naveen Panwar, Ms. Pooja Roy,
Advocates
versus
STATE GOVT. OF NCT OF DELHI ..... Respondent
Through: Mr. Hirein Sharma, Ld. APP
SI Manoj Kumar, PS Dwarka South
CORAM:
HON'BLE MR. JUSTICE JASMEET SINGH
JASMEET SINGH, J (ORAL)
1. This is a petition filed seeking grant of bail in the FIR 354/2019 dated
29.07.2019 registered at PS Dwarka (South), Delhi under Section
174A/420/406/467/468/471/120B/34 IPC.
2. The allegations in the FIR are that one Mr. Vikas Arora is the President
of M/s Europa Digital Ltd. having its registered office at A-57, Sector-
8, Dwarka, New Delhi-110077. The said company is engaged in
manufacture, marketing and finance of consumer electronic products
and was in the process of expanding its business, and hence, was in
requirement of business funds/ loans in the form capital infusion.
3. The company came in touch with one, Mr. Rajiv Gupta who claimed to
be Consultant and an expert in sourcing funds internationally.
4. The President of M/s Europa Digital Ltd., the complainant, was called
Signature Not Verified
ARORA
Signing Date:11.07.2022
11:09:35
by Mr. Rajiv Gupta at his office at 38, Housing Society, NDSE-I, New
Delhi, wherein the applicant also joined the meeting and both of them
represented that they had a third party by the name of Mr. Adhiraj
stationed at Singapore, and all of them primarily dealt with sourcing of
funds, ECB (External Commercial Borrowing) and were financial
consultants to various reputed business houses.
5. The applicant and Mr. Rajiv Gupta agreed for sourcing of funds for
USD 5 million from one M/s CZAR International Pte. Ltd. having its
offices at Singapore and Baku, Azerbaijan.
6. After some discussion, the applicant represented that there would be
some issue in obtaining a fund of USD 5 million, and suggested that
they would be able to arrange Standby Letter of Credit (SBLC) from a
Bank routed through their company, M/s CZAR International Pte. Ltd.
The SBLC is a guarantee that is made by a bank on behalf of a client
which ensures payment will be made even if the client cannot fulfil the
payment obligation.
7. Thus M/s CZAR International Pte. Ltd. was engaged as Consultant by
the complainant vide letter of engagement dated 20.12.2018 and
ultimately a loan facility agreement was executed between the
complainant and M/s CZAR International Pte. Ltd. on 19.02.2019.
8. It was assured by the applicant along with Mr. Rajiv Gupta that the
aforesaid SBLC would be arranged in tranches and these SBLCs will
be arranged from Kenya Bank, wherein M/s CZAR International Pte.
Ltd. (company belonging to Mr. Adhiraj) would be the beneficiary.
9. The applicant along with Mr. Rajiv Gupta stated that as first instance,
they will arrange SBLC for 1 million USD from Stanbic Bank Kenya
Signature Not Verified
ARORA
Signing Date:11.07.2022
11:09:35
Ltd.
10. It is stated in the FIR that both Mr. Rajiv Gupta and the applicant
insisted that the complainant company transfers margin money of about
75,000/- USD into the personal account of Mr. Adhiraj who would use
the same for margin money to be paid to Stanbic Bank Kenya Ltd. for
preparing SBLC for 1 million USD.
11. The complainant states that they were not in a position to transfer
75,000/- USD but transferred Rs. 50 lakhs into the personal account of
Mr. Adhiraj.
12. On 25.02.2019, it transpired that no SBLC was opened, and whatever
copy of the SBLC was provided were forged documents, used for
cheating the complainant company. As a result, the complainant
company has been defrauded of Rs. 50 lakhs. Hence, the FIR.
13. Mr. Aggarwal, learned counsel for the applicant/ petitioner, to support
his bail application, contends that:-
i. No amount, out of Rs. 50 lakhs, was received by the applicant.
ii. Charge sheet has already been filed.
iii. Mr. Rajiv Gupta, the co-accused, has already been granted bail
13.01.2020.
iv. The applicant has been arrested since 05.12.2021.
14. He further submits that as per the status report, the only allegation
against the applicant is that a Whatsapp group, namely, "Singapore
Sling" was formed in December, 2018 in which Mr. Rajiv Gupta and
Mr. Adhiraj were the other two members. There is some chats in that
group with regard to sharing of percentage.
Signature Not Verified
ARORA
Signing Date:11.07.2022
11:09:35
15. I have heard Mr. Aggarwal, learned counsel for the petitioner and Mr.
Hirein Sharma, learned APP for the State.
16. I am of the view that it is a fit case where the applicant needs to be
enlarged on bail as no amount of Rs. 50 lakhs has been transferred or
received by the applicant. The applicant has already joined
investigation as and when directed.
17. There is no recovery of any amount from the applicant. The charge
sheet in the present case has already been filed and the investigation is
over.
18. The co-accused, Mr. Rajiv Gupta has already been granted bail on
13.01.2020 by the learned Sessions Court.
19. For the aforesaid reasons, the applicant is granted bail on the following
terms and conditions:-
i. The applicant shall furnish a personal bond in the sum of Rs.
20,000/- with two local sureties of the like amount to the
satisfaction of the learned Trial Court;
ii. The applicant shall provide his mobile number to the Investigating
Officer (I.O.) concerned at the time of release, which shall be kept
in working condition at all times. The applicant shall not switch
off, or change the same without prior intimation to the I.O.
concerned, during the period of suspension of sentence;
iii. The applicant shall not leave the country during the bail period
and surrender his passport, if any, at the time of release before the
Trial Court, if he has one;
iv. He shall report to the local Police Station on the first day of every
month. He shall not be forced to sit for more than half an hour on
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ARORA
Signing Date:11.07.2022
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any such occasion;
v. The applicant shall drop his Live location every week on the
Google map to ensure that his location is available to the I.O.
concerned;
vi. In case he changes his address, he will inform the I.O. concerned
and this Court also;
vii. The applicant shall not indulge in any criminal activity during the
bail period;
viii. The applicant shall not communicate with, or come into contact
with any of the prosecution witnesses, or any member of the
victim's family, or tamper with the evidence of the case.
21. Pursuant to the order dated 11.05.2022 bail bond has been furnished by
the applicant. That bond shall be considered as the bail bond in this
order.
22. The status report submitted by the learned counsel is taken on record.
23. The application stands disposed of in the aforesaid terms.
JASMEET SINGH, J
JULY 7, 2022 / (MS)
Click here to check corrigendum, if any
Signature Not Verified
ARORA
Signing Date:11.07.2022
11:09:35
