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IN THE SPECIAL COURT FOR CBI AT GREATER BOMBAY
BAIL APPLICATION NO.813 OF 2018
Mr.Sadashiv @ Mehul Durgaprasad Pandey
Age: 43 years. Occ: Business.
R/a: Flat No.B­15, Juhu Vasant
Bahar C.H.S. Ltd. Near Royal Hotel,
Juhu Tara Road, Mumbai­400 049.
…….Applicant/accused
V/s.
1. The Union of India
(At the instance of CBI EOW, Mumbai)
2. The State of Maharashtra
CORAM:
…… Respondents
HIS HONOUR JUDGE SHRI S.R. TAMBOLI
(COURT ROOM NO.47)
DATED:
14th December, 2018.

Mr. Omkar Mulekar, Advocate for Applicant/accused.
Mr. Nandode, PP for the CBI, EOW.

1.

ORDER
In the instant application, applicant/accused has prayed for bail
as per section 439 of Cr.P.C. He has been arrested in connection with
the FIR bearing RC 14/E/2017 for the offence under section 120­B
r/w.section 406,409,420,465,467,468 and 471 of Indian Penal Code,
1860 and under section 13(2) r/w.section 13 (1) (d) of Prevention of
Corruption Act, 1988.
2.

Ld. Counsel for applicant submitted that CBI is claiming that
applicant and his brother are the ultimate beneficiaries.

They are
master mind in the crime mentioned in the FIR. CBI is paining picture
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of applicant as the main accused. Applicant had filed complaint against
CBI officer DSP.Mr.N.S.Raju. Due to that, applicant has been falsely
involved in the present case. Applicant has not co­ordinated any sale or
purchase in between co­accused Ashok Singh and M/s. Royal Palms
(India) Private Limited. Father of the applicant had invested an amount
of Rs.1.66 crores in SRA project of co­accused Ashok Singh. Due to
litigation, the project could not proceed ahead. Hence, applicant
demanded money from co­accused Ashok Singh.
accused Ashok Singh returned him money.

Accordingly, co­
Applicant has not been
involved in any conspiracy with co­accused. Already co­accused Ashok
Singh has been released on bail. The name of the applicant has not
been given in the FIR. Applicant is having permanent residence. He
has deep roots in the society.
evidence.

The case is based on documentary
Therefore, detention of the accused in custody is not
necessary. Hence, he prayed that accused be released on bail.
3.

Per contra, Ld.PP for CBI,EOW submitted that the applicant is
arraigned as an accused in a case registered by CBI,EOW, Mumbai
based upon the complaint filed by Central Bank of India, Mumbai main
branch against 7 other accused.

An FIR was registered against the
eight accused including the present applicant on 31/08/2017 being
R.C.No.14/E/2017 by CBI EOW, Mumbai. It is alleged that 1) M/s.
Ashoka Property Developers and M/s.Aashish Communications and its
Directors, guarantors Shri Ashok Kumar Singh, 2) Shri Aashish KUmar
Singh,3) Smt. Philomina C. Dias, 4) Shri Ashish Shrikant Shankar
Pawar, 5) Smt. Vanita Rajesh Agarwal, 6) Shri Sanjay Kumar Yadav, 7)
Shri Nitin Ashok Manyar, 8) Shri Hitender Virendra Gangwar
and
unknown other persons committed an offence in conspiracy of each
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other. Accused nos. 1 and 8 entered into criminal conspiracy in the
year 2011­2012 and cheated the Central Bank of India, Peddar Road
branch, Mumbai main office of its funds to the tune of Rs.17 crores by
creating forged and fabricated documents dishonestly suppressing the
material information. The property offered as a collateral security was
overdraft facility on 29/7/2011 of Rs.2 crore under Cent Mortgage
scheme of Pedder Road Branch of Central Mumbai of India in the name
of his sole proprietary concern M/s. Ashoka Property Developers. The
nature of the business of the firm was Interior Decorators.

The
overdraft facility of Rs.2 crore was sanctioned vide sanction letter dated
5/8/2011 of the branch on the basis of document submitted by him and
the collateral security furnished.

Accused no.3 Smt. Philomina Dias
being the wife of Shri Ashok Kumar Singh stood guarantor of the said
facility. Shri Ashok Kumar Singh after receiving the credit facility ,
failed to repay the dues of the bank as per terms of sanction. Mr.
Ashish Kumar Singh who happens to be son of Mr.Ashok Kumar Singh
also obtained the credit facility to the tune of Rs.2.75 crores in the
name
of
his
sole
proprietary
concern,
namely,
M/s.

Ashish
Communications System. Shri Ashish Kumar Singh also applied cash
credit facility of Rs.2 crores and Rs.5 crores terms loan.

The bank
sanctioned Rs.2.25 crores as C.C.limit, Rs.5 crores as O.D. and Rs.5
Crores as term loan to co­accused Ashish Kumar.

In all these
transactions the documents filed by accused was forged and fabricated
i.e. income tax returns of the assessment year 2009­10, 2010­11 and
2011­12.

The income tax returns and the balance sheet turned out to
be fabricated at the instance of one Chartered Accountant Firm
purportedly audited by Kamal Nayan Saigal and Co. having registration
No.130992, were also forged and fabricated as there is no firm of
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chartered accountant with this name and the registration number. All
the accused had entered in conspiracy with other co­accused in cheating
and committing fraud on the bank.
4.

He further submitted that applicant had sent many emails to co­
accused Ashok Kumar Singh and Ashish Kumar Singh on dated
15/12/2012,
3/10/2013,
30/09/2013,
15/12/2012,
5/12/2012,
21/10/2012,21/6/2012,28/5/2012 and 18/5/2012 to Ashok Kumar
Singh and Ashish Kumar Singh instructing them to transfer the proceeds
of crime in the bogus bank accounts 1) M/s. Dattaguru Constructions,
2) M/s. Shri Enterprises, 3) M/s. Ahmedabad Sales Corporation. Said
accounts were opened by co­accused Shrikant Pawar and Ravi Bhil
respectively.

Accordingly,
co­accused
Ashish
Kumar
Singh
had
transferred crime proceeds amounts of Rs.1,04,14,147/­ to the account
of M/s.Dattaguru Constructions and amount of Rs.1,02,84,195/­ was
transferred to the account of M/s. Shree Enterprises. An amount of
Rs.1,55,96,917/­ was transferred to the account of M/s.Naman Sales,
which was opened by accused Smt. Namita Rajesh Agarwal and an
amount of Rs.1,35,25,641/­ was transferred to the account of
M/s.Ahmedabad
Sales
Corporation.

Account
of
M/s.Dattaguru
Construction was owned by Shrikant Pawar, who is a known associate
of the arrested accused Sadashiv Pandey and Ashok Kumar Singh and
Ashish Kumar Singh. Shrikant Pawar had opened an account in the
name of M/s Shree Enterprises bearing no. 09710200000153 with IDBI
Bank, to which an amount of Rs.1,02,84,195/­ was transferred from the
Term Loan account of M/s. Ashish Communication System.

Crime
proceed money was diverted to these four bogus bank accounts as per
the instructions of applicant as per the e­mail, these companies/firms do
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not exist at the addresses given by them.

Applicant and wanted
accused Janardan D. Pandey brother of applicant are beneficiaries of
crime proceed money. In the e­mail dated 5/12/2012 send by applicant
to co­accused Ashok Kumar Singh, he had mentioned about the bogus
bank account of M/s. Ahmedabad Sales Corporation. Applicant was
hiding himself from the investigation. After issuance of NBW, his
presence has been secured. If he is released on bail, then he will tamper
the evidence. Hence, prayed to reject the application.
5.

Admittedly investigation of the present case is not completed.

The huge crime proceeds has been transferred in the account of the
present accused.

Email of applicant are produced on record. It shows
that accused played vital role in siphoning amount of bank with the
help of co­accused. The investigation is under progress. IO has to trace
out the money trail of huge financial fraud.
6.

No doubt co­accused Ashok Singh has been released on bail.

However, IO has completed investigation against the co­accused Ashok
Singh. Hence, ground of parity is not available to the accused.
7.

As earlier stated, prosecution has produced the e­mail send by the
present applicant. It prima facie shows the involvement of the present
applicant in crime.

The offence alleged against accused is serious.

Therefore this is not a fit case to release the accused on bail. In the
result, this court pass the following order;
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ORDER
1.

Bail Application No. 813 of 2018 is rejected.

2.

Bail Application No. 813 of 2018 stands disposed off accordingly.

14.12.2018
Dictated on
Transcribed on
Signed on
(S.R. TAMBOLI)
Special Judge(CBI)
Gr.Bombay
:14.12.2018
:14.12.2018
:15.12.2018
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“ CERTIFIED TO BE TRUE AND CORRECT COPY OF THE ORIGINAL
SIGNED JUDGMENT/ORDER”
UPLOAD DATE AND TIME
NAME OF STENOGRAPHER
: 20.12.2018 AT 11­55 PM
: MRS. P.K.More
NAME OF THE JUDGE
HHJ Shri.S.R.Tamboli
(C.R.No.47)
Date of Pronouncement of Order
14.12.2018
Order signed by the P.O. On
15.12.2018
Order uploaded on
20.12.2018