In a recent development, the Rouse Avenue Court in Delhi has quashed the lookout circular issued against Sanjay Jain, the former Managing Director of Surya Vinayak Industries Ltd., in connection with an alleged bank fraud case worth Rs 300 crore. The case was registered by the Central Bureau of Investigation (CBI) in 2014, under the provisions of the Indian Penal Code (IPC), based on a complaint filed by the Deputy General Manager of Allahabad Bank.
The CBI had accused Sanjay Jain and other promoters and directors of Surya Vinayak Industries of committing fraud and diverting funds amounting to Rs 316 crores from the bank account maintained by the company. The complaint also alleged forgery, claiming that false and fictitious details of Sundry creditors and debtors, as well as monthly stock statements, were submitted to deceive the bank.
Following the investigation, a chargesheet was filed against Sanjay Jain and others, and they were summoned by the court of Magistrate. In response, Jain filed an application to quash the lookout circular, citing the completion of the investigation and the filing of the chargesheet against him. He also requested the court to provide the proforma for the issuance of the lookout circular.
During the hearing, Jain’s lawyers argued that the investigation had started in 2014, and with the chargesheet being filed, it indicated the completion of the investigation. They further emphasized that Jain, being a permanent resident of Delhi, had travelled abroad multiple times with the permission of the Delhi High Court and the Magistrate in the present case. They highlighted an order passed by the Delhi High Court, which took note of Jain’s conduct and allowed him to travel abroad.
The court took into consideration the arguments put forth by Jain’s lawyers and ultimately quashed the lookout circular against him. The decision was based on the premise that the investigation had concluded, and Jain had complied with all the conditions imposed for his travels.
This development brings relief to Sanjay Jain in the ongoing bank fraud case, as he can now continue his normal activities without any restrictions imposed by the lookout circular. The court’s decision to quash the circular highlights the importance of considering the progress and developments in an investigation before issuing such circulars. It also raises questions about the effectiveness and necessity of lookout circulars in certain cases.
As the matter progresses, it remains to be seen how this decision will impact the overall proceedings of the bank fraud case against Sanjay Jain and other accused individuals. The CBI will have to assess the impact of the quashed lookout circular on its investigation and take appropriate steps accordingly.
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