The court also held that the offence poses a serious threat to the financial health of the country, and such economic offence needs to be visited with a different approach
The Sessions court while rejecting a bail application of a 51-year-old Gujarat-based businessman for his alleged involvement in Rs 2107.76 crore scam case held that the offence has deep-rooted conspiracies involving huge loss to public funds. The court also held that the offence poses a serious threat to the financial health of the country, and such economic offence needs to be visited with a different approach.
According to the prosecution, the Mumbai branch of Canara Bank had registered a case against four persons including B G Jain, CMD of Surat-based Nakoda Ltd; company's director D B Jain, chartered accountant J C Somani and Punit Rungta with the Central Bureau of Investigation (CBI) in connection with a Rs 2,107 crore fraud. The accused have allegedly cheated a consortium of 13 banks led by Canara Bank.
According to the agencies the accused had allegedly produced forged documents and utilised them to secure a loan from the bank. The accused allegedly had taken loan from the bank after submitting "manipulated financial data" and diverted the money to other businesses through shell firms. It allegedly took the loan for business activities and defaulted on repayment.
The court in its order copy held that the Supreme Court in a similar charges case held that economic offences need to be visited with a different approach in matters of bail. Economic offences having deep-rooted conspiracies and involving huge loss of public funds need to be viewed seriously and considered as a grave offence affecting the economy of the country as a whole.
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