THE HONOURABLE SRI JUSTICE B.SESHASAYANA REDDY CRIMINAL REVISION CASE NO.696 OF 2009 27TH AUGUST 2009 M/S.M.D.R.JEWELLERS .. PETITIONER V. STATE THROUGH ADD. S.P., CBI, BS & FC BANGALORE .. RESPONDENT THE HONOURABLE SRI JUSTICE B.SESHASAYANA REDDY CRIMINAL REVISION CASE NO.696 OF 2009 O R D E R: This Criminal Revision Case is directed against the order dated 4.3.2009 passed in Crl.M.P.No.350 of 2009 in C.C.No.33 of 2007 on the file of Special Judge for CBI Cases, Hyderabad, whereby and where under the learned Special Judge dismissed the application filed under section 457 r/w 102 Cr.P.C. 2. Background facts in a nutshell leading to filing of this revision by M/s M.D.R.Jewellers, a proprietary concern having its office at Kotawala Market, Jaipur are: The petitioner deals in jewellery business. It has an account with Bank of Nova Scotia, New Delhi branch. Gold bullion is being purchased from Bank of Nova Scotia on depositing its value through demand drafts and the same is being delivered to parties who indented. During the usual course of business, the petitioner received demand drafts drawn on State Bank of Hyderabad totally six in number from M/s Balaji Jewellers, Hyderabad. The petitioner deposited the demand drafts with Bank of Nova Scotia, New Delhi and received gold bars and delivered the same to representatives of M/s Balaji Jewellers, Hyderabad. Apart from six demand drafts proceeds of which had been released, two more drafts were deposited with Bank of Nova Scotia, New Delhi and the same were not honoured for the reason that they were not correctly drawn. These two drafts were in the name of M/s Bhagwati Agencies who served as service providers and agents of the petitioner-firm. On coming to know that the two demand drafts are fake, the petitioner lodged a complaint with the police, which formed the basis for registering a case in Crime No.487 of 2003 on 21.12.2003. While so, a report came to be presented with the Station House Officer, Hussainialam Police Station alleging, inter alia, that 18 blank computerized demand draft forms were stolen from the safe custody of State Bank of Hyderabad, Hussaini alam branch and the same were misused and out of them 8 were encashed to a tune of Rs.3.97 Crores. Basing on the report, a case in Crime No.201 of 2003 came to be registered. The investigation was taken over by the Central Crime Station, Hyderabad, after re-registering a case in Crime No.637 of 2003. During the course of investigation, the complicity of six accused persons came to be detected and the investigation further revealed that out of 18 computerised drafts, 8 drafts came to be presented through the account of the petitioner-firm. Therefore, instructions were issued to the Bank by the Investigating Officer to stop operations in the account standing in the name of the petitioner-firm in Bank of Nova Scotia, New Delhi branch. As on the date of freezing the account. It had credit balance of Rs.32,83,147/-. The petitioner issued a notice to Bank of Nova Scotia, New Delhi branch. Thereupon, the Bank of Nova Scotia, New Delhi issued reply admitting the credit balance of Rs.25.00 lakhs and odd in the account. In view of the instructions from the Investigating Officer, the bank did not permit the petitioner to operate the account. The CBI after due investigation, filed a charge sheet in the Court of Special Judge for CBI Cases, Hyderabad, which was numbered as C.C.No.33 of 2007. The petitioner-firm approached the Special Judge for CBI Cases seeking direction to the Bank of Nova Scotia, New Delhi to permit operations in the account. The learned Special Judge, entertained the application bearing No.Crl.M.P.No.350 of 2009. On considering the material brought on record and on hearing the parties, the learned Special Judge dismissed the application by an order dated 4.3.2009. Hence, this revision. 3. Heard learned counsel appearing for the petitioner-firm and learned Special Public Prosecutor appearing for the respondent. 4. Learned counsel appearing for the petitioner submits that the petitioner is a looser having delivered seven kilos of gold bars basing on the fabricated demand drafts, the proceeds of which had not been credited to their account and therefore instructions issued by the CBI for freezing the account of the petitioner need to be revoked. A further submission has been made that the petitioner received eight drafts and presented the same in Bank of Nova Scotia, New Delhi branch and out of 8, proceeds of six drafts came to be credited to his account and there upon the bank delivered the gold bars which he handed over to the persons indented. A further submission has been made that two more drafts presented in the account came to be not honoured but the petitioner delivered 7 kgs of gold bars to the persons indented and thereby it became the victim of fraud. 5. Learned Special Public Prosecutor appearing for the respondent submits that all the drafts routed through the account of the petitioner-firm are fabricated and in the given facts and circumstances the trial court is justified in dismissing the application filed by the petitioner-firm. 6. Indisputably, the petitioner-firm deals with business in gold bullion. The role of the petitioner-firm is to receive indents from the customers and present the demand drafts sent by the customers in bank, receive the gold bullion from the bank and hand over the same to the persons indented. All transactions are recorded in the account of the petitioner-firm maintained in Bank of Nova Scotia, New Delhi branch. There is no useful purpose in freezing the account of the petitioner-firm. More so, when the petitioner-firm is prepared to offer security for the outstanding balance in its account. In that view of the matter, I am of the view that the petitioner-firm can be permitted to operate its account subject to furnishing security for the outstanding balance available as on this day. 7. Accordingly, this Criminal Revision Case is allowed setting aside the order impugned in this revision. Consequently, Crl.M.P.No.350 of 2009 on the file of Special Judge for CBI Cases, Hyderabad stands allowed, subject to the petitioner-firm furnishing third party security to the satisfaction of Bank of Nova Scotia, New Delhi branch equivalent to the balance available in the account as on this day. 27th AUGUST, 2009. (B.SESHASAYANA REDDY,J) TNB THE HONOURABLE SRI JUSTICE B.SESHASAYANA REDDY CRIMINAL REVISION CASE NO.696 OF 2009 27TH AUGUST, 2009.