1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY CRIMINAL APPELLATE JURISDICTION CRIMINAL WRIT PETITION NO.3159 OF 2009 Office Notes, Office Memoranda of Coram, appearances, Court's orders or directions and Registrar's orders Court's or Judge's orders. Mr. Subhash Jha i/by M/s Law Global, for the petitioners. Mr Y.M.Nakhawa, APP, for the respondent-State. Mr Jai Bhatia,for respondent no.3.-Bank. CORAM: D.B.BHOSALE AND A.R.JOSHI, JJ. DATE : 05/04/2010 PC: Heard learned counsel for the parties. By this writ petition, the petitioners have impugned the Notice No. O.W. No.4123/EOW-I/09 dated 9.11.2009 issued by respondent no.2 to respondent no.3, so also the letter dated 12.11.2009 (Exhibit-A to the petition). In pursuance of the notice dated 9.11.2009, respondent no.3 -Bank has issued the letter dated 12.11.2009 to the petitioners T 2 informing them regarding the notice and the action taken by them in pursuance thereof, freezing their two current accounts bearing A/c Nos 010611001463 and 010611011048. In both these accounts, at the time when they were freezed, the petitioners had Rs.50536.05 and 6677.00 respectively It appears that Economic Offences Wing, Unit-I, CID, Crime Branch, Mumbai has registered a crime, bearing C.R.No.87 of 2008 against one Hirachand Pagariya and Himanshu Bhat. The crime has been registered against these two accused on 15.11.2008 for the offence under sections 420,120(B) of IPC. In the course of investigation, it transpired that the total amount involved in C.R.No.87 of 2008 is Rs.1.5 crores and out of this amount, Rs.20 lacs were credited in the aforesaid accounts of the petitioners. In view thereof, it appears that the impugned notice and the letter dated 12.11.2009, (Exh.A), were issued and the 3 accounts of the petitioners were freezed. The petitioners in the writ petition so also their learned counsel across the Bar, have explained the entries in their accounts of the amount of Rs.20 lacs, stating that they had given Rs.15 lacs as friendly loan to H.R.Pagariya on 1.5.2004 and it is that amount was repaid by H.R.Pagariya to the petitioners with interest. The first repayment of Rs. 2 lacs was made on 31.8.04 and Rs.20 lacs on 10.12.2007. The petitioners in paragraph 3 (v) of the writ petition has stated that Rs. 22 lacs received by them from H.R.Pagariya has been reflected in their books of accounts including the interest of Rs.7 lacs received on the loan of Rs.15 lacs and that they have paid income-tax on the said amount. It is against this backdrop, Mr Jha submitted that there is no valid reason as to why the petitioners be not allowed to operate their current accounts. We have perused the petition and the annexures thereto, so also the 4 reply affidavit filed by the respondent. We have also perused the undertaking given by the petitioners dated 3.3.10. It is clear from the record that the investigation is going on since last more than 1.1/2 years and till this date there are no allegations against the petitioners except the fact that the aforesaid amount of Rs.22 lacs was credited in their accounts. When the accounts were freezed the total amount of Rs.57,213.00 only was lying in these accounts of the petitioner. Till this date, the prosecution has not shown the petitioners as accused in the case and we do not find any such allegation against the petitioners from the record produced before us. Learned APP, on instructions, submits that they would require another 4-6 weeks time to complete the investigation insofar as the petitioners are concerned. In view thereof, we are satisfied that the following order shall meet the ends of justice. 5 The accounts of the petitioners beaning Current Account Nos. 010611001463 and 010611011048 shall remain freezed only for a period of six weeks from today and the petitioners will be allowed to operate the said accounts on expiry of the six weeks period commencing from today. In the course of investigation, if the prosecution finds any material/evidence against the petitioners so as to implead them as accused in the case, they may approach the learned Magistrate and obtain appropriate orders in respect of these two accounts after giving notice to the petitioners. With these observations, the writ petition is disposed of. (A.R.JOSHI, J.) (D.B.BHOSALE, J.) 6