1 3627.10 IN THE HIGH COURT OF JUDICATURE AT BOMBAY CRIMINAL APPELLATE JURISDICTION CRIMINAL WRIT PETITION NO.3627 OF 2010 Money Matters Financial Services Ltd. & Ors. ...Petitioners Versus Union of India & Ors. ...Respondents ...... Mr.Amit Desai, Senior Advocate i/b Mr.Mihir Gheewala for Petitioners. Mr.Ejaz Khan, Spl.P.P. with Mr.Mandar Goswami, P.P. for Respondent No. 1 & 3. Ms.M.H.Mhatre, A.P.P. for Respondent No.2. ...... CORAM:- A.M.KHANWILKAR AND A.R.JOSHI, JJ. DATED:- JANUARY 21, 2011. P.C. 1. The principal question that needs to be addressed in this Petition is: whether the action of the Central Bureau of Investigation (CBI) in freezing of the accounts of the Petitioner Companies in connection with offence registered as RC 8E to RC 12 E of 2010 is just and proper? For applying Section 102 of the Criminal Procedure Code, the competent Police Officer has to ensure that the property which he intends to seize of the accused or a suspect, would be one which is either stolen or which may be found on the 2 3627.10 basis of the available circumstances linked to the commission of offence which is under investigation. The Petition challenges the action of the CBI on the ground that the bank accounts of the Petitioners which have been frozen, have no causal connection with the offence which is being investigated by the CBI. For that reason, Section 102 of the Code cannot come to the aid of the investigating agency at all. Besides, it is argued that even the mandatory procedure under Section 102 of the Code has not been fulfilled at all. 2. For the nature of order that we propose to pass, it may not be necessary to elaborate on the grounds urged by the Petitioners before us. Inasmuch as, in deference to the observations made by the Court, the Respondents, in particular, CBI have stated through Counsel that they would reexamine the matter afresh after considering the stand taken by the Petitioners in the Petition or the explanation offered by them in the rejoinder affidavit. A fresh decision will be taken by the Competent Authority on the basis of the opinion formed by the Investigating Officer. 3. In the circumstances, request is made on behalf of the Respondents that the Court may dispose of this Petition by recording the statement of the 3 3627.10 Respondent CBI that they are forthwith withdrawing the seizure and/or freezing of the bank accounts, fixed deposits, demat accounts and overdraft accounts of the Petitioner Companies referred to in Schedules I to VII at pages 35 to 42 of the Petition so also the following accounts with liberty to reexamine the mater afresh and take appropriate measures as may be warranted in the fact situation of the case in accordance with law. Bank Account No. Bank of India 011920110000185 HDFC Bank Dividend Account Bank of India 008620110000779 IOB (FD A/c) Andhra Bank (FD A/c) 62720100038994 Andhra Bank (FD A/c) 62720100039382 Andhra Bank (Delhi) (FD A/c) 6220100032389 Andhra Bank (Delhi) (FD A/c) 6220100032404 UBI (FD A/c) 354972 UBI (FD A/c) 354974 UBI (FD A/c) 354970 UBI (FD A/c) 354971 UBI (FD A/c) 354975 Fd [hdfc] Nsccl A/c F & o ‘0604600025837 BOI 011927110000002 CBI 3088937813 IOB 7465 BOI IN300749-10932049 4. Accordingly, the statement so made on behalf of the Respondent CBI, Economic Offences Wing, Mumbai on instructions given by Shri A.D.More (PI), Shri A.V.Pawar (PI), Mr.G.Kalaimani (PI), Mr.N.S.Raju 4 3627.10 (Dy.S.P.), Ms.Varsha More (PI) is accepted. Accordingly, the Petition is disposed of with liberty to the Respondent CBI as prayed. (A.R.JOSHI, J.) (A.M.KHANWILKAR, J.)