Manoranjana Sinh @ Gupta vs Central Bureau Of Investigation

2. The appellant, a charge-sheeted accused in judicial custody in connection with the infamous “Chit Fund Scam” involving the Saradha Group of Companies (for short “Saradha Group”) has impeached the rejection of her prayer for bail by the judgment and order impugned hereinabove and seeks her release pending further investigation by the Central Bureau of Investigation (hereafter also referred as “ the CBI”) into the said Ponzi scheme.

5. Pursuant to the above decision, FIR in RC-04/S-2014-(SIT) Kolkata was registered by the CBI, Special Crime Branch, SIT, Kolkata. In course of the investigation that followed, charge-sheets have been submitted on 17.11.2014, 18.02.2015, 17.04.2015, 14.08.2015 and 3.12.2015 under Sections 120B, 420, 409 IPC and Sections 4 & 6 of the Prize Chits and Money Circulation (Banning) Act, 1978 against various accused persons including in particular Sudipta Sen of M/s Saradha Reality India Ltd. and three other companies namely; M/s Saradha Tours and Travels (P.) Ltd., M/s Saradha Garden Resorts and Hotels (P.) Ltd. and M/s Saradha Housing (P.) Ltd. involved principally in the raising of funds from the public under different investment schemes.

6. In the said process, the appellant herein was arrested on 07.10.2015 and was remanded to the police custody upto 13.10.2015. Meanwhile, however the appellant having complained of chest pain and attendant complications, and on medical advice was shifted to Government Hospital, S.S.K.M. Hospital, Kolkata and since then, for various ailments, as conveyed by her, she had remained in different hospitals from time to time as on date.

7. Eventually the 5th supplementary charge-sheet under the aforementioned Sections of law has also been laid against the appellant, Sudipta Sen and Santanu Gosh and M/s Global Automobiles Ltd. on 4.1.2016. As the forwarding report in connection therewith would disclose, investigation is still continuing, under Section 173(8) of Cr.P.C. The charge-sheet reveals the accusation that Sudipta Sen and others as named therein together with M/s Saradha Reality India Ltd. in pursuance of criminal conspiracy amongst others had collected a staggering amount of Rs.7,74,33,59,929/- from various depositors under several investment schemes in favour of Sardha Reality India Ltd., by falsely promising them high returns but did not pay to the tune of Rs.569,26,28,095/- , thus defrauding them.

8. The charge-sheet so far as is relevant for the present adjudication disclose in substance that Sudipta Sen with a motive of expanding the illegal deposit collection business of Shardha Group acquired T.V. Channels and Newspapers and entered into several business deals in furtherance thereof. In the process, the appellant, who claims to be a Journalist and at the relevant time was not only associated with the Media but had some clout on her business in the North Eastern states, where such illegal exaction of Saradha Group was expanding, executed on 09.06.2010, a Memorandum of Understanding (MOU) with Sudipta Sen representing M/s Bengal Media (P.) Ltd. In the MOU, the appellant, along with her father, was depicted to be the absolute owner of M/s GNN India Limited. conducting the T.V. Channel (Rajdhani & Frontier T.V.). Under the said MOU, the appellant and her father agreed to sell and transfer 50% share of M/s GNN India Limited to M/s Bengal Media Private Limited at a consideration of Rs. 50 crores, in return whereof , she was to be appointed as the Chief Executive Officer of the latter company and further to be entitled to a remuneration of Rs. 15 lakhs per month. An agreement between the parties followed on 21.6.2010, substantially in the same lines with the elaboration that M/s GNN Indian Private Limited would issue fresh shares to M/s Bengal Media Private Limited valued at Rs. 30 crores and further would transfer a portion of the existing shares for an additional amount of Rs. 12.5 crores. The payments were to be made between 21.6.2010 to 15.9.2010 as per the schedule agreed upon. As the charge-sheet mentions, investigation disclosed that in terms of the agreement, the Saradha Group paid Rs. 21,05,48,136/- to M/s GNN India Private Limited. It is referred to in clear terms that the payment thus made was from the illegal collections from the depositors as at that point of time M/s Bengal was a loss making company and was thus not in a position to discharge such heavy monetary financial liability and thus the whole transaction was a dubious and counterfeit deal only to launder the ill-gotten deposits with ulterior motive.

9. That during 2009-2010, M/s GNN India (P) Limited had almost no business activity and that it had been recording loss during the financial year 2010-2013, was also noted. The charge-sheet further discloses that the balance sheet of M/s. Sarada India Reality Limited was fudged so much so that it fraudulently disclosed that an amount of Rs. 24,68,85,200/- had been advanced to M/s GNN India (P) Limited as Inter- Corporate Deposits, which was patently false. According to the CBI and as recorded in the charge-sheet, the petitioner entered into the above sham deal with a motive of extracting undue financial benefit being fully aware of the illegal deposit collection business of Saradha Group, which, amongst others was demonstrated by the emails exchanged by her. The charge-sheet further divulges that the liasion between Sudipta Sen and the appellant was with a view to use the latter's connection to negotiate the enquiry contemplated against illegal deposit business and also to utilise her influence in the media to counter any negative publicity against the illegal business activity of Saradha Group and that the appellant actively associated herself in such activities and criminally misappropriated the ill-gotten funds, as a party to the criminal conspiracy.

18. In the above factual premise and on an in-depth balancing of all relevant aspects and chiefly the competitive imperatives of investigation and the right to liberty, we are disposed, for the present to grant bail to the appellant, subject to the conditions, as enumerated hereinafter. To reiterate, having regard to the materials available, we are of the opinion, mainly in the face of the disclosures in the latest status report, that presently further confinement of the appellant in judicial custody is not an indispensable necessity for the unhindered investigation, that is in progress.

19. In the above view of the matter, the appeal is allowed and the appellant is ordered to be released on bail in FIR RC-04/S/2014-(SIT) Kolkata of Rs.1 (One) crore and on furnishing two local sureties each of the like amount to the satisfaction of the Additional Chief Judicial Magistrate Alipore, Kolkata, West Bengal and also subject to the following conditions :

Petition(s) for Special Leave to Appeal (Crl.) No(s). 7899/2016 (Arising out of impugned final judgment and order dated 09/09/2016 in CRM No. 473/2016 passed by the High Court Of Calcutta) MANORANJANA SINH @ GUPTA Petitioner(s) VERSUS CENTRAL BUREAU OF INVESTIGATION Respondent(s) Date : 06/02/2017 This petition was called on for Judgment today.

Hon'ble Mr. Justice Amitava Roy pronounced the judgment of the Bench comprising Hon'ble Mr. Justice Arun Mishra and His Lordship.

Leave granted.

The appeal is allowed and the appellant is ordered to be released on bail in FIR RC-04/S/2014-(SIT) Kolkata of Rs.1 (One) crore and on furnishing two local sureties each of the like amount to the satisfaction of the Additional Chief Judicial Magistrate Alipore, Kolkata, West Bengal and also subject to the conditions as indicated in the judgment.

(Signed Non Reportable Judgment is placed on the file)