HC grants bail to Ghosh Brothers Group director in Rs 62.19 Cr bank fraud case
A file image of Gauhati High Court (AT Photo)
Guwahati, Jan. 11: The Gauhati High Court has granted bail to businessman Pranab Kumar Ghosh, the director of M/s Ghosh Brothers Group, who was arrested last year by the Central Bureau of Investigation (CBI) on charges of defrauding IDBI Bank of Rs 62.19 crore between 2011 and 2013.
The high court allowed Ghosh to be released on bail in exchange for a bond of Rs 1 lakh with two sureties of the same amount to the satisfaction of the Court of Special Judge, CBI, Assam.
Ghosh, who is also the promoter-cum-director of M/s Ghosh Brother Automobiles (India) Pvt Ltd, faced allegations of conspiring with others to secure fraudulent credit facilities from IDBI Bank for several companies under his group.
He was arrested on the strength of an FIR lodged by Dr Nihar Ranjan Samal, general manager, NPA Management Group, Kolkata.
It was alleged that seven companies of M/s Ghosh Brothers Group were extended credit facilities by IDBI Bank Cash Credit Limit on the basis of fake balance sheet having inflated business projections and fake audit certificate.
The CBI on receipt of the aforesaid FIR registered a case under Section 120(B) of the Indian Penal Code read with Sections 420, 409, 467, 468, 471 and some sections of PC Act, 1988.
During the bail hearing, Ghosh's legal counsel Bijon Mahajan and Arshad Chaudhury argued that the case relied heavily on documentary evidence, all of which had already been collected by the investigation agency.
The defence counsel also said that Ghosh had attempted multiple times to settle the outstanding dues with IDBI Bank, but his proposals were rejected. Mahajan said that Ghosh's right to be informed in writing about the grounds of his arrest was violated, which he argued contravened Section 47 (1) of BNSS, 2023. He also cited precedence of several decisions of the Supreme Court of India.
The CBI's special public prosecutor M Haloi opposed the bail, emphasizing the gravity of the offence and the substantial sum of money involved.
However, the high court, after hearing both the sides, stated that the accused was entitled to be informed of the grounds of his arrest in writing, a right guaranteed under Article 22(1) of the Constitution of India.
- By Staff Reporter