CID crime and complaints in the Rs.100 crores fraud case against Shailesh Bhandari, the director of Electrotherm India Limited have vehemently opposed his anticipatory bail. They have submitted the affidavits in support of their plea opposing the bail application.
The arguments put forward by the CID crime and the complainants emphasise that Shailesh Bhandari, in criminal association with a few of his accomplices carried out a premeditated scam robbing more than 6 thousand shareholders of their hard-earned money.
It was also pointed out that the accused had been booked for criminal offences under the prohibition and the arms act provisions. They argued that there is a separate case for duping a nationalised bank for Rs.480 crores going on. The case is pending in CBI court in Mumbai.
In February 2021, the state Goods and Services Tax officials recovered more than 900 bottles of illicit liquor and unaccounted-for live cartridges on the company’s premises in Gandhinagar.
The accused committed fraud of Rs.100 crores by showing fake sale and purchase transactions of coal and scrap. The complainants argued that an accused with criminal history can not be given bail as paper CrPC section 438.
Advocates representing the complainants have argued that Electrotherm India Limited transferred Rs. 73.50 crores to Hongkong-based apple Commodities Ltd and Rs.26 crores to Castle line Pte Ltd in Singapore through the letter of credit ostensibly to purchase coal and scrap. Not only the goods never reached the company, but it was also wrongly said by the accused that the goods received were sold to Victory Rich Trading Company.
Shailesh Bhandari had written off Rs. 34 crores in favour of Victory Rich Trading Company in 2015-16 in transgression of any power conferred to him as the director of the company.
Additional sessions judge B S Chauhan has taken the affidavits on record and reserved his judgement till the time the arguments are completed. The judgement is expected on August 20.