Mumbai (Maharashtra) [India], June 19 (ANI): A Mumbai court has rejected the anticipatory bail application of Sudhir Valia, a prominent businessman and director of Suraksha Asset Reconstruction Limited (Suraksha ARC), in connection with an alleged Rs 1,000 crore financial fraud.
Additional Sessions Judge Anil Salunkhe noted, “Considering the seriousness of the alleged economic fraud committed by the applicant with collusion of the officials of the YES bank and its consequences, the custodial interrogation of the applicant is essential.”
The case, currently being investigated by the Economic Offences Wing (EOW) of the Mumbai Police, centres on allegations that Suraksha ARC officials and employees of YES Bank colluded to illegally seize assets belonging to Sapphire Land Development Private Limited (SLDPL).
The investigation was launched following a complaint by Lakhminder Singh, a suspended director of SLDPL. According to the FIR, between 2016 and 2018, SLDPL had mortgaged properties valued at approximately Rs 1 crore against a Rs 150 crore loan from the YES Bank, Nehru Central Branch.
It is alleged that the accused “grabbed” the properties worth Rs 1000 crore.
The informant alleges that YES Bank officials, acting in collusion with Sudhir Valia, bypassed legal procedures to transfer the loan account to Suraksha ARC. The complaint further claims that the parties created forged records to seize the mortgaged assets.
During the proceedings, Valia’s defence counsel argued that the complaint was motivated by a lack of locus standi and that the controversy had already been addressed by the National Company Law Appellate Tribunal (NCLAT). The defence maintained that Valia was not personally liable for the corporate actions of the ARC and expressed readiness to cooperate with investigators.
However, the court found the allegations of serious economic fraud to be substantiated by the initial investigation papers.
The court dismissed the defence’s reliance on various Supreme Court precedents, noting that the specific facts regarding the alleged financial manipulation in this case differed significantly from those cited.
With the rejection of his anticipatory bail, investigators are expected to move forward with the custodial interrogation of Valia to trace the flow of funds and uncover the roles of other individuals allegedly involved in the systemic fraud.
The EOW remains the primary agency tracking the case, as the investigation shifts from the initial Worli police station registration to a more comprehensive financial probe. (ANI)
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