MUMBAI: The Bombay High Court on Thursday rejected the anticipatory bail plea of Sandeep alias Karan Arora, the prime accused in an alleged financial fraud involving Tata Capital Finance Ltd., observing that the seriousness of the offence and the accused’s criminal antecedents did not warrant pre-arrest protection.Justice N.R. Borkar, while hearing the application, held that no case for anticipatory bail was made out in view of the gravity of the allegations, the material placed on record, and the applicant’s past conduct. The case pertains to a cheating registered by Tata Capital Finances with the Thane police EOW. Tata’s alleged that High Ground Enterprises ltd (HGEL) and its director Sandeep Arora obtained lease finance by submitting fabricated documents and pursuant to lease finance in 2017/18 Tatas disbursed substantial amount to the suppliers entities, while HGEL initially serviced the lease by paying instalments up to August 2019. Thereafter allegedly ceased, GST authorities raised issues regarding non payment of tax, resulting in Tatas bearing the GST liability and thus claiming cumulative financial loss of Rs 12.06 crores.The Court upheld in toto the submissions advanced on behalf of the complainant, Tata Capital Finance Ltd., by Advocate Parvez Memon, appearing on instructions from MZM Legal LLP, and recorded that no case for anticipatory protection was made out in light of the gravity of the allegations, the material on record, and the antecedents of the accused.During the hearing, counsel for Tata Capital highlighted that the accused had deliberately orchestrated a complex and premeditated conspiracy to procure lease finance by submitting forged and fabricated documentation, misrepresenting the existence and location of high-value assets, and thereafter defaulting on repayment, causing a wrongful loss of over ₹12.06 crore to the financial institution. It was further submitted that custodial interrogation was essential to unearth the larger conspiracy, trace fund flows, and identify the role of co-accused and linked entities.Crucially, the High Court also took serious note of the extensive criminal antecedents of the applicant, which revealed a recurring pattern of financial misconduct across jurisdictions. Public records placed before the Court showed that the accused was earlier arrested by the Directorate General of GST Intelligence (DGGI), Mumbai, for masterminding a massive fake invoicing racket involving bogus Input Tax Credit of approximately ₹77 crore, generated through shell companies and fictitious transactions.Investigations further disclosed that the accused was wanted by authorities in the United Kingdom in connection with alleged VAT and film tax rebate frauds running into GBP 4.5 million, involving claims on non-existent films.Justice Borkar observed that such antecedents, coupled with the seriousness of the present offence and the potential to derail the investigation, clearly disentitled the accused from the discretionary relief of anticipatory bail.
