New Delhi, Nov 21 (PTI) A Delhi court on Thursday granted anticipatory bail to a jeweller in an alleged multi-crore bank loan fraud case, noting there was no likelihood of the probe and the trial concluding within reasonable timelines.

District Judge Anju Bajaj Chandna further observed denying bail and leaving the accused to the discretion of the investigating officer may result in misuse of powers.

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Praveen Kumar Gupta, former director of Shree Raj Mahal Jewellers, was granted the reprieve after the court observed the ED failed to show substantial reasons for his arrest or custodial interrogation, particularly when it had been over a decade since the offence took place; more than three years since the registration of ECIR (ED's equivalent to an FIR) and over a year since the search and seizure was conducted by the ED.

"There is a clear delay in prosecuting the case of scheduled offence by CBI (based on which the ED lodged its ECIR). It is thus clear that there is no possibility of the investigation and trial being concluded within reasonable timelines. In above circumstances, denying bail and leaving the applicant to the discretion of the investigating officer (IO), may result in misuse of the powers," the court said.

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Bail jurisprudence heavily favours the "valuable rights of freedom and liberty of an individual", it added.

"The judicial approach towards fundamental rights of freedom and liberty has to be reasonable, just and transparent. The concept of due process of law must be adhered to in its true spirit and state's action must be evaluated in the manner that the rule of law prevails," underlined the order.

According to the ED, there were multiple FIRs registered against the promoters and group companies of Shree Raj Mahal Jewellers for "cheating" banks to the tune of Rs 232 crore.

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