Breif Issue :

FACTS AND ISSUE OF THE CASE:

In this case counsel for the petitioner, submits that the petitioner, Abhishek Singhal has been falsely implicated in this matter and the petitioner is a chartered accountant by profession and he is not liable for the offences committed by co-accused persons. Counsel further submits that the maximum sentence for the offences alleged against the petitioner is five years and the petitioner is in custody since February 19, 2021 and conclusion of trial may take a long time.

Learned counsel appearing on behalf of the respondent-Department has opposed the bail application on the ground that the petitioner is the main accused who is absconding and he has got registered 38 fake firms. Counsel further submits that allegation against the petitioner is of availment bypassing of ITC wrongfully to the tune of Rs.6,36,32,492/- by creating 38 fake firms. Counsel further submits that the petitioner has absconded for about one year.