Judgment :- 1. This is an application filed by the applicant challenging an order passed by the Investigating Officer under Section 102 of the Cr.P.C. to de-feeze accounts of the applicant company. In the said order dated 5th March, 2010, an observation is made that the Investigating Officer had during investigation observed that the funds from GNRC account were diverted to the account of the applicant. 2. Brief facts are that there was a joint venture of development of certain land for a commercial as well as residential project and accordingly, the three groups of the said joint venture opened an account referred to as GNRC Account . Though the commercial venture was over and the development rights for commercial venture were sold and therefore, the partners got the money towards the said development rights, the residential project, however, delayed on account of various reasons. A complaint, therefore, was filed by some of the persons who had booked their flats on the said project and the police recorded the complaint and started investigation. 3. Shri Desai, learned Senior Counsel for the applicant submitted that three groups agreed interalia to initially deposit Rs.10 crores each in order to ensure that the construction work in respect of the residential premises is not stalled. He submitted that in fact, about 70% of the work is already over and the construction work is also in progress. He submitted that in fact, the amount which was deposited in their account which is to the tune of Rs.5 crores was to be used for the purpose of making payment to Gammon India Limited which is the contractor which has undertaken the construction of the building in the residential project. He submitted that five more crores is also paid to Gammon India Ltd. He also submitted that undertaking to that effect was given to the Commissioner of Police. He invited my attention to the undertaking given by the applicant to the Commissioner of Police in a separate compilation which is tendered today. He submitted that five more crores is also paid to Gammon India Ltd. He also submitted that undertaking to that effect was given to the Commissioner of Police. He invited my attention to the undertaking given by the applicant to the Commissioner of Police in a separate compilation which is tendered today. He further submits that the applicant shall also file an undertaking in this court within one week from today that the amount which is lying in their account shall be paid only for the purpose of construction of the said residential premises and that they have already handed over cheque of Rs.5 crores to Gammon India Limited and the said cheque could not be signed on account of the freezing of the account by the police. 4. Shri Shitole, learned APP for the State has expressed an apprehension of the police that the said amount may be utilised or usurped by the applicant. 5. In my view, apprehension expressed by the police is misconceived, particularly, in view of the undertaking given by the applicant to the Commissioner of Police and also in view of a letter written by the applicant to Gammon India Limited regarding the deposit of the said cheque of Rs.5 crores after no objection is received from EOW. Since this amount is paid to Gammon India limited who has undertaken the construction of this project, there is no reason why the said amount is to be frozen since by freezing the account of the applicant, the further construction of the residential project would be stalled or at least hampered as a regular flow of finance would not be available to the contractor. 6. In view of this position, the impugned order dated 5th March, 2010 passed by the Senior Inspector of Police freezing the account of the applicant with the HDFC Bank, Ghatkopar East Branch, Account No.01182320001752 in the name of M/s.Neelkanth Mansions and Infrastructure Pvt. Ltd. is de-freezed and also account in ICICI Bank, Ghatkopar East Branch, Account No.002605001412 is hereby set aside. 7. Application, accordingly, is allowed in the aforesaid terms and disposed of.