ORDER : 1. These are the applications preferred for regular bail under Section 439 of the Code of Criminal Procedure in connection with the R.C.No.RC0292018A0006 with the following prayers: “54… (a) To enlarge the applicant on regular bail in connection with RC.No.0292018A0006 dated 26.03.2018 registered with CBI/ACB-Gandhinagar and be pleased to pass all other and consequential orders in that regard; (b) Pending admission, final hearing and disposal of this application, to enlarge the applicant on regular bail in connection with RC No.0292018A0006 dated 26.03.2018 registered with CBI/ACB-Gandhinagar; (c) To quash and set aside the order dated 18.05.2018 at Annexure-M passed in CBI Criminal Misc. Application No.236 of 2018; OR IN THE ALTERNATIVE (d) to extend the interim bail granted to the applicant vide order dated 13.07.2020 passed by this Hon’ble Court in Criminal Misc. Application No.8622 of 2020; (e) Pending admission and final hearing of the matter, to extend the interim bail granted to the applicant vide order dated 13.07.2020 passed by this Hon’ble Court in Criminal Misc. Application No.8622 of 2020; (f) To pass any other and further orders as may be deemed fit and proper.” 2. This Court initially had availed interim bail to the applicants on 18.06.2019 in Criminal Misc. Application Nos.8438 & 8435 of 2019. All factual details and rational for grant have already been incorporated in the said orders, which are not being repeated here by the Court. Apt would be to refer to paragraph Nos.21 and 22: “21. This Court is conscious of the fact that essentially and predominantly the case is based on documentary evidences. The further investigation of the C.B.I. which is on going is also mainly relying on the documentary evidences and concerned witness is being questioned on the strength of such documents. There is no likely hood of tampering with the documentary evidences which have been seized and which are in the custody of various Banks. The Court is also conscious of the well laid down principle of 'bail and not jail' where more particularly there are rival claims of loss being not on account of any fraud committed with the Bank, but because of the various factors affecting the market so also the aspect that the chargesheet has been filed long ago and there is no likely hood of the trial getting over with such bulky volume of evidence and numbers of witnesses in a near future. The matters which are investigated by C.B.I. since involving serious question, the trial is likely to take a longer time. However, in this set of facts and circumstances, it is deemed appropriate and equitable to enlarge the applicant on interim bail rather than granting regular bail, at this stage, and allow the investigating agency to complete its task. It will also give an opportunity to the Court to monitor the pace of investigation and the conduct of the accused during the course of further investigation. This will uphold the right of individual liberty and yet will not stultify in any manner the right of investigating agency to further investigate. 22. For the foregoing reasons, this application is partly allowed and the applicant is ordered to be released on interim bail for the period of three months from the date of his release in connection with R.C.No.C0292018A0006 dated 26.03.2018 register with CBI/ACB Police Station, Gandhinagar on his executing personal bond of Rs.2.5 Cr. 22. For the foregoing reasons, this application is partly allowed and the applicant is ordered to be released on interim bail for the period of three months from the date of his release in connection with R.C.No.C0292018A0006 dated 26.03.2018 register with CBI/ACB Police Station, Gandhinagar on his executing personal bond of Rs.2.5 Cr. And furnishing surety of Rs.50 Lakh (cost) with two solvent sureties the said amount of Rs.50 Lakh each to the satisfaction of the C.B.I. Court and subject to the conditions that he shall: (a) not take undue advantage of liberty or misuse liberty; (b) not to tamper with any evidence, and/or documents nor to act in a manner injuries to the interest of the prosecution; (c) surrender his passport, if any, to the C.B.I. Court within a period of three days from the date of his release; (d) shall not in any mode or manner transfer any of the properties which have been referred to at paragraph No.14 and 15.2 (e) mark his presence before the C.B.I./ACB Office at gandhinagar once in a fortnight on the 1st and the 15th day of every English Calender month; (f) shall not leave the District Vadodara except for the purpose of marking presence and attending the trial at C.B.I.Court; (g) shall not contact any of the witnesses who are already forming the part of the papers of chargesheet and/or any of the Bank officials from the consortium of the Banks since the CBI is still investigating further; (h) any attempt on his part to so do it if is noticed, it will be open for the Investigating Agency to bring to the notice of this Court for the purpose of cancelling the bail; (I) any indulgence in any other offence will also make them liable to be incarcerated once again even during the pendency of trial; (j) furnish the address of his residence to the Investigating Agency and also to the C.B.I. Court at the time of execution of the bond and shall not change the residence without prior permission of this Court; (k) Registrar/Sub Registrar concerned shall be intimated of the order of this Court who shall not permit any process and shall enter the same in the register of the concerned office/entry so that no transfer is affected till the completion of trial in respect of properties referred to at para Nos.14 and 15.2 of this order. In the event of consortium of Bank entering into any settlement in respect of outstanding dues, I.O. shall obtain prior permission of this Court/C.B.I. Court in respect of the enlisted immovable properties.” 2.1 The periodical grant of interim relief in favour of the applicants has also been detailed in the application itself at paragraph No.4. “4. Cr.M.A. No. Order Date Orders Details 11793/2018 05.02.2019 Regular Bail After Charge-sheet was disposed off without entering into merits with liberty to file after 3 months since further investigation was on going. 8438/2019 18.06.2019 Further investigation not concluded, Interim Bail granted for 3 months. 16569/2019 20.09.2019 Further investigation not concluded. Interim Bail extended for 4 months. 23666/2019 10.01.2020 Further investigation not concluded. Interim Bail extended for 6 months. Due to expire on 10.07.2020. 8622/2020 13.07.2020 Further investigation not concluded. Interim Bail extended for a period of 9 months. Due to expire on 20.04.2021. 3. On 19.04.2021 this Court (Coram:Justice A.J.Desai) issued the Rule and extended the order of interim bail. 4. This Court thereafter had extended the same on 08.06.2021 till 16.06.2021. 5. This Court has heard extensively the learned Special Public Prosecutor, Mr.R.C.Kodekar and learned advocate, Mr.Virat Popat. Noticing the fact that there are no change of circumstances except that there has been a continuation of further investigation on the part of the C.B.I., with no adverse reporting from the C.B.I. when the applicants have been enjoying the interim bail from the first order dated 18.06.2019, there is no reason why this interim bail be not extended for the further period till 31.01.2022. 6. Noticing the fact that C.B.I. has till date not concluded the investigation despite the specific and stringent directions issued by this Court, much emphasis has been made by the learned advocate, Mr.Virat Popat to grant the regular bail and also remove all the fetters imposed by the Court particularly of not permitting the applicants to travell outside the State of Gujarat. 7. This has been much resisted by the learned Special Public Prosecutor, Mr.R.C.Kodekar and learned APP, Ms.C.M.Shah on the ground that the investigation could not be concluded, not on account of any reason which the C.B.I. has provided on its side, but because of the pandemic. The task is herculean and close down in different states and the restrictions in attendance of number of employees in the different Banks etc. The task is herculean and close down in different states and the restrictions in attendance of number of employees in the different Banks etc. are the genuine and valid reason for the C.B.I. not to have completed this task as directed by the Court. 8. Being convinced that the reasons put-forth are genuine, the Court cannot be oblivious of the need of completion of the investigation not only for the purpose of giving an penultimate shape to the entire investigation, but also to ensure that the material which has been collected so far, the prosecuting agency needs to put into the shape. It shall further ensures that it prosecutes the trial expeditiously as possible, since delay would surely jeopardize the interest of the prosecution itself. 9. Looking it from the angle of the applicants also, the speedy trial is the right assigned by the constitution and till the further investigation has not been completed, it is not feasible for the Court concerned to move in the direction of framing of the charges and take a holistic view. The investigating agency is duty bound to complete the task earliest as possible. 10. The learned Special Public Prosecutor, Mr.R.C.Kodekar, on instructions, has urged for 06 months’ period to complete the trial. 11. Let the further investigation be completed on or before 31.12.2021 without fail. The Investigating Officer will be at liberty to engage more persons and requests for further manpower and also additional amenities, if he so requires from his superior, who shall cooperate and grant his requirements. Let there be no extension further on the part of the Investigating Officer for this purpose. 12. It will be also desirable to accede to the request of the applicants and the condition of restricting their movement to State of Gujarat needs to be liberalized. Learned Special Public Prosecutor, in consultation with the Investigating Officer, has not resisted this only on the count that the Court permits any such travelling on prior intimation to the Investigating Officer with the itinerary sent to him on hobacgnr@cbi.gov.in. 13. Accordingly, this application is partly allowed. All the terms and conditions which have been imposed while granting the interim bail lastly shall continue to govern the applicants except the modification in the restriction of moving outside the State. 13. Accordingly, this application is partly allowed. All the terms and conditions which have been imposed while granting the interim bail lastly shall continue to govern the applicants except the modification in the restriction of moving outside the State. All conditions are for ready reference herein below reproduced: “(a) not take undue advantage of liberty or misuse liberty; (b) not to tamper with any evidence, and/or documents nor to act in a manner injuries to the interest of the prosecution; (c) surrender his passport, if any, to the C.B.I. Court within a period of three days from the date of his release; (d) shall not in any mode or manner transfer any of the properties which have been referred to at paragraph No.14 and 15.2 of the order dated 18.06.2019; (e) mark his presence before the C.B.I./ACB Office at gandhinagar once in a fortnight on the 1st and the 15th day of every English Calender month; (f) the applicants are permitted to travel outside Gujarat on a condition of their intimating the Investigating Officer of their travel destination and date with the itinerary, 24 hours in advanced to the dedicated email of the Investigating Officer i.e. hobacgnr@cbi.gov.in.. It shall be also sent from the emails of the applicants which are provided by the applicants being amitsureshbhatnagar@gmail.com & sumitsuresh@gmail.com (g) shall not contact any of the witnesses who are already forming the part of the papers of chargesheet and/or any of the Bank officials from the consortium of the Banks since the CBI is still investigating further; (h) any attempt on his part to so do it if is noticed, it will be open for the Investigating Agency to bring to the notice of this Court for the purpose of cancelling the bail; (I) any indulgence in any other offence will also make them liable to be incarcerated once again even during the pendency of trial; (j) furnish the address of his residence to the Investigating Agency and also to the C.B.I. Court at the time of execution of the bond and shall not change the residence without prior permission of this Court; (k) Registrar/Sub Registrar concerned shall be intimated of the order of this Court who shall not permit any process and shall enter the same in the register of the concerned office/entry so that no transfer is affected till the completion of trial in respect of properties referred to at para Nos.14 and 15.2 of the order dated18.06.2019. In the event of consortium of Bank entering into any settlement in respect of outstanding dues, I.O. shall obtain prior permission of this Court/C.B.I. Court in respect of the enlisted immovable properties.” 14.Rule is made absolute to the above extent. Direct Service through e-mode is permitted.