UditVani,Jamshedpur : The Jamshedpur Sessions Court has dismissed the anticipatory bail application of Shashi Agrawal, former liquidator of Incab Industries Limited, in the alleged ₹2,000-crore corporate fraud.
In a detailed order, Judge Vaishali Srivastava observed that Agrawal, instead of protecting the interests of creditors and workers, allegedly colluded with businessman Ramesh Gowani and his network of companies to inflate Incab’s debt from Rs 21.63 crore to nearly Rs 2,000 crore.
The court underlined that such acts were not “ordinary fraud” but serious, organized economic crimes that damage the nation’s financial system.
Long History of a Fallen Giant
Founded in 1920 by the British Indian Cable Company, Incab Industries once stood as a major industrial establishment in Jamshedpur, spread across 15,000 acres provided by Tata Steel. It collapsed financially in the 1990s, leaving thousands of workers unpaid. Subsequent ownership changes failed to revive the company, and in 2020 the NCLT ordered liquidation.
The NCLAT (2021) later declared Gowani’s directorship illegal and branded Agrawal a “fraudster,” leading the IBBI to cancel his registration as a resolution professional. The Supreme Court upheld these findings the same year.
The Case Against Agrawal
Agrawal, listed as Accused No. 21 in Complaint Case No. 2227/2021, faces charges under IPC sections 409 (criminal breach of trust), 120B (criminal conspiracy), and 34 (common intention).
Prosecutors allege he deliberately ignored NCLT’s directives, enabled diversion of assets, and jeopardized workers’ dues exceeding Rs 300 crore.
His counsel argued that the matter pertained only to company law.
However, the court rejected this plea, citing Supreme Court rulings that deny bail in major economic offenses except under extraordinary circumstances.
Worker Relief and Wider Impact
The decision has brought relief to former Incab employees, who see it as a step towards long-delayed justice.
Legal experts say the ruling sends a strong message on the accountability of insolvency professionals in corporate scams, setting an important precedent in India’s fight against white-collar crime.
