Learned counsel for the applicant submits that the applicant is innocent and has been falsely implicated in the present case due to ulterior motive. It is further submitted by learned counsel for the applicant that out of Rs. 11,33,551/- ,applicant has transferred the amount of Rs. 3,00,000/- by cheque of I.C.I.C. bank and rest amount has been returned by cash to the informant. It is further submitted by learned counsel for the applicant that informant has also moved a complaint under Section 138 of N.I. Act against the applicant regarding the payment of entire amount of Rs. 11,33,551/- which is pending before the concerned Magistrate. It has been assured on behalf of the applicant that he is ready to cooperate with the process of law and shall faithfully make himself available before the court whenever required. The applicant is languishing in jail since 31.1.2021. He undertakes that he will not misuse the liberty, if granted, therefore, he may be released on bail.