High Court dismissed a second petition for anticipatory bail seeking protection from arrest in a case of misappropriation and forgery involving securities banking losses, holding that the applicant's custody was essential for investigation.
Application for anticipatory bail dismissed, custody deemed necessary
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2024:BHC-AUG:11183
902-aba-778-2024
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IN THE HIGH COURT OF JUDICATURE OF BOMBAY BENCH AT AURANGABAD
ANTICIPATORY BAIL APPLICATION NO. 778 OF 2024
Pradip Eknath Kulkarni ….Applicant
VERSUS
The State Of Maharashtra And Another …..Respondents …..
Mr. A.M. Karad, Advocate for Applicant Mr. B.B. Bhise, APP for respondents Mr. V.S. Tanwade, Advocate for informant
[CORAM : NITIN B. SURYAWANSHI, J.] DATE : 19th JUNE, 2024
ORDER :
Bhagyawant Punde
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unsecured loan to the extent of Rs. 65 Crore, which is allegedly the part of misappropriated amount, is deposited in the bank in cash. The complaint against applicant is concocted, false and malafide. Considering the age of applicant and his wife’s ailment and the fact that applicant’s statement is recorded by the investigating officer and at that time applicant was not arrested, custodial interrogation of applicant is not necessary. Since amount of Rs. 65 Crore towards unsecured loans is deposited, this is change in circumstance, co-accused in the crime were arrested and are released on bail. Hence, applicant may be granted protection.
Bhagyawant Punde
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Applicant on 23.12.2022 addressed a letter to Manager, Department of Supervision, Reserve Bank of India, Nagpur, admitting that during RBI audit to match the underlying security against the outstanding loan against FD (LAFD), the bank debited Rs. 66.67 Crore from Sundry Creditors account on three occasions viz December, 01, 13 and 14, 2022 and credited the same amount by creating new artificial FDs, without actual realization of the amount. Consequently, GL head ‘Sundry Creditors’ was having balance of Rs. (-)66.67 Crore and deposit amount was inflated to that extent. The GL was used to inflate deposit enabling the creation of FD for unsecured loan already disbursed. He has further admitted that interest on the loan against FD was booked on accrual basis and interest income was inflated without any actual recovery from the borrower. It is pertinent to note here that the amount of Rs. 65 Crore was deposited in cash, but it is not clear as to who has deposited the Bhagyawant Punde
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902-aba-778-2024
said amount.
Bhagyawant Punde
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On verification, said balance certificate was found to be false and forged. On the say of applicant a false balance certificate showing that said bank has balance of 12.37 Crore in State Bank of India, Town Center Branch (when in fact only an amount of Rs. 90,989/- was balance in the same account) was prepared by one of the bank employee/witness. Said balance certificate is to be recovered from the applicant. Many such false and fabricated balance certificates are prepared either by applicant or at his instance, by employees of the said bank, those are required to be seized.
[NITIN B. SURYAWANSHI, J.]
Bhagyawant Punde
2 issues framed by the court
Whether anticipatory bail should be granted to the applicant for alleged offences of misappropriation and forgery given his role as Chief Executive Officer and the need for custodial interrogation.
Whether the alleged change in circumstances, such as deposit of money by co-accused, warrants the granting of protection against arrest.
1 provisions across 1 enactments
Pradip Eknath Kulkarni
The State Of Maharashtra
Nitin B. Suryawanshi
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
