Ravindra Singh - (1.) HEARD Sri V. P. Srivastava senior advocate assisted by Sri Lav Srivastava, Sri C. P. Upadhyay, Sri Rajesh Kumar Sharma and Avadh Sharma, counsel for the applicant, learned A.G.A., for the State of U. P. and Sri G. S. Hajela, learned counsel for the C.B.I.
(2.) THIS bail application has been filed by the applicant Virendra Kumar Yadav with a prayer that he may be released on bail in R.C. No. 0072005A0002 of 2005 under Sections 120B, 420, 467, 468 and 471, I.P.C. and Section 13 (2) read with Section 13 (1) (d) Prevention of Corruption Act, C.B.I., S.P.E., Dehradun. The facts in brief of this case are that the F.I.R. of this case has been lodged by R. P. Mittal, Assistant General Manager, State Bank of Patiyala, Ro-II (D), Meerut, U. P. on 28.1.2005 at P. S. C.B.I., S.P.E., Dehradun in respect of breach of trust, cheating, dishonesty and embezzlement and misappropriation of the money committed by the applicant and other co-accused persons against the bank. It is alleged that the bank has been cheated by more than Rs. Two and Half crores, therefore, the bank concerned in accordance with the guidelines issued by the R.B.I. to them, a complaint in C.B.I. for investigation and for proceeding against applicant and other co-accused for the criminal offence committed against the bank which was a public sector undertaking. The F.I.R. has been lodged against 23 persons including the applicant. It is alleged that during the investigation carried out of the 13 current accounts with unreported overdrafts and ten fraudulent house loans. It was discovered that the bank has been defrayed and cheated with amount of Rs. 2,58,69,495.10 as on 31.3.2004. The investigation carried out in respect of 8 units on trading and seven others apparently engaged in manufacturing and supply of Art ware all belong to the accused Farhat Ali Khan or his family members and other co-accused persons. During the course of investigation, number of the accounts were inter linked with the account of co-accused Farhat Ali Khan which was a take over account from Allahabad Bank which inter alia became a N.P.A. on 30.9.2003. The then Branch Manager granted over draft much beyond its discretionary powers in the eight current account. Mentioned herein under without reporting to the controlling authority and some of these over drafts were adjusted out of C.C. limits sanctioned to the firm. The properties shown as collateral securities in six out of eight C.C. loan accounts were non-existent. Further the Branch Manager failed to report to the controlling authority the C.C. account of the co-accused Farhat Ali Khan which was long period. The financial statements as well as the stock statements were also fictitious and false. Even though the loan developed unsatisfactory features soon after sanction, yet the Branch Manager without any authority, in collusion and connivance with the other co-accused released the additional limits in cash beyond his discretionary powers. In following various account in which the fraud has been committed by the accused persons : A. M/s. Farhat Ali Khan C.C. Limit Rs. 100 lacs B. M/s. Raja Murad C.C. Limit Rs. 19 lacs C. M/s. G. N. Metla Trading Corporation C.C. Limit Rs. 10 lacs D. M/s. Waseem Khan C.C. Limit Rs. 100 lacs E. M/s. Mirza Usman Beg C.C. Limit Rs. 10 lacs F. M/s. Arif Khan C.C. Limit Rs. 10 lacs G. M/s. Taufeeq Ahmad C.C. Limit Rs. 10 lacs H. M/s. Naseem Kauser C.C. Limit Rs. 10 lacs
(3.) IT is alleged that applicant Virendra Kumar Yadav the then Branch Manager and Sri Rajendra Singh, the Field Officer intentionally and deliberately misrepresented the true facts accordingly misled the competent authority more particular in sanctioning/renewing the facilities mentioned at item which has resulted in huge loss to the bank. The accused persons in furtherance of their criminal conspiracy and acting with common intention of cheating the Bank all dishonestly and fraudulently induced it to provide them the aforesaid financial assistance and credits without any intention of repaying the same. It is contended by learned counsel for the applicant that the applicant was posted in State Bank of Patiala as a Bank Manager, he has not committed any offence. He opened eight accounts and fixed the C.C. limit and granted ten house loans to various persons. The proper procedure was followed and he opened the account and fixed the C.C. limtis on the basis of reports submitted by various persons. There is no evidence collected by the I.O. that applicant was having any connivance or collusion with the other co-accused person or had misappropriated any amount. Even during investigation no such evidence has been collected by the I.O. that applicant has acquired some property or misappropriated the amount. So far as the existence of properties is concerned it was a duty of some other person. The applicant has not used his office for any unlawful gain. The applicant is innocent person, he is having a good service career and he has not committed any mistake in enhancing the cash credit limit and sanctioning the house loan etc. Therefore, he may be released on bail.;