- (1.) HEARD learned counsel for the petitioner and learned counsel for the CBI.
(2.) THE petitioner has been made accused for the offence under Sections 120(B), 420, 467, 468, 471 and 477-A of the Indian Penal Code and Section 13 (2) read with Section 13(1)(d) of the Prevention of Corruption Act, in connection with RC.04(A)/2008-D. The case was instituted on the basis of written report submitted by Deputy General Manager, Allahabad Bank informing that in Kumardubi Branch, the then Branch Manager had conspired with several private firms including that of the petitioner and thereby cheated the Bank by granting cash credit facilities and term loans amounting to Rs. 2,09,95,142/- in the year 2004, thereby causing wrongful loss to the Bank for the same amount and corresponding wrongful gain to the accused persons. So far as the petitioner's firm is concerned, it is alleged that cash credit limit of Rs. 14 lakh and term loan of Rs. 8 lakh was sanctioned to the petitioner's firm, namely, M/s New Jharkhand Associates on 19.3.2004 for setting up a refractory unit. Upon investigation, it was found that value of the property of the petitioner was shown exorbitantly high, on the basis of which the said cash credit limit and term loan were granted to the petitioner. Learned counsel for the petitioner has submitted that the case has since been compromised between the Bank and the petitioner with an approved compromise proposal, according to which, the Bank has agreed to accept Rs. 13,50,000/- only towards full and final settlement of the amount. The petitioner has already paid the amount of Rs. 1,50,000/- to the Bank and rest of the amount of Rs. 12,00,000/- is to be paid by 30th September 2012. Learned counsel has accordingly prayed for bail.
(3.) LEARNED counsel for the CBI has opposed the prayer for bail submitting that the compromise with the Bank shall not absolve the petitioner of his criminal liability. In the facts of this case, since the case is compromised and the petitioner has also made payment of Rs. 1,50,000/- in terms of the compromise, I am inclined to enlarge the petitioner, Pawan Kumar Jaiswal, on provisional bail up to 1st of October 2012. Accordingly, the petitioner above named is directed to be released on provisional bail till 1st of October 2012 on furnishing bail bond of Rs. 10,000/- (ten thousand), with two sureties of the like amount each, to the satisfaction of learned Special Judge, CBI-cum-Addl. Sessions Judge 1st, Dhanbad, in connection with RC.04(A)/2008-D.;