Subhash Manakchand Zambad v. The State Of Maharashtra

2025:BHC-AUG:20013

IN THE HIGH COURT OF JUDICATURE AT BOMBAY

BENCH AT AURANGABAD BAIL APPLICATION NO. 1067 OF 2025 WITH CRIMINAL APPLICATION NO. 2175 OF 2025 IN BA/1067/2025 WITH CRIMINAL APPLICATION NO. 2176 OF 2025 IN BA/1067/2025 Shri Subhash S/o. Manakchand Zambad, Age 62 years, Occu. Business, R/o. Plot No. 27, N-2, CIDCO, Kamgar Chowk, Cha. Sambhajinagar, District Chatrapati Sambhajinagar.

.... APPLICANT.

VERSUS

The State of Maharashtra Through Police Inspector City Chowk Police Station, Cha. Sambhajinagar, District Chatrapati Sambhajinagar.

....RESPONDENT ...

Mr. V.D. Sapkal, Senior Advocate a/w. Mr. Atharva D. Khedkar i/b. Mr. Parth Salunke, Advocates for applicant.

Mr. A.R. Kale, Assistant Public Prosecutor for respondent No. 1/State. Mr. P.K. Palve, Advocate for applicant in Cri. Appln. No. 2175/25. Mr. D.K. Dagadkhair, Advocate for applicant in Cri. Appln. No. 2176/25. ...

CORAM :

ARUN R. PEDNEKER, J.

DATE :

29/07/2025 ORDER :

1.

Criminal Application Nos. 2175 and 2176 of 2025 filed for assisting to APP are allowed and disposed of. Mr. P.K. Palve and Mr. D.K. Dagadkhair, respective learned advocates are allowed to assist APP. 2.

Heard Mr. V.D. Sapkal, learned counsel for the applicant, Mr. M.P. Kale, learned APP for the respondent-State and Mr. P.K. Palve and Mr. D.K.

Dagadkhair, learned advocates assisting APP.

3.

The applicant is seeking bail as he was arrested in connection with Crime No. 354/2023 dated 18.10.2023 registered with City Chowk Police Station, Chh. Sambhajinagar, District Chh. Sambhajinagar for the offences punishable under sections 406, 409, 420, 465, 467, 468, 471, 477-A, 217, 120-B r/w. 34 of Indian Penal Code ('IPC' for short), sections 3 and 4 of the Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act, 1999.

4.

The case of the prosecution is that one Suresh Panditrao Kakade, District Special Auditor, Class-I, Cooperative Societies, Aurangabad lodged report with City Chowk Police Station Aurangabad in respect of present crime. It is stated in the FIR that the informant is appointed as the Administrator of Ajantha Urban Co-operative Bank Ltd., Aurangabad ('Ajantha Bank' for short) and accordingly, he took charge of the bank as an Administrator on 31.8.2023. The Chief General Manager of RBI vide letter dated 28.8.2023 had directed the informant to take legal action with regard to illegalities and irregularities being conducted in Ajantha Bank and accordingly vide letter dated 6.9.2023 as per the letter of RBI and in view of the provisions of Maharashtra Co-operative Societies Act, further actions have been taken.

5.

It is contended that as per the letter dated 28.8.2023 issued by RBI, it was found that net worth and CRAR with reference to audited financial condition of the bank has a huge gap. Net worth of the bank was Rs. (-) 70.14 crores and CRAR was Rs. (-) 38.30 Crores. Similarly an amount of Rs. 64.60 crores was shown to have been kept in the name of 36 borrowers by showing false and fabricated fixed deposit certificates. It was also

contended that false and fabricated certificate of balance with reference to amount of Rs. 32.81 crores has been given to RBI. 6.

It is the case of the prosecution that the present applicant was the Chairman of Ajantha Bank at the relevant time and he in conspiracy with other co-accused has siphoned/misappropriated the amount of depositors by creating forged, fabricated record of bogus fixed deposits in the name of his close persons and further availed overdraft facilities against those bogus fixed deposits during the period from 1.3.2006 to 30.8.2023. It is also stated that the applicant had conspired to create fabricated, false and bogus documents to make Reserve Bank of India ('RBI' for short) to believe that the bank is having sound financial condition and has shown the exaggerated figures of amounts deposited with the banks than the actual one. It is also stated that RBI had received several complaints regarding misappropriation of funds in the bank and accordingly conducted thorough enquiry and found that the applicant and other co-accused were doing gross misdeeds to show inflammation of amount on the basis of bogus record and false reports were submitted to RBI.

7.

In the supplementary chargesheet, role of the present applicant is given, which is annexed with the present bail application at page Nos. 214 to 218, as under :- अ-क्रआरोपीचेनाव पुराव्याचाप्रकार सुभाषमाणकचंद झांबड आरोपीसुभाषमाणकचंदझांबडअजिंठाअर्बनको.ऑप.

बँकमर्या.

औरंगाबादबँकेच्यास्थापनेपासूनसन1999 ते2023 बँकेवरRBI कडूनआर्थिक निर्बंधलागेपर्यंतअध्यक्षहोते.

आरोपीसुभाषमाणकचंदझांबडयांनीबँकेचेअध्यक्षयामहत्वाच्याव जबाबदारीच्यापदावरकार्यरतअसतांनासन2006 तेसन2023 याकालावधीत बँकेच्या आदर्श उपविधी तसेच बँकींग नियमावलीचे उल्लंघन करून, अधिपत्याखालीलअजिंठाअर्बनको.ऑप.

बँकमर्या.

औरंगाबादबँकेचेमुख्य कार्यकारीअधिकारी, मुख्यव्यवस्थापक, बँकअधिकारी, ाखाव्यवस्थापकयांचे

मार्फतीनेमौखीकप्रचारकरून, स्थानीकवर्तमानपत्रातजाहीरातदेऊन, बँकेत भिंतीपत्रकेडकवूनत्याव्दारेअजिंठाअर्बनको. ऑप. बँकमर्या.

औरंगाबादया बँकेतमुदतठेव(FD), मंथलीइन्कमस्कि ममध्येठेवीवर10 ते12 टक्केपर्यंत आकर्षकव्याजदेण्याचेठेवीदारांनाआमीषदाखवून, अजिंठाअर्बनको. ऑप बँकेतठेवीठेवण्यासाठीप्रवृत्तकेलेतसेचठेवीदारांनामुदतपुर्तीझालेल्याठेवी विड्रॉलकेल्यासआर्थिकनुकसानहोईलअशशीभितीदाखवुनठेवीविड्रॉल केल्यापेक्षात्यावरीलव्याजदरवाढवूनदेऊअसेखोटेआश्वासनेवप्रलोभनदिले. त्याप्रलोभनासबळीपडुनगुंतवणुकदार/ सभासद/ ठेवीदारयांनीआरोपीअध्यक्ष, संचालकमंडळतसेचबँकेचेCEO, मुख्यअधिकारी, ाखाव्यवस्थापकयांचेवर विश्वासठेवूनत्यांच्यासेवानिवृत्तीतुनमिळालेलीरक्कम, बचतकेलेलीरक्कम आयुष्याचीकमाई, विश्वासानेआरोपीच्याअजिंठाअर्बनको. ऑप.

बँकमर्या.

औरंगाबादबँकेच्यामुख्यशश ाखाजाधवमंडीवउस्मानपूराशश ाखेतलाखोकरोडो रूपयेंच्यामुदतठेवी(FD), मंथलीइंन्कमस्कि म(MID) मध्येलाखोरुपयाच्या ठेवीठेवल्याहोत्या.

आरोपीअध्यक्षआणि सन2006 तेसन2023 याकालावधीतीलसंचालक, तसेचयातीलकॉलमनं.10 मधीलनमुदआरोपीसनदीलेखापाल, आणि यापुर्वी दाखलकेलेलेमुळदोषारोपपत्रातीलआरोपीबँकेच्यामुख्यकार्यकारीअधिकारी, मुख्यव्यवस्थापक( चिफफ ऑफफीसर), ाखाव्यवस्थापकतसेचFDOD कर्ज प्रकरणातीलअटककेलेलेमुळदोषारोपपत्रातीलनमुदकर्जदारआरोपीयांचेशशी आपसातसंगणमतकरून, गुन्हेगारीस्वरूपाचाकटरचुनकर्जखातेदारांच्या संमतीशिवायत्यांच्याअपरोक्षबनावटवखोटे36 FDOD कर्जखातेस्वतःच्या बँकेततयारकरूनघेतले.

अजिंठाअर्बनको. ऑप.

बँकमर्या.

औरंगाबादयाबँकेचेआदर्शउपविधीव रिझर्वबँकऑफफ इंडीयानेघालुनदिलेलेनियमवनिर्देशशाचेपालननकरता सहकारीबँकनियमावली, सहकारीसंस्थाकायदावनियमावलींचेपालनन करता, स्वतःच्याआर्थिकफफ ायद्याकरीता, पदवअधिकाराचादूरूपयोगकरून, नियमबाहयपदधतीने, नियोजनबध्दरित्या, आर्टीफिशश ीअलएफफडी.

तयारकरून, तसेचबँकेचीआर्थिकस्थि तीचांगलीनसतांना, स्वतःच्याआस्थापनाअसलेल्या झांबडकंन्स्ट्रक्शशनच्यानावाच्याकाहीF.D., यातीलवादग्रस्त36 एफफडीअगेन्स्ट कर्जप्रकरणातीलकाहीकर्जासजोडून, गुन्ह्यातीलवादग्रस्त1 ते36 FD अगेन्स्ट कर्जखात्यावरसुमारे64.60 कोटीरुपयेकर्जकर्जघेतलेआणि दूसऱ्याबाजूने FDOD कर्जासतारणदाखविलेल्याF.D.

विड्रॉलकरूनत्यांचीरक्कमबँक खात्यावरघेऊनदिशश ाभुलकरूनखोटेकागदपत्रेतयारकेले.

गुन्हयातीलखोटयावबनावट1 ते36 FDOD पैकीआरोपी-सुभाष माणकचंदझांबडयांनीFDOD कर्जखातेक्रमांक2706 गायकवाडउत्तमचंद देवचंद 2) जैन परेशश FDOD/2495 3) FDOD/723 जैन सुभाष एम, 4)FDOD/2703 जैनसुरेद्रमदन5) FDOD/722 पाटणीविनोद6) FDOD/867 संतोषसाखरे7) FDOD/2320 साखरेपोपटबाजीराव8) FDOD/2704 पाटील संतोषआर. 9) FDOD/2705 सुराणाघेवरचंदमोतीलालयांचेकर्जखात्यातुन कर्जातील अपहाराच्या रकमेतील सुमारे 23,90,76,514/ रूपये स्वतःच्या आस्थापनासोहममोटार्सप्रा.लि., झांबडकन्स्ट्रक्शशनहाऊसप्रा.लि.

च्यानावे असलेल्याबँकखात्यावरट्रान्सपरकरूनघेऊन, विड्रॉलकरुनतसेचकाहीरक्कम रोखीनेघेऊनआर्थिकलाभघेतलाअसेफफ ॉरेन्सीकऑडीटमध्येनिष्पन्नझाले आहे.

त्याचप्रमाणेआरोपीअध्यक्षसुभाषमाणकचंदझांबडयांनीयातीलबँकेचा अध्यक्षपदाचागैरफफायदाघेऊनअधिपत्याखालीलबँकेतीलअधिकारीयांचे कडुन गुन्हयातील वादग्रस्त 36 FDOD (एफफडी.

अगेन्स्ट कर्ज खाते) खातेदारपैकीकर्जदारतथागुन्ह्यातीलसाक्षीदार1) रमेशश सांडूजाधव, FDOD खातेक्र. 1513, 2) रमेशश बाबूरावटकले, FDOD खातेक्र. 614, 3) नौसीनसबा

नदीमोद्यीनFDOD खातेक्र. 2547, 4) सुभाषमाणकचंदजैन( सुभाषएम. जैन) FDOD खातेक्र.723, 5) राहुलकिरणगुजरFDOD खातेक्र. 3230, या खातेदारांच्यासंमतीशिवायत्यांचेअपरोक्ष, कोणतेहीKYC दिलेलेनसतांना, ार्मवरस्वाक्षरीकेलेल्यानसतांनासंगणमताने, वरनमुदसाक्षीदारांच्यानावाने बनावटकर्जखातेउघडून, त्यांचेनावेअजिंठाअर्बनकोऑपबँकलि. औरंगाबाद बँकेततयारकेलेल्याआर्टीफिशश ीअलबनावटखोटयाFDOD.

कर्जखात्यावर त्यांचेलाखोकरोडोंरुपयांचेकर्जरक्कमजमाकरूनतेथुनसहआरोपीमुख्य कार्यकारीअधिकारी, ाखाव्यवस्थापकवइतरयांचेशशीसंगणमतकरून कर्जातीलरक्कमेचालाभघेऊनसाक्षीदारांचीफफ सवणुककेलीतसेचठेवीदारांची आर्थिकफफ सवणुककेली.

गुन्ह्यातीलवादग्रस्त1 ते36 FD अगेन्स्टकर्जखात्यावरसुमारे64.60 कोटीरुपयेकर्जवाटपकेल्याचेदाखवुनखोट्यावबनावटनोंदीकरुनघेऊन कर्जातीलरकमास्वतःच्याआर्थिकफफ ायद्यासाठीरोखीनेतसेचस्वतःच्याईतर आस्थापनाच्याबँकखात्यावरघेऊनठेवीदारांचीवखातेदारांचीफफ सवणुककेली.

वस्वतःआर्थिकलाभघेतलाअसूनआर्थिकव्यवहाराचेव्हाऊचर्सनबनविता Sundry Creditors Account लाबनावटनोंदीआधारेडेबीटक्रेडीटटाकुन, खोटेनोंदीव्दारेमुदतठेवपावत्यातारणदाखविल्यावFDOD कर्जखात्यावर पैसेक्रेडीटडेबीट( जमाखर्च) व्यवहारदाखवूनदिनांक31/03/2023 रोजीचा ताळेबंदजुळवुनघेऊनकाहीकर्जखातेBalance Zero दाखविले. ठेवीदारांच्या मुदतठेवी, मंथलीइन्कमस्कि मठेवीवबचतखात्यावरठेवलेलेरक्कमेतूनबनावट कर्जाच्यामाध्यमातुनआर्थिकअपहारकेला.

त्याचप्रमाणेआरोपींसुभाषमाणकचंदझांबडयांनीअधिपत्याखालीलमुख्य कार्यकारीअधिकारी, सहआरोपीयांचेकडुनअजिंठाअर्बनको.

ऑफफ बँक मर्यादित, औरंगाबादयाबँकेचेईतरबँकेतअसलेलेबँकखाते1) स्टेटबँकइंडीयाशश ाखा, टाऊनसेंटरछत्रपतीसंभाजीनगर(SBI Bank) याशश ाखेमध्येअसलेल्या खातेवर90,989/- रुपयेजमाशिल्लकअसतांना, त्याशिल्लकजमारक्कमेऎवजी 12.37 कोटी रुपये जमा शिल्लक असल्याचे खोटे वबनावट Balance Certificate तयारकरुनघेतलेतसेच2) अॅक्सीसबँकशश ाखागारखेडा, व जुनामोंढाछत्रपतीसंभाजीनगर(AXIS Bank) याशश ाखेमध्येअसलेल्या खात्यावर32,00,000/- रुपयेजमाशिल्लकअसतांनात्याशिल्लकजमारक्कमे ऐवजी9.14 कोटीरुपयेजमाशिल्लकअसल्याचेखोटेवबनावटBalance Certificate तयारकरुनघेतले. 3) महाराष्ट्रस्टेटसहकारबैंकशश ाखा, छत्रपती संभाजीनगर(MSC Bank) याशश ाखेमध्येअसलेल्याखातेवर6,00,000/- रुपये जमाशिल्लकअसतांनात्याशिल्लकजमारक्कमेऎवजी11.

69 कोटीरुपयेजमा शिल्लकअसल्याचेखोटेवबनावटBalance Certificate तयारकरुनघेतले, अशशाप्रकारेनमुदबँकांमध्ये38,85,191/-( अडोतीसलाखपंच्याऐशशीहजारएकशशे एक्यान्नव) शिल्लकअसतांनात्याऐवजी33,20,00,000/-( तेहतिसकोटीविस लाखरुपये) शिल्लकअसल्याचेखोटेहिशश ोबतयारकरुनघेऊनवरनमुदबँकांचे Balance Certificate खोटेबनावटअसतांनातेखरेअसल्याचेभासवून अप्रामाणीकपणेभारतीयरिझर्वबँकेला(R.B.I.) सादरकेलेअशशाप्रकारेअध्यक्ष आरोपी सुभाष माणकचंद इ तांबड यांनी कटात सहभागी होऊन अधिपत्याखालीलबँकेचेअधिकारीयांचेकडुनखोटेवबनावटकागदपत्रेतयार करुनतेRBI यांनासादरकेले.

वरनमुदबनावटवखोटेतयारकेलेल्याबँकबॅलन्ससर्टिफिकेटच्या व्यतिरीक्तअशशाचप्रकारेआणखी1) औरंगाबादजिल्हामध्यवर्तीसहकारीबँक (ADCC Bank) (00017), 2) IDBI Bank (16010) 3) Yes Bank (18425) 4) सेंट्रलबैंकऑफफ इंडीया(58570) 5) ESAF (33788) याबँकेतअसलेल्या अजिंठाअर्बनको.

ऑपबँकमर्या.

बँकेच्याखात्यातशिल्लकरक्कमेपक्षाजास्त रक्कमअजिंठाअर्बनकोऑपबँकेच्यानावेअसलेल्याखात्यावरशिल्लक असल्याचेखोटेहिशश ोबतयारकेलेअसूनआरोपींनीबँकेतीलठेवीदारांच्या

रकमेचाकेलेलाअपहारउघडहोऊवबँकतोट्यातनसूननफ्यातअसल्याचे भासवून, खोटेवार्षीकअहवालतयारकरूनठेवीदारांचीआर्थिकफफ सवणुककेली.

साक्षीदारसीए. श्री.

रमनलोयायांनीकेलेल्यारिकन्सीलेशशनऑडीटआणि सीए.के.एम.

अग्रवालयांनीकेलेल्याफफ ॉरेन्सीकऑडीटमध्येत्यांनीसदरीलबाबी नमुदकेल्याआहे.

अजिंठाअर्बनकोऑपबँकमर्या.

औरंगाबादबँकेच्याअध्यक्षपदाच्या कालावधीत यातील सुमारे 22,387 साक्षीदार तसेच इतर ठेवीदार/गुंतवणुकदार/ सभासदांनीयांनी, अजिंठाअर्बनको.

ऑफफ बँकमर्या.

औरंगाबादयाबँकेकडेFD., MID., Saving Account मध्येNet Deposit447,39,86,952/- रूपये ठेवी ठेवलेल्या असतांना, सदर आरोपींने इतर सहआरोपींयांचेशशीसहसंगणमतानेआर्थिकअपहारकेल्याचेवबनावटबँक बॅलन्सप्रमाणपत्रRBI.

बँकेलासादरकेलेRBI.

बँकेकडूनकरण्यातआलेल्या परिक्षणात, आर्थिकअनियमीतताआढळूनआल्याने, अजिंठाअर्बनकोऑप बँकेवरआर्थिकनिर्बंधलादल्यातआलेचबँकेवरप्रशशासकांचीनियुक्तीकरण्यात आली.

अशशाप्रकारेआरोपीअध्यक्षसुभाषमाणकचंदझांबडयांनीसहआरोपींशशी संगणमतकरून, पदवअधिकाराचादूरूपयोगकरून, ठेवीदारांचाविश्वासघात केला, तसेचखोट्यावबनावट36 FDOD च्यामाध्यमातुनठेवीचाअपहारकरून ठेवीदारगुंतवणुकदारांचीआर्थिकफफ सवणुककेलीस्वतःआर्थिकलाभघेतला.

8.

In view of the above allegations, chargesheet is filed against the applicant and other co-accused for the aforesaid offence. 9.

Mr. V.D. Sapkal, learned senior counsel for the applicant has focused his argument on the allegation of disputed fixed deposited certificates of Rs. 64.60 crores kept in the names of 36 borrowers who are close to the present applicant. In this regard, the learned senior counsel has taken me through the letter dated 28.2.2024 written by the complainant/ administrator of Ajantha Bank in response to the letter issued by the Investigating Officer. Since the entire case of the applicant is based on the above letter dated 28.2.2024, the said letter is reproduced below :- "मा.

पोलिसनिरिक्षक, आर्थिकगुन्हेशश ाखा, पोलिसआयुक्तालय, छत्रपतीसंभाजीनगर विषय:- 36 एफफ.डी.ओ.डी.

कर्जखातेवसुलीबाबत.

संदर्भ:

आपलेकार्यालयाचेजा.क्र./आ.गु.शशा./ गुन्हेतपासमाहिती/फफौ.प्र.स.23-2024/2013 दि.12/02/2024 महोदय,

उपरोक्तसंदर्भीयविषयाच्याअनुषंगानेकळविण्यातयेतेकी, दि.18/10/2023 रोजीभारतीय रिझर्व्हबँकेच्यानिर्देशशाप्रमाणेगुन्हानोंदकेलाआहे. सदरगुन्हयातीलरक्कमरु.97.41 कोटीहोती.

सदरगुन्हयातनमुदरक्कमेच्यावसुलीचातपशिलपुढीलप्रमाणेआहे. अ.क्र.

तपशिल वसुलरक्कमशश ेरा एफफ डी.ओ.डी.

21,56,11,565 ठेवपावत्याकर्जखात्यालाजमाकरून दि.18/10/2023 पुर्वी 24,93,16,670 रोख/आर.टी.जी.एस.

व्दारेजमा दि.18/10/2023 नंतर 18,76,41,588 रोख/ आर.टी.जी.एस.

व्दारेजमा एकुण 65,25,69,823 वरिलप्रमाणेबँकरेकॉर्डनुसाररु.65,25,69,823/- रक्कमजमाझालेलीआहे.

पैकी :- 21,56,11,565/- एवढीरक्कममाहेमार्च2023 मध्येकर्जदाराच्याकर्जखातेउताऱ्यावरठेवपावत्याने रक्कमाजमादर्शविण्यातआलेल्याआहे.

प्रत्यक्षातबँकदप्तरीसदरमुळठेवपावत्याउपलब्धनाहीत." 10.

The learned counsel for the applicant submits that the above amount shown in the chart is repaid by the applicant. Investigation in the matter is completed. Chargesheet is filed. The other allegations are general in nature which are in respect of Board of Directors and other office bearers, who possibly mis-managed the business of banking. The learned senior counsel therefore prays to release the applicant on regular bail. 11.

Per contra, the learned APP points out that the amount deposited through cash/R.T.G.S. as shown in the above chart (i.e. Rs. 24,93,16,670/- and Rs. 18,76,41,588/-) are received from the other banks. In respect of amount of Rs. 21,56,11,565/- the learned APP points out that this amount is deposited in the bank account unauthorisedly by liquidating the fixed deposit receipts of the other depositors without their consent. The learned APP has produced the list of persons whose fixed deposit receipts are liquidated by the bank without their consent and the amount of Rs. 21,56,11,565/- is said to have been paid by the applicant. Original fixed deposit receipts are with the fixed deposit holders. Their statements are

also recorded by the Investigating Officer. The learned APP submits that action of the applicant, liquidating the fixed deposit receipts of large number of depositors without their consent and diverting their funds towards the loan account of 36 borrowers who are close to the applicant is an illegal act which would fall within the provision of section 409 of I.P.C. The learned APP submits that in the letter dated 28.2.2024 it is mentioned that from the total recovered amount of Rs. 65,25,69,823/-, amount of Rs. 21,56,11,565/- is shown to be deposited from the loan accounts extract of the borrowers, who are close to the applicant, however, the bank do not have copy of original fixed deposit receipts. 12.

Considering the above, the learned APP submits that the offence is of grave nature and economic offence relating to siphoning of amount/ funds of large number of depositors is very serious. The learned APP submits that apart from the above specific case against the applicant, further investigation of the case is still in progress. Out of amount of Rs. 447.70 crores deposits of 22387 depositors, an amount of Rs. 276.72 crores amount has been paid through DICGE insurance claim and amount of Rs. 69.04 crores is remained to be paid to the depositors through DICGE insurance claim. Apart from the above, amount of Rs. 101.92 crore is not returned to the depositors who have deposited amount more than Rs. 5 lakhs. As such, yet total amount of Rs. 170.97 crores is not received by the depositors. Investigation in that respect is pending.

The learned APP submits that the amount paid by the insurance company is required to be recovered from the present applicant, who was Chairman and other coaccused and this amount is apart from the fixed deposited certificates of Rs. 64.

applicant. The learned APP submits that there are other allegations as regards inflated fixed deposits being maintained by the bank. The learned APP submits that applicant was successful in avoiding his custody as he was pursuing the remedy of anticipatory bail and finally when the supreme court has declined to give any relief to the applicant, he was arrested. Money of large number of people is involved in the present crime. Applicant is influential person and if the applicant is released on bail, the State would not be able to recover the remaining amount and return the same to the depositors/investors. The learned APP therefore prays to dismiss the bail application of the applicant.

13.

Having perused the above submissions and police papers, it is required to be noted here that the applicant has liquidated the fixed deposit of Rs. 21,56,11,565/- of depositors without their consent and diverted the said funds into the loan account of his close persons in order to demonstrate that payments are received by the bank. This action of the applicant is totally illegal. Prima facie, there is ample material available against the applicant on record to show that applicant has committed the offence of criminal breach of trust. So also there are large scale illegalities and irregularities committed by the bank for which the applicant being Chairman is also primarily responsible.

In this crime, large number of people have lost their money and the amount deposited by them is yet to be returned to them and further investigation is required in the matter as at this stage investigation on wider aspect of fraud is not complete. State Insurance has paid some amount to the investors/depositors, however, the amount paid by the insurance company is also required to be returned to it from the properties of the applicant and others.

14.

From the above discussion, the statements recorded by police and other material on record, it is apparent that the applicant and other coaccused are primarily responsible for large scale fraud resulting in the depositors loosing their money.

15.

The law as regards grant of bail in economic offences is discussed in the below noted judgment of the Hon'ble Supreme Court. The Hon'ble Supreme Court, in para 22 and 23 of the judgment delivered in the case of Tarun Kumar Vs. Assistant Director Directorate of Enforcement, reported in AIR 2024 SC (Criminal) 217 has observed as under :- "22. Lastly, it may be noted that as held in catena of decisions, the economic offences constitute a class apart and need to be visited with a different approach in the matter of bail. The economic offences having deep-rooted conspiracies and involving huge loss of public funds need to be viewed seriously and considered as grave offences affecting the economy of the country as a whole and thereby posing serious threat to the financial health of the country.

Undoubtedly, economic offences have serious repercussions on the development of the country as a whole. To cite a few judgments in this regard are Y.S. Jagan Mohan Reddy v. Central Bureau of Investigation, Nimmagadda Prasad v. Central Bureau of Investigation, Gautam Kundu v. Directorate of Enforcement (supra), State of Bihar and Anr. v. Amit Kumar alias Bachcha Rai. This Court taking a serious note with regard to the economic offences had observed as back as in 1987 in case of State of Gujarat v. Mohanlal Jitamalji Porwal and Anr.

5... The entire community is aggrieved if the economic offenders who ruin the economy of the State are not brought to books. A murder may be committed in the heat of moment upon passions being aroused. An economic offence is committed with cool calculation and deliberate design with an eye on personal profit regardless of the consequence to the community. A disregard for the interest of the community can be manifested only at the cost of forfeiting the trust and faith of the community in the system to administer

justice in an even-handed manner without fear of criticism from the quarters which view white collar crimes with a permissive eye unmindful of the damage done to the National Economy and National Interest... 17.

Considering the law as noted in above judgment of the Hon'ble Supreme Court and the material available with the Investigating agency, it appears that there is large scale fraud committed by the applicant, who was the Chairman of the Ajantha Bank and other co-accused. There is huge misappropriation of the amount of the depositors and investors. The ordinary depositors have lost their hard earned money and life long saving. Police have collected various statements of the witnesses like depositors and borrowers, which point the complicity of the applicant and other coaccused and large scale fraud is committed resulting in misappropriation of money.

18.

The applicant's bail application deserves to be dismissed as he has liquidated large number of depositors/investors amounts without their consent and diverted the funds towards the loan accounts maintained by his close relation to the tune of Rs. 21,56,11,565/- and an offence under section 409 of I.P.C. being spelt out against the applicant. This bail application also needs to be rejected to ascertain the assets of the directors including the applicant to recover the outstanding loan in terms of provisions of the M.P.I.D. Act and the liability will have to be fixed and the case would also require further investigation of the applicant to unearth the complete fraud in the matter. The fraud committed is of large magnitude and the applicant is directly involved in the fraud, as such this is not a fit case for grant of regular bail. Considering the above, the applicant is not entitled for any relief.

19.

In view of the above, the application is dismissed. It is clarified that the observations made in this order are limited to the disposal of the present bail application. The concerned Court shall proceed further in the matter without being influenced by the observations made hereinabove. 20.

The bail application is dismissed. All other applications are disposed of.

[ARUN R. PEDNEKER, J.] SSC/