MANNUR VASUDEVA MAIYA Vs. STATE OF KARNATAKA

JUDGEMENT

(1.) Heard the learned counsel for petitioner and the learned High Court Government Pleader for the respondent-State. Perused the records.

(2.) The petitioner is arraigned as Accused No.1 in Crime No. 69/2020 of Banasawadi Police Station for the offence punishable under Sections 406 , 409 , 420 , 120-B r/w 34 of IPC and under Section 9 of the Karnataka Protection of Interest of Depositors in Financial Establishments Act, 2004 ( for short, 'KPIDFE Act').

(3.) The brief facts of the case are that, Sri. Santhosh Kumar, CEO of Gururaghavendra Sahakara Bank Niyamitha, situated at No.15, Subbaramachetty Road, Netkalappa Circle, Basavanagudi, Bengaluru, has lodged a complaint making allegations against one Mannur Vasudeva Maiah that, he was handling the entire administrative affairs of and also managing the entire business of the said bank and also its branches during the period from 07.04.2012 to 31.01.2018; Colluding with some customers, with an intention to commit loss to the bank, the petitioner fraudulently rendered various types loans and also loans on deposits in excess of the admissible amount without obtaining any security towards such loans without following the credit rules and bye-law of the bank and without any resolution of the Administrative Committee of the bank and caused huge loss to the bank.