MILIND NAIK Vs. STATE OF KARNATAKA

JUDGEMENT

(1.) The present petition has been filed by the petitioners/accused Nos.1 and 2 under Section 438 of Cr.P.C. seeking to release them on anticipatory bail in the event of their arrest in Crime No.129/2018 of Cubbon Park Police Station, for the offence punishable under Sections 406 and 420 of IPC.

(2.) I have heard the learned counsel appearing for the petitioners/accused Nos.1 and 2 and also learned HCGP appearing for respondent-State.

(3.) The genesis of the complaint are that: the Assistant General Manager, Canara Bank has filed a complaint alleging that the accused persons have sought for loan for the purpose of doing business under Unnathi Scheme. It is contended that the said firm offered hypothecation of stock/book debits in respect of the term loan. Upon such guarantee of the Directors of the Company i.e., accused Nos.1 to 3 availed the credit facility and Bank has released the term loan of Rs.68,90,796/- on 04.01.2016 in favour of accused No.4. The loan amount was sanctioned for the purpose of purchasing electronic gadgets/medical kits from M/s. Earnest Life Style and Vision Care Company. It is further contended that inspite of release of the amount, the accused persons have not given the bills, invoices and further, they are in due of payment of installments as per the terms of the loan. It is further contended that the Directors of the Company have not furnished the new address and there is default in payment of the said loan availed. On the basis of the said complaint, case came to be registered.