RAMAN CHAWLA Vs. STATE

JUDGEMENT

(1.) According to the prosecution case, a big fraud in Punjab National Bank at Branch Office Rani Bagh, Delhi, was detected on 6th March 1998. Mr. B.K. Kalra, Special Assistant in the bank is said to be the central figure, othef persons involved are three other bank employees and eight customers.

(2.) Against Raman Chawla, one of the eight customers, the allegation is that two bank accounts were got opened by Raman Chawla, one current account No. 3398 as Proprietor of M/s Rohan Securities at the said branch. His firm M/s Rohan Securities are share dealers and most of the dealings of Kalra were through them and an amount of Rs.74 lakhs approximately were deposited in CA-3798 on the basis of credit vouchers. He was also maintaining a savings bank account No. 21864 jointly with Smt. Rama Munjal wherein an amount of Rs.11 lakhs approximately were deposited on the basis of fake vouchers. Almost the entire amount is withdrawn by Raman Chawla either by issuing cheques in favour of his constituents or by taking cash through self cheques. Raman Chawla was arrested on 8th October 1998 and remained in police remand up to 12th October 1998 and is under judicial custody since then.

(3.) According to the learned counsel for the applicant, he was as good share broker as Vaibhav Shares Pvt. Ltd. It was submitted by learned counsel appearing on behalf of the petitioner Raman Chawla that B.K. Kalra had a good reputation in share market in respect of purchasing shares etc. If at the instance of B.K. Kalra, cheques have been taken for the purpose of selling shares, then he could not be said to be at fault. The account in Punjab National Bank was just got opened to facilitate the receipt of payment which was to be made by B.K. Kalra and his friends and relations. It is further submitted that no useful purpose .will be served by just detaining him in judicial custody.