BABU VENKIDESH Vs. STATE OF KERALA AND ORS.

JUDGEMENT

(1.) This application is filed under sec.438 of the Cr.P.C.

(2.) The applicant herein is the Senior Manager of Dena Bank, Thiruvananthapura. He is arrayed as the 3rd accused in two crimes, which were registered at the Fort Police Station, Thiruvananthapuram. Crime No.1338 of 2011 was registered at the instance of one Dennis Jacob and Crime No.1442 of 2011 was registered at the instance of one Alexander Jose. Both the complainants are related to each other. It appears that in the course of investigation, the above crimes were consolidated and investigation is now being continued in Crime No.1338 of 2011. The province against the applicant and two others are under sec.409, 420 and 471 r/w. sec. 120B of the IPC.

(3.) The prosecution case can be encapsulated thus: The 1st accused in Crime No.1338 of 2011 was working as an agent at "D.J. Systems", a concern run by the de facto complainant. The de facto complainant had applied for a loan for Rs. 35 lakhs from the Dena Bank, Thiruvananthapuram, for the purpose of developing his business. Property having an extent of 40 cents owned by his relative, one Alexander Joseph, was mortgaged. The 1st accused. who was aware of the loan being availed, conspired with the rest of the accused for making unlawful gain and approached the de facto complainant and he was informed that the 1st accused was planning to commence an Aviation Company and Training Services. Directorship in the said Company was offered on condition that the de facto complainant invests in the proposed Company. Believing the words of the 1st accused, the de facto complainant transferred funds to the accounts of the 2nd accused. Specific allegation against the applicant herein is that he being the Senior Manager of the Dena Bank, Thiruvananthapuram, had actively conspired with the rest of the accused and closed the cash credit loan account without the knowledge of either the principal borrower or the guarantor.