IRSHAD HUSSAIN Vs. CENTRAL BUREAU OF INVESTIGATION

JUDGEMENT

(1.) This First Bail Application has been filed for grant of regular bail in connection with FIR No.RC0072018A0005, registered with Police Station C.B.I., S.P.E., Dehradun for the offences punishable under Sections 420 and 120-B of the Indian Penal Code, 1860 (in short, "the I.P.C .").

(2.) The First Information Report has been lodged on 19.06.2018 by the informant Satyapal Singh, General Manager, Uttarakhand Gramin Bank, Head Office, New Road, Dehradun. According to the F.I.R., through the internal inspection/investigation reports, which were conducted by the bank, it came to notice that the erstwhile Branch Manager of Bazpur Branch, Mr. R.A.S. Dinkar, in connivance with the borrowers and the supplier/dealer of agricultural equipments, M/S K.G.N. Tractors and Equipments, Doraha Bazpur had disbursed Agriculture Term Loans and KCC/Crop Loans worth Rs. 3,22,44,000/- to the borrowers during the year 2014-15 in gross disregard of Bank's guidelines, systems and procedures. The then Branch Manager had sanctioned Agriculture Loans for the purchase of Agriculture Equipments without ensuring required margin from borrowers. The rates indicated in the Quotations/Bills of agricultural equipments issued by the supplier M/S K.G.N. Tractors and Equipments were of very higher side in comparison of prevailing rates. The loan documents were also contained blank papers/documents signed by the borrowers. No money was made available to the farmers for crop production purposes. The KCC loans amount sanctioned to the borrowers for crop production were used as margin of Agricultural Term Loans. Some of the borrowers were defaulter of other banks and deposited their dues after availing loan from his bank and not utilized their loans for the real purpose for which it was sanctioned. The commissions were given for sanctioning loans and in some cases loan amount was not received in full by the borrowers. Even the agricultural equipments were not received by the borrowers and vouchers generated by the dealer M/S K.G.N. Tractors and Equipments showing the sale and purchase were not genuine and fake bills were provided leading to diversion of Bank's fund i.e. public money and potential financial loss to the Bank to the tune of Rs. 3,48,82,331/-. The borrowers were not cultivating crops for which the loan was sanctioned. The Agricultural Term Loan and Kishan Credit Card (KCC) were sanctioned to 42 borrowers by the then Branch Manager during the period 2014-15. The then Branch Manager in collusion with the partners/proprietors of M/S K.G.N. Tractors and Equipments and the borrowers with the intention to cheat the bank, dishonestly sanctioned the loan to the borrowers in violation to the norms.

(3.) Heard learned counsel for the applicant and learned Standing Counsel for the C.B.I. and perused the records.