VIJAYKUMAR JAYANTILAL SHAH Vs. STATE OF GUJARAT

JUDGEMENT

(1.) THE applicant has preferred this application under section 439 of the Code of Criminal Procedure, 1973 for regular bail in connection with the offence registered as I C.R. No.5 of 2011 registered with Gandhinagar Zone Police Station, Gandhinagar for the offence under sections 406, 409, 420, 465, 467, 468, 471, 477 -A and 120 -B of the IPC and section 46 of the Banking Regulations Act (for short the Act ).

(2.) ONE Kartikbhai Rameshchandra Patel, Manager, Gujarat Industrial Cooperative Bank Limited, Relief Road branch, Ahmedabd filed FIR on 13.7.2011 against 83 accused. It was alleged that the acount holders of the complainant bank as well as Administrators of the Bank in collusion with other persons hatched a criminal conspiracy and sanctioned loan by violating Rules and Regulations of the bank and guidelines issued by the Reserve Bank of India. It was further alleged in the FIR that the acused in order to get the loan sanctioned, created false accounts and made false entries in the account and thereby, created false statement of account. It was also alleged that the accused person in collusion with the account holders created false valuation reports of the properties and got the loan sanctioned on the basis of such documents and caused financial loss to the bank.

(3.) ON the basis of the FIR, offence came to be registered and investigation was started. During the course of investigation, the applicant came to be arrested on 3.3.2012. Since then, the applicant is in jail.