PAVALABALAN Vs. STATE

JUDGEMENT

(1.) The petitioner, who was arrested and remanded to judicial custody on 15/10/2022 for the offences punishable under Ss. 120(B), 420, 465, 467, 468, 471 of IPC in Crime No.150 of 2022 on the file of the respondent police, seeks bail.

(2.) The case of the prosecution is that the accused 1 and 2 are partners in M/S.V.Tech Park, had availed loan from the Indian Bank, Vadapalani for a sum of Rs.1.00 crore and 30 lakhs as a open cash credit. After availing loan, A1 and A2 without utilizing it for the purpose of business transaction, had diverted the same to the account of A3. Thereafter, the accused misappropriated the loan amount. The petitioner is stated to have facilitated the loan to A1 and A2 by forging the loan documents. Hence, the case.

(3.) The contention of the learned counsel for the petitioner is that the petitioner is an innocent and he has nothing to do with the alleged offence. On the complaint given by the Manager of the Bank, A1 and A2 were arrested on 11/1/2022 and thereafter, Sarfaesi proceedings has also been initiated against A1 and A2. Later, based on the confession of A2, the petitioner was arrested on 15/10/2022. He would submit that A2 in this case has been granted statutory bail. Therefore, he prays for grant of bail to the petitioner.