NIKHIL ROY Vs. STATE OF MAHARASHTRA

JUDGEMENT

(1.) Heard the learned Senior Counsel for the applicant, learned Counsel for the Intervenor and the learned APP for State.

(2.) This is an application under section 438 of the Code of Criminal Procedure, 1973 seeking pre-arrest bail in Crime No. 147 of 2019 registered at Byculla Police Station. However, the same was transferred to Economic Offences Wing on 8/6/2019 and has been renumbered as EOW Crime No. 39 of 2019 punishable under sections 409, 406, 420, 465, 467, 468, 471 and 120B of the Indian Penal Code.

(3.) The case of the prosecution is that the informant is Chairman of Mumbai Lokhand and Polad Kamgar Mandal (hereinafter referred as "said Institution"). The informant is responsible for supervising workers and various other officers working in the said Institution. In December, 2018, present applicant in the capacity of Manager of the State Bank of India, Mazgaon, Mumbai had approached the said Institution at Kalamboli and proposed to one Mr. Rajendra Garje that fixed deposits of the Institution should be deposited in the State Bank of India. The Institution had requested the applicant to give a quotation and accordingly, on 13/12/2018, the applicant had given a quotation to the Institution and had proposed that they would get interest at the rate of 6.75% per annum. The proposal was accepted and accordingly, the Institution had deposited Rs. 20 Crores vide 3 fixed deposits in December, 2018 for 24 months. The said fixed deposits were further extended and the other deposits from Syndicate Bank were also transferred to State Bank of India. In all, the Institution had deposited Rs. 45 Crores with the State Bank of India at Mazgaon Branch.