LAXMAN BHAGWAN TAMBE Vs. STATE OF MAHARASHTRA

JUDGEMENT

(1.) HEARD the learned Counsel for the applicants and the learned APP for the State.

(2.) APPLICANTS have been arrested in connection with the offence punishable under sections 406, 408, 409, 420 read with section 34 of the Indian Penal Code registered with Mohol Police Station vide C.R. No.I-507/2008.

(3.) THE learned APP, on the other hand, vehemently opposed this application for bail. He has filed an affidavit-in-reply of the Police Inspector attached to Crime Branch, Solapur (Rural). It is submitted that there was conspiracy of the applicant alongwith with the Chairman of the Credit Society and the amounts deposited by poor investors have been utilized for sanctioning loan amounts. The learned APP appearing on behalf of the State submitted that the loan was disbursed to the close relatives of the Directors. However, perusal of the complaint does not disclose that this amount has been given to the relatives of the Directors of the Credit Society.