KATTA SURESH BABU Vs. STATE OF ANDHRA PRADESH

JUDGEMENT

(1.) This Criminal Petition is filed under Section 437 and 439 of the Code of Criminal Procedure, 1973 (for short "the Cr.P.C.") seeking regular bail to the petitioner/Accused in connection with Crime No.264 of 2021 of Addanki Police Station, Prakasam District, registered for the offences punishable under Sections 420 and 409 of the Indian Penal Code, 1860 (for short "IPC").

(2.) A complaint is lodged by the de facto complainant, stating that the petitioner while working as Assistant Manager, Punjab National bank at Sankavarapadu Branch has indulged in certain unethical practices i.e. the gold ornaments deposited / pledged by the customers for obtaining gold loans were later replaced with spurious/rold gold items and the originals were pledged at some other banks by the accused for procurement of loans and for his personal gain, cheated the customers as well as the bank by abuse of his official position and mis-utilized jewellery pledged as security. However, after coming into light the said alleged misdeeds, and on the intervention of other bank officials, the accused got released the original gold ornaments from Mannappuram Finance and again replaced the same with the bank. Basing on the said report, the present crime was registered. Petitioner was arrested and remanded to judicial custody on 03.07.2021.

(3.) Heard Sri S.Dilip Jaya Ram, learned counsel for the petitioner and learned Assistant Public Prosecutor for the respondent-State.