ANIL BHARGAVA Vs. STATE OF M.P.

JUDGEMENT

(1.) This is first bail application filed by the applicant under Section 439 of Cr.P.C. Applicant Anil Bhargava was arrested on 23/4/2020 in Crime No.46/2019 registered at Police Station Economic Offence Wing Bhopal(M.P.) for the offence punishable under Sections 409 read with Section 120-B of the IPC and Section 7(C) of the Prevention of Corruption Act, 1988.

(2.) As per prosecution case, Bhopal Cooperative Central Bank Limited, Bhopal, is a bank incorporated under the Madhya Pradesh Societies Act 1960 which is registered with the Reserve Bank and operates as per the policies approved by the Board of Directors of the Bank based on the circulars issued from time to time by the Reserve Bank of India and National Bank For Agriculture & Rural Development (NABARD). Out of the deposits available with the bank, except the minimum capital fixed by the Reserve Bank of India, the remaining amount is invested by the bank for the benefit. Upon receipt of information that the return of the amount invested by the bank, in the two subsidiaries of Infrastructure Leasing & Financial Services i.e. (a) IL & FS Education and Technology Services Limited (IETSL) and (b) IL & FS Transportation Networks Limited (ITNL) had become irrecoverable, inquiry committee was constituted by the Cooperative Commissioner and Registrar Co-operative Societies, Bhopal vide order dated 16/04/2019. In the inquiry, the committee found that according to the investment policy of Bhopal Cooperative Central Bank laid down by the Managing body of Bhopal Central Cooperative Bank vide its resolution dated 28/02/2015, which was in force at the time of alleged investment, the non SLR surplus funds could be invested by the Bank only in the short term and long term deposits for earning maximum possible interest income with different Nationalized/Scheduled/Private Sector Banks of high repute and recognition. The Non-SLR investments, shall not exceed 10% of the total deposits of the bank as on March 31 st of the preceding financial year. While the applicant and other co-accused invested 25% of the total deposits in commercial papers and in private banks in the form of fixed deposits. Co-accused Rama Shankar Vishwakarma, who was posted as the Managing Director of Bhopal Cooperative Central Bank from July 2017 to 5 th July 2019 and co-accused Subhash Sharma and applicant Anil Kumar Bhargava, member of the Investment Committee invested the amount of Rs.303 Crores in commercial paper, out of which Rs.111 Crore were invested in two subsidiaries of Infrastructure Leasing & Financial Services I.e. (a) IL & FS Education and Technology Services Limited and (b) IL & FS Transportation Networks Limited which was Contrary to the prevailing guidelines and norms.

(3.) It was also found that the applicant and other co-accused persons invested Non-SLR surplus fund in some Small Financing Banks which were not the scheduled bank and at the time of investment not registered with the RBI and applicant and co-accused without examining the reliability of these banks, invested the amount in these banks against the investment policy Some investment was also done through the broker while the amount of Non-SLR surplus fund can not be invested through brokers.