RAMA SHANKAR VISHWAKARMA Vs. STATE OF M.P.

JUDGEMENT

(1.) This is second bail application filed by the applicant under Section 439 of Cr.P.C. Applicant Rama Shankar Vishwakarma was arrested on 18/12/2019 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.) The first bail application of the applicant has been dismissed on merit vide order dated 23/1/2020 passed in M.Cr.C.No.94/2020.

(3.) 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. Applicant, 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 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.