VINEET KUMAR VERMA Vs. STATE OF BIHAR

JUDGEMENT

(1.) Heard learned counsel for the parties.

(2.) The petitioner prays for bail in a case which was filed under Ss. 120-B, 420, 467, 468, 471, 477-A of the Indian Penal Code and Sec. 13(2) read with Sec. 13(1)(d) of the Prevention of Corruption Act, 1988.

(3.) The allegation in the FIR is that co-accused Sindhu Ratan Kul Bhaskar while functioning as Manager, Cenral Bank of India, Main Branch, Patna and accused Pandey Arun Kumar Srivastava, Branch Manager, Central Bank of India, Main Branch, Patna entered into a criminal conspiracy with the petitioner, one Smt. Vishakha Sindhu and others and all by abusing their official position sanctioned unauthorized pre/post shipment advances to firms belonging to the relatives and associates of Shri Sindhu Ratan Kul Bhaskar and thereby caused a wrongful loss of Rs. 368.56 lacs to the Bank. It was also alleged that they committed forgery by altering dates and concealing the original dates with intention to coyer up the irregular advances and also falsified the entries in the bank accounts and other documents. It was further alleged that co-accused Smt. Vishakha Sindhu is the wife of S.R.K. Bhaskar and the petitioner is the brother of the said wife. The further allegeation is that without observing the formalities and verifying the business antecedents of the firms, M/s Sidhi Exports Pvt. Ltd. and M/s Sidhi Overseas Pvt. Ltd. in which the petitioner and co-accused were directors, Mr. S.R.K. Bhaskar dishonestly allowed heavy overdrawings in the packing credit account of M/s Sidhi Overseas Pvt. Ltd and as a result delivery of money was made by the Bank to the firm causing wrongful gain of Rs. 80.93 lacs approximately to the firm and corresponding loss to the bank. Similar allegations were made with respect to other activities like acceptance of bills for collection/negotiations, many of these bills which had the consignee same as drawee and many of which had been returned by the drawee bank as unaccepted by the drawee and in which the bank had delivered a large amount of money to the firm as a result of which the firm made a wrongful gain of Rs. 69.13 lacs and a corresponding loss to the bank. There were further allegations of making false credit entry on 16.8.1999 of Rs. 19 lacs in the Packing Credit Account of M/s Sidhi Overseas Pvt. Ltd., by debiting a non-existent other Term Loan account knowing fully that the Packing Credit Account can be credited only with export proceeds.