NAZIR AHMAD PANDIT Vs. STATE

JUDGEMENT

(1.) These petitions have been filed praying for grant of anticipatory bail in F.I.R. No. 4/2002 registered in Police Station, Vigilance Organisation Kashmir, Srinagar.

(2.) Since the grounds, submissions and prayer in all the petitions are similar and the respondents have adopted the same stand for cancellation of anticipatory bail as objections to all the applications, therefore all the application will be governed by this common order.

(3.) The record reveals that Government of India evolved a scheme, to waive off individual loans up to the tune of Rs. 50,000.00 drawn by pity traders from banks up to 30-6-1996. In order to protect the interest of the banks, the Government of India decided to compensate the banks by reimbursement of the loan amount. In pursuance of this scheme, it is alleged that officers/officials of the Central Co-operative Bank operating in the districts of Anantnag and Pulwama in 25 branches of the bank prepared highly inflated bills of Rs. 11,69.67 crores in pursuance of which the Central Government released an amount of Rs. 10,85.82 crores. It is alleged that the officers/officials of these banks, prepared not only highly inflated claims, but projected that the loans have been drawn by the persons who were non-existing in order to cause wrongful loss to the Government and wrongful gain to the said officers. It is also alleged that lacs of rupees were shown adjusted under Agricultural Sector, which sector, as per the scheme, was not eligible for the said benefit. On these irregularities FIR under No. 4 of 2002 was filed with Vigilance Organisation Kashmir, in which Gulam Mustafa Wani, Farooq Ahmed Khan (General Managers of Central Co-operative Bank, Anantnag), Gulam Hassain Lone, Mohammad Yousuf -arger, Mohammad Abdullah Rather, Gulam Nabi Darzi and Nazir Ahmed Pandit were named as main accused instrumental in preparation/adjustment of ineligible non-existing borrowers for securing illegal benefits, to the extent of Rs. 10,85.82 crores.