FATEH SINGH LODHA Vs. STATE OF RAJ

JUDGEMENT

(1.) This criminal Misc. Bail Application has been filed by the accused petitioner under section 439 Cr.P.C. in the matter of FIR No. RC BD 1/2010/ E/0007/ CBI- BS & FC BD-1/2011/E/2008 New Delhi under sections 120 B, 409, 420, 468, 471 IPC and subsequently sections 468 and 471 IPC have been deleted and sections 201 and 204 IPC have been added and also with respect to the order dated 22.12.2011 passed by Sessions Judge Jaipur District Jaipur rejecting the bail application of the accused petitioner.

(2.) The brief facts of the case are that an FIR came to be lodged by the General Manager of Reserve Bank of India, Mumbai in respect of functioning of Ajmer Uran Cooperative Bank Ltd. for the offence under sections 120 B, 409, 420, 468, 471 IPC. On the basis of the investigation six persons were made accused, who were mainly Managing Director, General manager etc. of the Bank and against M/s. Samay Trade Link Private Limited. It is alleged that the accused persons have made conspiracy against the Bank and mis-used the public fund by purchasing mutual funds, bonds, securities and share on higher rates. The accused petitioner was arrested on 3.10.2011 and since then he is in custody. The petitioner filed bail application before the Sessions Judge Jaipur District Jaipur which was rejected vide order dated 22.12.2011.

(3.) Mr. Suresh Pareek, Senior Advocate assisted by Mr. N.C. Sharma, advocate appearing for the petitioner has contended that nothing has been recovered from the petitioner. The investigation has been completed and the charge sheet has also been filed. The offence as alleged against the accused petitioner is not made out. According to the Bye-laws of the Bank only the Board of Directors and the Chief Executive Officer are the competent authoritites to take the policy decisions. The present petitioner was holding the post of General Manager and the co-accused Ratan Prakash Gupta was holding the post of Manager. It has been argued that the co-accused Ratan Prakash Gupta has alreay been enlarged on pre-arrest bail whereas the petitioner is in custody since 3.10.2011. The offence is triable by Magistrate. The petitioner is retired person and there are no bad antecedents of the petitioner and he is not in a position to tamper with the witnesses or otherwise interfere in the judicial process. In these circumstances it was prayed that the accused petitioner be released on bail.