Whether accused prosecuted for offence punishable under S 409 of IPC can be released if they deposit misappropriated amount in bank?

 The applicants are behind bars since 2.8.2013. As the
record shows that most of the persons are traced, though the
false record of 7/12 extract was created for giving them loan, this
Court holds that subject to some conditions, bail can be granted
to the applicants. There is no possibility of their absconding. If the
employer wants separate action can be taken for recovery of the
amount in respect of which loss is caused due to the conduct of

the applicants.
4. In the result, the application is allowed. The applicants
are to be released on bail on their furnishing PR and SB of Rs.
50,000/- (Rupees fifty thousand) each with one solvent surety of
like amount in C.R. No. 124/2012 registered in Dindrud Police
Station for offences punishable under sections 465, 468, 467,
471, 406, 409, 420 and 34 etc. of I.P.C., subject to condition that
each of them first to deposit amount of Rs. 3,00,000/- (Rupees
three lakh) in the account of District Bank in respect of aforesaid
society and in respect of aforesaid loan transaction. Only after
depositing of their individual share of their amount, they are to be
released on bail. They are not to tamper the prosecution
witnesses. 
IN THE HIGH COURT AT BOMBAY
APPELLATE SIDE, BENCH AT AURANGABAD
CRIMINAL APPLICATION NO. 4407 OF 2013
Navnath s/o. Shesherao Solanke & Anr. ....Applicants.
Versus
The State of Maharashtra ....Respondents.

CORAM : T. V. NALAWADE, J.
DATED : 8th October, 2013.
Citation; 2014ALLMR(Cri)1804, 2014(2)BomCR(Cri)574

1. The application is filed for bail. Both the sides are
heard.
2. This Court has gone through the papers of
investigation. The crime is registered on the basis of report given
by Loan Inspector of District Bank. Applicant No. 1 was working as
Chairman and applicant No. 2 was working as Secretary of Seva
Sahakari Society, Hingni (Bk). Allegations are made that by
making false record and by showing that some persons were
having agricultural land, loan proposals were made through the
branch of District Bank and loan amount of more than Rs. one

Crore was got sanctioned. Most of the amount was not repaid. It
was noticed that as many as 359 persons were not holding
agriculture land, but they were shown as farmers and the amount
was disbursed. There is the allegation that many persons had
never applied for loan, but record of their application was created
as loan was obtained in their names. Some statements of that
nature are recorded. It appears that some persons have repaid
the loan, but still the amount of Rs. 77.80 lakh is to be recovered
in respect of the aforesaid transaction. As some record is in
respect of amount withdrawn in false and fictitious names, there
is no possibility of recovery of any amount in respect of those
cases. Though some statements are recorded, at present it is
mentioned that the amount of Rs. 98028/- cannot be recovered in
view of the some false record, there is possibility that there are
more such persons.
3. The applicants are behind bars since 2.8.2013. As the
record shows that most of the persons are traced, though the
false record of 7/12 extract was created for giving them loan, this
Court holds that subject to some conditions, bail can be granted
to the applicants. There is no possibility of their absconding. If the
employer wants separate action can be taken for recovery of the
amount in respect of which loss is caused due to the conduct of

the applicants.
4. In the result, the application is allowed. The applicants
are to be released on bail on their furnishing PR and SB of Rs.
50,000/- (Rupees fifty thousand) each with one solvent surety of
like amount in C.R. No. 124/2012 registered in Dindrud Police
Station for offences punishable under sections 465, 468, 467,
471, 406, 409, 420 and 34 etc. of I.P.C., subject to condition that
each of them first to deposit amount of Rs. 3,00,000/- (Rupees
three lakh) in the account of District Bank in respect of aforesaid
society and in respect of aforesaid loan transaction. Only after
depositing of their individual share of their amount, they are to be
released on bail. They are not to tamper the prosecution
witnesses. They are not to commit similar offence.
 [ T. V. NALAWADE, J. ]

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