1. Heard the learned Counsel for the applicant and the learned APP for State. Perused the papers.

2. This is an application under Section 439 of the Code of Criminal Procedure, 1973. The applicant herein is arrested on 3/9/2014 in Crime No.104 of 2012 registered at Vishrambaug Police Station for offence punishable under Section 403, 406, 409, 417, 420 read with Section 34 of the Indian Penal Code.

3. It is the case of the prosecution that the applicant herein was director of Lord Balaji Cooperative Bank, Madhavnagar, District-Sangli since year 1998.

4. On 30/5/2012 Savlaram Poojari who happens to be the auditor had conducted the audit of the said bank for the period between 1/4/1998 to 31/3/2003. The auditor had observed that the relatives of Chairman, Vice Chairman and other directors of the bank had received benefits from the bank. Their loan proposals were sanctioned and loans were disbursed without taking any collateral security. They were unsecured loan. There were audit objections. Auditor had observed that there was disbursement of loan of Rs.1,35,35,501/-. It was sanctioned and disbursed without following due procedure of law. Hence, it is alleged that the directors h