Pre-arrest bail is an extraordinary remedy that should be granted sparingly, particularly when custodial interrogation is necessary for effective investigation.

JUDGMENT :

(Rakesh Kainthla, J.)

The petitioner has filed the present petition for seeking pre-arrest bail. It has been asserted that FIR No. 59 of 2024, dated 30.6.2024, was registered against the petitioner for the commission of offences punishable under Sections 420, 406 and 120-B of the Indian Penal Code (IPC) at Police Station Darlaghat, District Solan, H.P. A written complaint was filed in Police Station Darlaghat about the loan of Rs.4,21,000/- by pledging spurious gold in connivance with HDFC empanelledgold evaluator/assessor, Saheb Mondal and the Branch Manager-present petitioner. The petitioner was posted as Branch Manager at HDFC Rekong Peo at the time of the incident. The petitioner’s work profile does not include the sanctioning of a gold loan. Siddarth Shankar was dealing with the gold loan. The petitioner was served with a show cause notice on 10.6.2024. The petitioner sent a reply to the same. No action was taken by the Bank. Subsequently, another notice was issued by the Bank on 18.11.2024. The services of the petitioner were terminated on 28.11.2024. The petitioner is innocent and he was falsely implicated at the instance of Saheb Mondal against whom the petitioner had filed a complaint. The petitioner would abide by the terms and conditions which the Court may impose. Hence the petition.

2. The respondent-State has filed a status report asserting that the informant made a complaint to the police asserting that the Bank advanced a gold loan to Gautam Bhaumik against the pledge of gold jewellery. This jewellery was assessed by Saheb Mondal. Gold Assessor of the Bank subsequently marked the jewellery pledged by Gautam Bhaumik as suspect. The borrower sent the notice to the petitioner to re-evaluate the gold but the borrower did not visit the Branch. The bank opened the packet containing gold jewellery and found it to be fake. Its value was found to be Rs.1,44,600/- against the value mentioned by Saheb Mondal as Rs.4,21,208.72. The accused was posted as a Branch Manager. The police registered the FIR and conducted an investigation. The police arrested Saheb Mondal and Gautam Bhaumik. Police found that the gold loan was sanctioned based on fake gold in connivance with the petitioner. The petitioner had put the fake gold with the genuine gold in the packet. The police have to interrogate the petitioner. Hence the status report.

3. I have heard Mr. Gaurav Sharma, learned counsel for the petitioner and Mr. Lokender Kutlehria, learned Additional Advocate General, for respondent-State.

4. Mr. Gaurav Sharma, learned counsel for the petitioner, submitted that the petitioner was transferred from the Branch on 27.3.2023. He had no authority to sanction the gold loan. The notice was served upon him after considerable time which showed that the bank was trying to protect someone. The petitioner would abide by the terms and conditions which the Court may impose. He is ready and willing to join the investigation if directed by the Court. Hence, he prayed that the present petition be allowed and the petitioner be released on pre-arrest bail.

5. Mr Lokender Kutlehria, learned Additional Advocate General, for the respondent-State submitted that the petitioner had connived with the other co-accused and put the fake gold with genuine gold. The petitioner has to be interrogated and the source of the gold is to be ascertained. Hence, he prayed that the present petition be dismissed.

6. I have given considerable thought to the submissions made at the bar and have gone through the records carefully.

7. It was laid down by the Hon’ble Supreme Court in P. Chidambaram vs. Directorate of Enforcement 2019 (9) SCC 24 that the power of pre-arrest bail is extraordinary and should be exercised sparingly. It was observed:

“67. Ordinarily, arrest is a part of the procedure of the investigation to secure not only the presence of the accused but several other purposes. Power under Section 438 Cr.P.C. is an extraordinary power and the same has to be exercis