Economic offences, particularly in banking contexts, require stringent scrutiny and uphold a high standard of fiduciary integrity, impacting bail decisions significantly.

JUDGMENT :

Virender Singh, J.

Apprehending his arrest, in case FIR No.63 of2024 dated 03.10.2024 (hereinafter referred to as the ‘FIR in question’), registered under Sections 314 , 316(5), 318(3) of the Bharatiya Nyaya Sanhita, 2023 (hereinafter referred to as the ‘ BNS ’), with Police Station Dalhousie, District Chamba, H.P., the applicant has filed the presentapplication, under Section 482 of the Bharatiya Nagarik Suraksha Sanhita, 2023 (hereinafter referred to as ‘ BNS S ’).

2. By way of the present application, the applicant has sought the indulgence of this Court to direct the I.O/police of Police Station Dalhousie, to release him, on bail, in the event of his arrest, in the above-mentioned case/FIR.

3. According to the applicant, he is innocent and has falsely been implicated, in the present case, as, he has nothing to do with the offence. According to him, he is a law-abiding citizen, having deep roots in the society.

5. On the basis of above facts, certain undertakings have been given on behalf of applicant, for which, the applicant is ready to abide by, in case, any direction is issued to the police/I.O., in this case.

6. When, put to notice, the police has filed the status report, on 05.11.2024, disclosing therein that on 03.10.2024, a complaint was received from the Office of Superintendent of Police, Chamba, through e-mail, mentioning therein the following facts:-

“1. That the complainant is a body corporate constituted under the State Bank of India Act, 1955 with its Corporate Office at Madame Cama Road, Nariman point, Mumbai and one of its Local Head Office in Sector-17, Chandigarh. It has its Administrative Offices and Regional Offices throughout India and one such Regional Office is situated at Dharamshala, H.P.

2. That Sh Shankar Singh is presently the Regional Manager, State Bank of India, RBO, Dharamshala, H.P. He is competent to file, present complaint and is conversant with the facts of the case and as such is in a position to depose about the correctness and otherwise of the facts stated in the complaint as per records of Bank. He is competent to sign, verify all types of pleadings, Vakalatnamas, Affidavits, Executions and various other Applications and to do all acts, necessary for the proper conduct of the legal proceedings filed by and on behalf of the Plaintiff Bank in terms of Gazette Notification dated 26.9.1959, 26.8.1972, 27.03.1987 and notification dated 29.10.2005 issued by the Executive Committee of Central Board in exercise of Powers conferred on it under General Regulations 76 & 77 of State Bank of India General Regulations, made by the Reserve Bank of India in exercising the powers conferred under Sub Section 50 of State Bank of India, Act, 1955.

3. That present complaint has been moved for registration of FIR for commission of serious financial Fraud amounting to Rs.4.60 cr. which lead to loss of reputation and financial loss to the Bank, apart from commission of offence. The amount has been mentioned which has come during preliminary investigation.

4. That above-named Sh. Tej Pal Singh (Deputy Manager) is an officer (now under suspension) of State Bank of India, posted as RMSME at SME Banikhet branch since 28.02 2022, till date. He was dealing with SME (Small Medium Enterprises) borrowers with exposure of Rs.50.00 Lacs and above.

5. That on 26.09.2024, the Branch Manager of SME Banikhet branch Sh Sahil Grover observed some unauthorised transactions of Rs.50.00 lacs in one of the account of SME borrower namely M/s Jungle Heart, bearing account no.41977044486. On further enquiry, it was found that the amount of Rs.50.00 Lacs was transferred to saving account of Tejpal Singh maintained at ICICI Ba