Point of Law: The economic offence of having deep routed conspiracies and involving huge loss of public funds, needs to be viewed seriously and considered as grave offences affecting the economic of the country, as a whole, and thereby, posing serious threat to the financial health of the country.

JUDGMENT :

1. This bail application under Section 439 of Code of Criminal Procedure is filed by the applicant seeking enlargement on bail during trial in connection with Case Crime No.153 of 2020, under Sections 406, 409, 411, 120-B, 420, 467, 468, 471 IPC, Police Station - Civil Lines, District - Allahabad, after rejection of his bail application, vide order dated 15.10.2020 passed by Sessions Judge, Allahabad.

2. Amit Malviya Manager, Kotak Mahindra Bank, Branch at S.P. Marg Civil Lines, Allahabad (complainant) submitted a written report against the applicant for the commission of offence under Section 409 and 406 of Indian Penal Code on 5.4.2020, alleging that applicant was working as Service Developer Officer (S.D.O.) at the said Branch since 2015. On 4.4.2020, it came into the knowledge of Branch that applicant has misappropriated the amount of Rs.9,46,27,500/-. It was further alleged that the Central Reading Unit (C.R.U.), had intimated through email that details of account of Kotak Bank in the Bank of Baroda Branch, Khuldabad, which was used for the purpose for Currency Chest were not matching. On the basis of said email, further investigation were undertaken; that applicant was authorized to send cash from the Branch of Kotak Bank to the Branch of Bank of Baroda and Union Bank of India to deposit in the Currency Chest Account. This facility was undertaken because there was no currency Chest of the Kotak Bank. During inquiry, the applicant has admitted in writing that he alone misappropriated the entire amount. He also admitted that while disposing the amount in Chest Branch, he used to deposit less amount and converted the remaining amount to his personal use, for the last 1 1/2 years. Applicant also shared the name and phone numbers of those persons with whom, he shared the proceeds, with details of amounts.

3. After lodging the First Information Report, investigation commenced. The Investigating Officer arrested the applicant when he was trying to flew away on 10.4.2020, along with cash money and jewellery. The total cash recovered was of Rs.42,33,500/-. Jewellery made of gold and silver weighting about 1.2 kilogram, was also recovered from his possession.

4. The Investigating Officer recorded the statement of first informant, who discloses that the applicant during preliminary inquiry, has disclosed the names of the persons to whom he has given different amounts which were running in lakhs. It was further revealed that wife of applicant had purchased a plot in District - Basti, a flat in Gorakhpur and also purchased jewellery amounting Rs.50-60 lakh during the relevant period. Applicant has also purchased Compass Jeep, registered in his name and other vehicles also, registered in the name of his associates. Huge amounts were also found transferred from the account of wife of the applicant during relevant period.

5. After conclusion of investigation, charge-sheet dated 3.7.2020 was filed against the applicant and other six co-accused for commission of offence under above referred Sections. Further investigation was kept pending in relation to the other 16 co-accused.

6. Shri Manish Tiwary, learned Senior Advocate assisted by Shri Gaurav Tripathi, learned counsel for the applicant has vehemently argued in support of prayer made in application to enlarge the present applicant on bail, which are summarized as follows :-

(i) Applicant was kept under illegal detention from 4.4.2020 and his arrest was shown only on 10.4.2020 during lock-down (due to Covid-19 pandemic) period. The alleged recovery of huge amount of cash and jewellery, from the possession of the applicant, was not only false and fabircated but was improbable, rather it was a planned recovery. The recovery was completely denied. It was part of the money extracted from family and friends of the applicant during his illegal detention.

(ii) Learned Senior Advocate pointed out that in the banking system, there exists several mechanisms of checks and balance. Surprisingly