Anticipatory bail in cases of economic offences is granted only in exceptional circumstances due to the serious nature and implications of such allegations.

ORDER

This is an application for anticipatory bail.

2. Petitioner is the sole accused in Crime No.469 of 2018 of Chevayur Police Station, Kozhikode registered alleging commission of offences punishable under Sections 406 and 420 of the Indian Penal Code .

3. Prosecution allegation is that the accused while working as Manager (Operations) under the Dhanalakshmi Bank, Chevarambalam Branch, he was in charge of gold loan, fixed deposits etc. It is further alleged that the accused has intentionally committed falsification of documents and thus committed the offences of criminal breach of trust and cheating and thereby the bank has suffered a loss of Rs.73,66,751/-.

4. Petitioner submits that he is totally innocent of the allegations levelled against him and that as part of settlement he has paid an amount of Rs.23 lakhs to the bank and further that going by Annexure-2, 100 sovereigns of gold ornaments kept by the petitioner was also put in auction by the bank towards the loss and that a suit has been filed and 30 cents of land owned by the petitioner is under attachment and thereby the amount due to the bank has been sufficiently secured.

5. Learned counsel appearing for the defacto complainant filed a detailed objection in which he has produced Annexures-R3(a) to (d) which are admissions on the part of the petitioner. Learned counsel further contended that the repayment of the amount after commission of the offence cannot be a reason for grant of anticipatory bail. Learned counsel relied on the judgment inP.Chidambaram v. Directorate of Enforcement ( AIR 2019 SC 4198 ) to contend for the position in cases of economic offences, fraud, etc. the court shall grant anticipatory bail only in exceptional cases. Learned counsel for the defacto complainant further submitted that as of date a total amount of Rs.67 lakhs is due to the bank and the bank is dealing with public money and the offence should be viewed very seriously.

Considering the facts and circumstances of the case and the seriousness of the allegations, I am not inclined to grant pre-arrest bail to the petitioner. It is for the petitioner to surrender before the investigating officer and co-operate with the investigation. In the event of arrest of the petitioner, he shall be produced before the jurisdictional Magistrate on the very same day. If an application for bail is filed with advance copy to the Public Prosecutor, the jurisdictional Magistrate may consider the bail application preferably on the very same day.

Bail application is accordingly dismissed.