ORDER

Apprehending arrest in connection with Crime No.480 of 2021 of Taliparamba Police Station, Kannur District registered for the offences punishable under Sections 409, 465, 471, 420 r/w Section 34 of the Indian Penal Code, the petitioners/accused Nos.7 to 9 have moved this application under Section 438 of the Code of Criminal Procedure.

2. The prosecution allegation is that the first accused (who committed suicide later) was a gold appraiser of Punjab National Bank, Taliparamba Branch. He along with the other accused had pledged spurious gold ornaments and availed a loan form the bank with the help of the first accused and received huge amount and thus cheated the bank. Thereby, they have committed the aforesaid offences.

3. Heard the learned counsel for the petitioners as well the learned Public Prosecutor.

4. According to the learned counsel for the petitioners, they are totally innocent of the allegation levelled against them. They were having close acquaintance with the first accused, who was serving the bank as an appraiser. So, when the first accused approached them to avail certain loan from the bank, believing his representation that he is not able to pledge gold and avail loan from the bank, being the appraiser of the very same bank, they helped him and thus gold were pledged in the bank and availed loan. But, later those items were found as spurious gold and thus this case was registered against them When they came to know about the illegal activity committed at the instance of the first accused, they remitted the amount which they have received as loan before the bank and obtained receipt for the same. In fact, they were not aware of the fact that spurious gold were pledged by the first accused through them before the bank so as to avail the loan. But they apprehend unnecessary arrest and they are ready to co-operate with the investigation of the case.

Hence this application.

5. This application is vehemently opposed by the learned Public Prosecutor contending that in total 18 accused are there and all of them with the assistance and connivance of the first accused had pledged spurious gold before the bank and received huge amount as loan. Only accused Nos.2 and 3 have been arrested. Others are even now absconding. So, the investigation of the case is only at the preliminary stage and if these petitioners are granted bail, the investigating agency could not proceed with the investigation of the case. Hence, this application is opposed.

6. On hearing the learned counsel for the petitioners as well the learned Public Prosecutor, it is revealed that huge amount had been availed as loan by cheating the bank officials with the connivance and help of the first accused, who is no more. The first accused was the appraiser of the bank. So, normally his report will be accepted for granting loan by the officials.

7. The submission made by the learned counsel for the petitioners that the first accused was helped by them to avail the loan, does not appear to be true and correct atleast at this stage, because the learned counsel himself has further submitted that when the cheating was detected by the bank officials, all of them remitted the amount before the bank.

8. They have no case that, after the death of the first accused they have remitted the amount before the bank. The said fact would indicate that the accused have committed very same offences along with the first accused after obtaining his supporting report as the appraiser and received huge amount from the bank. Therefore, I do not think that this is a case which has to be taken lightly as submitted by the learned counsel for the petitioners. At this stage, it is not possible to infer that they have just accepted the request of the first accused and followed him to the bank to avail the loan with spurious gold believing it as genuine gold. So, the investigation of the case has to be proceed with. There is merits in the argument addressed by the learned Public Prosecutor t