ORDER

They are heard and perused the case diary/challan papers.

2. This is first application filed under Section 439 of Cr.P.C. for grant of bail to the applicant/accused, relating to FIR/Crime No.499/2024 dated (not mentioned) registered at Police Station - Banganga, District-Indore (M.P.) for commission of offence punishable under Sections420, 406, 409, 467 and 468 of the IPC . The applicant is in custody since 19.04.2024.

3. The allegation against the applicant is of embezzlement of Rs.34,37,914. It is alleged that the applicant opened a fictitious account in the name of Sonalika Metal Corporation Pvt. Ltd., and deposited the cheques which he obtained from the employer company Hind Pro Engineers which were to be given to M/s Sonalika Metal Corporation, Mumbai.

4. Counsel for the applicant has submitted that the applicant was an accountant of the said firm Hind Pro Engineers and the owner of the aforesaid company had opened the account in the name of Sonalika Metal Corporation in the Bank of ICICI Bank Ltd and as the aforesaid company was having a transaction with Sonalika Metal Corporation Mumbai cheques were issued in the name of the said company ,however the same was deposited in the account of fictitious account of the said company which was opened at Indore.

5. Counsel for the applicant has further submitted that the account was being operated by the employer of the applicant and he has never operated the same he has nothing to do with the aforesaid account. It is also submitted that a sum of Rs. Rs.34,37,914/- is said to have obtained in the aforesaid account whereas the applicant has also been issued a demand notice dated 10.5.2024 by IDFC Bank for a sum of Rs.59,994/- towards the loan which he had obtained from the said bank. It is submitted that had the applicant embezzled the aforesaid amount there was no reason for him to not to clear the loan amount of the aforesaid bank.

6. Counsel for the applicant has also submitted that the applicant had obtained the home loan from Agrim Housing Finance Private Limited to the tune of Rs.19,99,819/- for which he is also paying monthly installments, and thus, there was again no reason for him not to pay of the aforesaid loan amount as alleged.

7. Counsel for the applicant has submitted that although it is alleged that the entire amount of Rs.1,70,000/- was withdrawn by the applicant in cash, however, the prosecution has not placed any document on record to demonstrate that any property moveable or immovable has been purchased by the applicant from the aforesaid amount. It is also submitted that the applicant employer company as also M/s Sonalika Metal Corporation, Mumbai are registered companies and their accounts were also audited yearly but no such discrepancy was ever found in the accounts of M/s Sonalika Metal Corporation Mumbai and there is no statement of any employee of M/s Sonalika Metal Corporation Mumbai indicating that they found deficit of the aforesaid amount in their account. In such circumstances, it is submitted that as the charge sheet has been filed and the applicant is lodged in jail since 19.04.2024 and the conclusion of trial will take sufficient long time the application deserves to be allowed.

8. Counsel for the respondent/State on the other hand has opposed the prayer.

9. Having considered the rival submission, perusal of the case diary, this Court finds that since the charge sheet has already been filed and the documents which the prosecution has collected during the course of investigation do not inspire confidence of this Court to come to a prima facie conclusion regarding the culpability of the applicant. In such circumstances, this Court is inclined to allow the bail application. Accordingly, without commenting on the merits of the case, the application is allowed.

10. It is directed that the applicant shall be released on bail on his furnishing a personal bond for a sum of Rs.25,000/- (Rupees T