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Madhya Pradesh High Court · body

2015 DIGILAW 942 (MP)

Surendra Kumar Shrivastava v. State of M. P.

2015-09-07

S.K.PALO

body2015
ORDER 1. This is the first application for regular bail under section 438 of CrPC on behalf of applicant Surendra Kumar Shrivastava. 2. The applicant is apprehending his arrest in connection with Crime No.38/2015 registered at Police Station Kotwali, District Datia (M.P.) for the offence under sections 420, 467, 468, 471 read with 120B of IPC. 3. As per prosecution story, it is alleged that accused/Abhishek Shivhare received a loan of Rs.25,00,000/- from Punjab National Bank, Datia, for establishing an Industry named as “Anmay Pet India,” Industries with connivance of his father Omprakash and Charted Accountant Arun Gupta and the Bank Manager Surendra Kumar Shrivastava/applicant and misappropriated the sum and did not repay the instalments. On enquiry, it was found that no such industry has been established. 4. On behalf of the applicant it is submitted that the applicant is Branch Manager and on the basis of the documents produced and after due verification loan was sanctioned by the applicant following the rules of the Bank. The applicant is a retired Bank Officer. The applicant cannot be held responsible for sanctioning the loan which he did according to the Bank Rules. 5. Learned Public Prosecutor for the State opposed the application. It is submitted that no doubt charge-sheet has been filed, but there is no change in the circumstances. The accused/Abhishek Shivhare obtained the loan from the Punjab National Bank by submitting forged quotations. For construction of the industry, 40,000,00/- rupees term loan and 35,00,000/- rupees working capital loan was sanctioned by the senior Manager Shri Surendra Kumar Shrivastava (applicant) of Punjab National Bank. In this loan, 13,25,000/- rupees margin money was to be deposited by the borrower/accused Abhishek Shivhare which was not deposited. Machineries of Rs.16,95,000/- was to be purchased. The accused/Abhishek Shivhare received the loan by producing forged bills but has not started the industry. Whereas quotation of 32,00,000/- rupees has been submitted. Without proper quotation, amount was paid by draft for purchases of machineries and irregularity was committed in purchase of machineries. As per the record of the Bank, the industry said to be functional, whereas there is not even electric connection in the said industry. On 6.3.2013, Rs.19,00,000/- working capital was disbursed to the accused/Abhishek Shivhare and this was deposited in the account of accused/Abhishek Shivhare, the Proprietor, Real Neer Mineral Water Company of India, Datia which was later transferred to different persons. 6. On 6.3.2013, Rs.19,00,000/- working capital was disbursed to the accused/Abhishek Shivhare and this was deposited in the account of accused/Abhishek Shivhare, the Proprietor, Real Neer Mineral Water Company of India, Datia which was later transferred to different persons. 6. As per the bank record, in December, 2013, submitted by the accused/Abhishek Shivhare, he has stock of Rs.15,72,000/-. Whereas on 18.6.2014, when the stock was inspected, there was no stock in the industry. Neither any satisfactory reply nor any amount of loan was deposited at the Bank by the accused/Abhishek Shivhare. The “Real Neer Mineral Water”, Barua Sagar Jhansi, U.P. is owned by accused/Abhishek Shivhare and he informed that he has bought raw-material for Rs.19,33,900/- which includes 19,00,000/- rupees of the Bank was to be deposited with the State Bank. The same has not been deposited. The TIN number appears on the bill was found forged. Neither, the same has been registered nor the firm “Real Neer Mineral Water” Barua Sagar Jhansi, U.P. is in existence. 7. The said raw-material allegedly transported to Datia from Jhansi is by Vehicle No.UP93E 0454 as per the record. However, on verification, no Road Tax of the Vehicle was deposited which indicates that no such raw material was transported to Datia. Therefore, the said story of transportation of material is also found to be false. The Bank account of “Real Neer Mineral Water” Barua Sagar Jhansi, U.P. had its current account in Bank of India, Branch Datia. On verification, it was found that 19,00,000/- rupees was deposited in this account the accused/Abhishek Shivhare is the proprietor. The applicant cleverly with intent to misappropriate the amount has made such statements. On verification it was found that the seller and the borrower is the same person the applicant himself. 8. When the Bank of India was approached to give details of account opening documents it was told by the Bank of India that they do not have any such documents available with the Bank. According to the rules, no such huge amount can be drawn by voucher from the Bank. But without following these rules money was withdrawn and the voucher was deposited in the firm of Charted Accountant Arun Gupta, Gupta and Company, whose office is situated at Nazarbagh, Datia in which 7,95,000/- rupees was disbursed. According to the rules, no such huge amount can be drawn by voucher from the Bank. But without following these rules money was withdrawn and the voucher was deposited in the firm of Charted Accountant Arun Gupta, Gupta and Company, whose office is situated at Nazarbagh, Datia in which 7,95,000/- rupees was disbursed. Such a huge amount from the suppliers account was transferred to the account of Charted Accountant Arun Gupta is against the Bank rules. It is also claimed that the accused/Abhishek Shivhare with intent to misappropriate and defraud obtained the loan and prepared the forged documents and the accused/Abhishek Shivhare with connivance of his father Om Prakash Shivhare, Charted Accountant Arun Gupta and Senior Branch Manager Surendra Kumar Shrivastava (applicant) did all these. It is also claimed that Branch Manager of Bank of India, Shri Daljeet Singh and others are also involved in this case. 9. The applicant has not taken care that the margin money was deposited by the borrower Abhishek Shivhare. The applicant also did not verify the industry is running or not. Even for the purchase of machinery amounts were disbursed and working capital was disbursed to the accused Abhishek Shivhare. After the sanction of the term loan Rs.21,10,000/- draft issued to the borrower was cancelled and disbursed to different persons including father of the borrower Omprakash Shivhare. It was the duty of the Branch Manager to see that the industry for which the loan sanctioned is in working condition. When the industry was not running, even the industry had no electricity supply the subsequent transactions were carried out. On 13.02.2015, the Asstt. Engineer of the Electricity Company also mentioned that the borrower Abhishek Shivhare has not applied for any electricity connection show the extent of false information supplied to the Bank. 10. It is a economic offence. As per stock accountability, Policy issued by Punjab National Bank, Inspection and Audit Meeting dated 29.10.2013, it is evident that by the deficiencies if detected subsequently, the officials signed the execution of loan documents or on whose presence documents are executed shall be responsible. 11. From the above observations this Court is not inclined to grant anticipatory bail to the applicant. Therefore, the application is dismissed.