2012 (2) TMI 705 - HC - Money Laundering

Summary

Issues involved: Bail application in a case involving charges under Sections 120-B, 420, 468, 471 IPC and Section 7, 12 r/w 7, 13 (2) r/w Section 13(1)(d) P.C. Act.

Summary:
The accused-applicant, a Senior Branch Manager, is involved in a case related to gross violations of bank guidelines in sanctioning housing loans, leading to substantial losses for the bank. Allegations include irregularities in the housing loan segment, resulting in a significant number of loans turning into Non-Performing Assets (NPA). The accused-applicant, along with other co-accused, has been charged and a charge-sheet has been filed. The defense argues that all necessary procedures were followed in sanctioning the loans, including property verification, valuation reports, and legal checks. The bank had taken steps under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002, declaring the debt as NPA, writing it off, and securing its interests by taking possession of properties. The defense claims the accused has been falsely implicated, highlighting his lack of criminal history and prolonged incarceration since 2011.

The Court, after considering the facts, records, and arguments from both sides, grants bail to the accused-applicant. The bail is subject to conditions, including not tampering with prosecution evidence or intimidating witnesses, cooperating with a speedy trial, and potential bail cancellation if any conditions are violated.