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Judgment
The petitioner is the seventh accused in Crime R.C.No. 4(A)/ 2017/ CBI/ ACB/ COCHIN registered for the offence under Section 120B read
with Section 420 IPC and Section 13(1)(d) read with Section 13(2) of the Prevention of Corruption Act.
The petitioner has filed this application praying for the relief under Section 438 Cr.P.C.
Heard.
The prosecution allegation is that the first accused in the crime, while working as the Senior Manager, Indian Overseas Bank, Pandalam,
committed criminal conspiracy with the co-accused and by abusing his official authority and by recourse to corrupt and illegal means, sanctioned
and disbursed huge public fund of the bank amounting to Rs.306.47 lakhs, during the period from 8.8.2011 to 17.8.2013, in violation of the
orders and circulars of bank, deceptively under the financial schemes like Bhoomilakshmi loan and Small and Medium Enterprises loans to private
loanees, who are arrayed as A2 to A5 and thereby, the 1st accused and the private loanees obtained undue pecuniary advantage without any
public interest.
This court, as per common order dated 6.2.2018 in B.A. Nos.6536 of 2017 and 555 of 2018, dismissed the application filed by the first
accused and allowed the application filed by the eighth accused, who was the Assistant Manager under the first accused, for some period. There is
no serious allegation against the petitioner. It appears that the prime allegation is that if he had been more diligent, the fraud by the first accused
could have been avoided. The petitioner is aged 58 years. He is not having any criminal antecedent. Considering the facts and circumstances of the
case, including the nature of allegations raised against the petitioner, I am of the view that this is a fit case where an order under Section 438
Cr.P.C. in favour of the petitioner will be justified. It is ordered accordingly.
In the result, this application stands allowed and the respondent is directed to release the petitioner on bail in the event of his arrest in connection
with Crime R.C.No. 4(A)/ 2017/ CBI/ ACB/COCHIN of CBI, ACB, Cochin on condition of the petitioner executing a bond for Rs.40,000/-
(Rupees forty thousand only) with two solvent sureties, each for the like sum to the satisfaction of the investigating officer, before whom the
petitioner shall surrender within 10 days, if not arrested in the meantime and subject to the following conditions:
(i) The petitioner shall report before the Investigating Officer on every Saturday between 9 a.m. and 11 a.m. for two months and thereafter, as and
when required by the Investigating Officer for interrogation.
(ii) The petitioner shall not leave the state of Kerala without the leave of the learned Special Judge concerned.
(iii) The petitioner shall not intimidate or influence the witnesses or in any way tamper with the investigation.
(iv) The petitioner shall co-operate with the investigation.