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Judgment
Harinath.N, J
The petitioners are arraigned as accused Nos.18, 27 and 31 in Crime No.229 of 2023, dated 06.11.2023, of Proddatur II Town Police Station for the alleged offenses under Sections 420, 409 read with 34 of Indian Penal Code (IPC).
It is alleged that the petitioners are the borrowers of gold loans from the State Bank of India. It is further alleged that the petitioners pledged gold ornaments containing fake material in place of original gold.
The Assistant General Manager of the State Bank of India filed a complaint alleging that certain officials of the Bank and some of the borrowers conspired to obtain gold loans under fraudulent circumstances. The FIR was registered on 06.11.2023.
The learned Assistant Public Prosecutor submits that the since there are several borrowers involved, the police are still in the process of investigation.
Considering the nature of the allegations and the fact that considerable time has elapsed since the police have acted on the complaint which was registered on 06.11.2023, this Court is inclined to grant bail to the petitioners in the event of their arrest, subject to the following conditions:-
i) The petitioners shall be enlarged on bail in the event of their arrest upon furnishing a personal bond for Rs.10,000/- (Rupees Ten Thousand only) each, along with two sureties for a like sum each, to the satisfaction of the Station House Officer, Proddatur II Town Police Station, Kadapa District.
ii) The petitioners are further directed to cooperate with investigation and appear before the Station House Officer, Proddatur II Town Police Station, Kadapa District, as and when required for the purpose of investigation.
With the above conditions, the criminal petition is allowed.
Miscellaneous petitions, if any pending, in the Criminal Petition, shall stand closed.