IN THE HIGH COURT OF JUDICATURE AT BOMBAY IN THE HIGH COURT OF JUDICATURE AT BOMBAY IN THE HIGH COURT OF JUDICATURE AT BOMBAY CRIMINAL APPELLATE JURISDICTION CRIMINAL APPELLATE JURISDICTION CRIMINAL APPELLATE JURISDICTION Criminal Application No.3465 of 2008 Dnyandeo Narayan Takawane .. Applicant Vs State of Maharashtra, .. Respondent. Mr S.S.Salunkhe, for the applicant. Mr. J.P.Yagnik, APP, for the State. CORAM : D.B.BHOSALE,J. CORAM : D.B.BHOSALE,J. CORAM : D.B.BHOSALE,J. DATE : 01/12/2008 DATE : 01/12/2008 DATE : 01/12/2008 PC: PC: PC: 1. Heard Mr. Salunkhe, learned counsel for the applicant and Mr Yagnik, learned APP for the State. 2. The applicant is seeking anticipatory bail in C.R.No.304 of 2008 of Sahakarnagar Police Station, Pune. The said crime has been registered against the applicant and 21 others for having allegedly committed an offence punishable under sections 406,409, 420 read with 34 of IPC. 3. The prosecution case is that the applicant and 21 others, who, at the relevant time, were members of the Board of Directors of Ajit Co-operative Bank Ltd, have committed several illegalities/irregularities in banking operations and have caused huge loss of Rs.34 crores to the Bank. The illegalities/irregularities were noticed by the Special Auditor, Flying Squad, Division-II, Co-operative Societies, Pune. It was found that loans were sanctioned and disbursed to several undeserving persons, including the friends and relatives of the accused persons, without verifying their repayment capacity and the necessary documents. 4. The applicant was co-opted member of the Board of Directors and he claims that he did not play any role whatsoever in all the loan transactions, which caused loss to the Bank. Insofar as paragraph 15 in the reply affidavit filed by the State dated 10.10.2008 is concerned, he has explained entry of 74 lacs in his personal account, stating that the said amount he had deposited after selling his land for Rs.ninety lacs. This statement of the applicant has not been disputed by the learned APP. Learned counsel for the applicant, at this stage, submitted that insofar as the proceedings/enquiry initiated under the provisions of the Maharashtra Co-operative Societies Act for fixing liability on each of the Directors is concerned, the name of the present applicant has already been deleted, he being a co-opted member of the Board of Directors. However, in order to show his bonafides, the applicant has placed on record an affidavit dated 1.12.2008 giving details of immovable properties standing in his name and in the name of his wife, stating that they shall not dispose them off till the disposal of these proceedings. The affidavit is taken on record and marked "X" for identification. The statements made on affidavit and the undertaking given therein are accepted. 5. It is against the backdrop of these facts, it would be improper and premature to analysis the material to discern the role of any individual at this stage. While considering the prayer for anticipatory bail in such matters, the Court has to bear in mind the complications involved in the investigation of the alleged offence. In the present case, the evidence consists mostly of documents, which are already in possession of the investigating agency. I am satisfied that there is no likelihood of the accused absconding or misusing liberty. It is well settled that an order of anticipatory bail, as observed in Gurubaksha Singh Vs. State of Punjab -AIR 1980 SC 1632, does not in any way directly or indirectly take away from police their right to investigate into charges made or to be made against the person released on bail. The usual conditions imposed while releasing the accused on anticipatory bail, like cooperating the police in investigation and not to tamper the witnesses, sufficiently take care, coupled with the fact that if the police require the custody at any stage, they can apply to the court for that purpose. Merely because prima facie case is made out against the applicant, that itself cannot be a ground for rejecting the application for anticipatory bail. In the case, like one in hand, what is important is to see whether public money can be secured by imposing further conditions on the applicant. 6. Having considered the affidavit filed by the applicant and considering overall facts and circumstances of the case, I am inclined to grant this application for anticipatory bail. Hence the following order. . In the event of arrest, the applicant - Dnyandeo Narayan Takawane- to be released on bail in C.R.No.304 of 2008 of Sahakarnagar Police Station, Pune, in the sum of Rs.50,000/- with one or two sureties in the like amount, subject to condition that he shall report to the Economic Offences Wing & Cyber Crime, Crime Branch, Pune City, Pune, on every Saturday between 9 and 10 am for a period of 90 days from today or till filing of the chargesheet, whichever is earlier. . While passing this order I shall not be understood to have expressed any opinion on merits of the case and the trial Court shall deal with the case without being influenced by the observations made in this order. . The application is disposed of. (D.B.Bhosale, J.)