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. 1331 OF 2009 CRIMINAL APPLICATION NO. 1331 OF 2009 CRIMINAL APPLICATION NO. 1331 OF 2009 Mr.Rajendra Vasantrao Konde ...Applicant (Orig.Accused) vs. The State of Maharashtra ...Respondent Mr.A.A. Kumbhokoni, Sr.Counsel i/b. Mr.Kuldip S. Patil for the Applicant. Mr.Rajesh More, APP for the State. CORAM : V.M. KANADE, J. CORAM : V.M. KANADE, J. CORAM : V.M. KANADE, J. DATED : MARCH 31, 2009 DATED : MARCH 31, 2009 DATED : MARCH 31, 2009 P.C. :- P.C. :- P.C. :- 1. Heard the learned Senior Counsel appearing on behalf of the applicant and the learned APP for the State. 2. The applicant was the Director of Ajit Co-operative Bank Ltd. A FIR was lodged on 8th February, 2008 alleging misappropriation of funds, breach of trust, cheating against the Chairman of the Bank and other Directors. In the complaint, names of several persons have been mentioned and accordingly, offence punishable under Sections 406, 409, 420 read with 34 of the IPC was registered against the present - 2 - applicant vide C.R.No.304/2008. The applicant was arrested on 23rd January, 2009. The allegation against the present applicant is that he was responsible for the misappropriation of Rs.6.54 crores. 3. The learned Senior Counsel for the applicant submitted that now this amount has been converted by the bank as a loan and the applicant has executed Mortgage Deed in favour of the bank in respect of his properties. It is submitted that therefore, the bank is secured in respect of the alleged misappropriation of the said amount by the applicant. It was further submitted that the Chairman of the bank against whom the main allegations are made has been released on bail by the Sessions court. It is submitted that the other accused also were granted anticipatory bail by this court viz. one Shubhangi Hanumant Deshpande, Dnyandeo Narayan Takawane, Sunil Shankar Pawar, Vilas Pandurang Shitole, Rajendra Kanhyalal Bhatewara. It was submitted that this court was pleased to quash the proceedings against Subhash Prataprao Pawar and Ganesh Ramchandra Konde. - 3 - 4. I have perused the orders of the bail granted by the Sessions Court to the Chairman and the other Directors by this Court granting anticipatory bail. 5. It is not disputed that the present applicant has now mortgaged the entire property in favour of the applicant and the said amount has been converted into loan. Property of the bank and the monies of the depositors, therefore, are adequately secured as a result of the Mortgage Deed executed by the present applicant. Investigation is almost over. All the documents have been seized and therefore, custodial detention of the applicant, in my view, is no longer necessary. 6. The applicant, under the circumstances, be released on bail in the sum of Rs.25,000/- with one or two sureties in the like amount. He shall report to the Economic Offences Wing and Cyber Crime, Crime Branch, Pune City, once in a week, till the filing of the charge-sheet and thereafter once in a month. - 4 - 7. The application is disposed of. (V.M. KANADE, J.) (V.M. KANADE, J.) (V.M. KANADE, J.)