..(1).. IN THE HIGH COURT OF JUDICATURE AT BOMBAY CRIMINAL APPELLATE JURISDICTION CRIMINAL APPLICATION NO.2227 OF 2008 1. Dr.Sitaram Raghunath Kapase, 2. Shri.Sunil Bhimrao Sardar, & 3. Shri.Yashwant Ganpat Kadam. ..Applicants. Versus Versus Versus The State of Maharashtra ..Respondent. .... Mr.A.Y.Sakhare, Sr.Counsel i/b. YKS Legal for the applicants. Mr.K.V.Saste, APP, for the State. Mr.Mohan Takawade, Adv. for intervenor. .... CORAM : SMT.V.K.TAHILRAMANI,J. CORAM : SMT.V.K.TAHILRAMANI,J. CORAM : SMT.V.K.TAHILRAMANI,J. DATED : 28th July, 2008. DATED : 28th July, 2008. DATED : 28th July, 2008. P.C.: 1. Heard the learned Counsel for the Applicants and the learned APP for the State. 2. The applicants are seeking anticipatory bail in C.R.No.181 of 2007 of Pantnagar Police Station, Mumbai. The said case is mainly under Sections 406, 420, 403 r/w. 34 of IPC. 3. All the applicants were in police force. The applicants started a cooperative housing society mainly for constables and other police officers. The applicant No.1 was the Chairman of ..(2).. the said society, applicant No.2 was the Secretary of the said society and applicant No.3 was the Treasurer of the said society. 4. In the year 2003 large number of persons, mostly police constables, had invested in the said scheme. They had taken loans from the banks and the amount collected from them was more than Rs.46 crores. They were to get the flats within a period of about 18 months. About 348 members, though promised, did not receive any flats. Hence complaint came to be registered on 14.7.2007. The statement of about 90 persons are recorded and their grievance is that though the amount has been paid by them by taking loans from the banks they have not been given flats. Most of these constables have taken full quantum of loan and they are paying the EMIs but they have not received the possession of the house. The case of the prosecution is that from 1996 to 2006 the applicants received an amount of rupees ten and half crores from 348 police constables who have registered themselves as members of the society. However, no house as promised was given to them. 5. It is further the case of the prosecution ..(3).. that applicant No.1 had withdrawn some amount from Samata Sahakari Bank Bandra(W), and deposited the same in his personal account No.550. Applicant No.1 has also withdrawn Rs.16 lakhs from time to time from the amount of the society but no explanation for the said withdrawals have been furnished. The case of the prosecution is that the funds of the society have been used by applicant No.1 for his personal use and he has acquired some property out of the said funds. As far as applicant No.3 is concerned, the learned APP has stated that, it is the prosecution case that he has transferred Rs.7 lakhs from the account of the society to his personal account. No explanation has been furnished by the applicant in respect of the same. 6. In my view, the material collected by the prosecution in the present case is such as to point out an accusing finger towards the applicant Nos.1 & 3. The Apex Court has observed in the decision of Directorate of Enforcement Vs. Directorate of Enforcement Vs. Directorate of Enforcement Vs. P.V.Prabhakar Rao, P.V.Prabhakar Rao, P.V.Prabhakar Rao, reported in 1997 SCC (Cri.) 978 1997 SCC (Cri.) 978 1997 SCC (Cri.) 978 that when the material gathered by the prosecution is such as to point out an accusing finger towards the accused, it is not a fit case to grant ..(4).. anticipatory bail. Hence I do not think that this is a fit case to grant anticipatory bail to applicant Nos.1 & 3. Hence Application of applicant Nos.1 & 3 for anticipatory bail is rejected. 7. As far as applicant No.2 is concerned, I do not find much material which directly implicates him. Hence, I am inclined to grant anticipatory bail to applicant No.2 only. 8. In the event of arrest, applicant No.2 - Shri.Sunil Bhimrao Sardar to be released on bail in the sum of Rs.One Lakh with one or two sureties to make up the said amount. The applicant No.2 shall report to STATE CID Konkan Bhavan, Navi Mumbai everyday for a period of 15 days starting from 30th July, 2008 from 11:00 a.m. to 2:00 p.m. and thereafter as and when required, till conclusion of the trial. 9. Criminal Application is disposed of accordingly. 10. On request of the learned Counsel for the applicants, applicant Nos.1 & 3 are granted time ..(5).. to surrender upto 4th August, 2008. (SMT.V.K.TAHILRAMANI,J.) (SMT.V.K.TAHILRAMANI,J.) (SMT.V.K.TAHILRAMANI,J.)