1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY, NAGPUR BENCH, NAGPUR Criminal Application No.3771 of 2008 And Criminal Application No.3828 of 2008 -=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-- Office Notes, Memoranda of Coram, appearances, Court's orders or directions : Court's or Judge's orders and Registrar's orders. -=-=-=-=-=-=-=-=-=-=-=- =-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=- S/Shri Abdul Bashir and M.M. Agnihotri, Advocates for Applicants. APP for State. CORAM : R.C. Chavan, J. DATE : 24th October, 2008 These two application for bail under Section 438 of the Code of Criminal Procedure have been filed by the erstwhile President and Secretary of a Co-operative Credit Society in Central Ground Water Board. In an internal audit, it was allegedly revealed that the amount of loan of Rs.2,95,000/- was shown to have been advanced to several members, when in fact they had not at all applied for and had not received the loan. On a report, the police have commenced investigation. The offence is undoubtedly serious in nature and, therefore, would require a thorough investigation. All the same, the learned counsel for both the applicants, on instructions from their clients, state that since the amount allegedly misappropriated is Rs.2,95,000/-, applicant Rangrao, about whom there is a doubt of having received a sum of Rs.70,000/-, would deposit that amount without prejudice to the contentions that may be available to him at appropriate stage, and applicant Prakash would deposit a 2 sum of Rs.2,25,000/- likewise before the learned Magistrate. The learned Additional Public Prosecutor points out that in addition to this amount, there is a liability of interest of Rs.2,66,105/-. Both the learned counsel for the applicants state that their clients will furnish security in the form of charge on immovable property to secure this amount in case they are found to be liable to pay this amount. They also undertake that their clients would co-operate with the Investigating Officer and shall make themselves available to the Investigating Officer for such investigation as may be necessary. In view of this, both the applications are allowed in the following terms. In the event of arrest of the applicants, the applicants be released on bail on each of them furnishing a PR bond of Rs.25,000/- with a solvent surety in the like amount on the following conditions. Applicant Rangrao in Criminal Application No.3771 of 2008 shall deposit a sum of Rs.70,000/- and applicant Prakash in Criminal Application No.3828 of 2008 shall deposit a sum of Rs.2,25,000/- with the Judicial Magistrate First Class, 6th Court, Nagpur on 10-11-2008. They shall also furnish security in the sum of Rs.2,66,105/- jointly by charging immovable property owned by them worth more than this amount. The learned Magistrate shall invest the amount deposited in the State Bank of India, Kingsway Branch, Nagpur in a fixed deposit so as to yield maximum interest and renew it from time to time should the trial protract. The amount kept in deposit shall be subject to the decision of the trial as may be eventually held. Both the applicants shall appear before the Investigating Officer on 30-10-2008 at 10 a.m. and thereafter as and when required by the Investigating Officer. 3 Hamdast allowed. JUDGE Lanjewar