1 Appln 4518-10 Anand IN THE HIGH COURT OF JUDICATURE AT BOMBAY CRIMINAL APPELLATE JURISDICTION CRIMINAL APPLICATION NO.4518 OF 2010 Dilip Kerba Siddhe ..Applicant V/s. The State of Maharashtra ..Respondent Mr.S.V.Kotwal with Mr.P.G.Sarda, Advocate, for the Applicant Mrs.P.P.Shinde, APP, for the Respondent  State Mr.V.V.Purwant, Advocate, for the original Complainant CORAM : R.C.CHAVAN, J. DATE : 22ND OCTOBER, 2010 P.C. . This is an application for bail by Director of Co-operative Bank, in connection with C.R.No.206 of 2010 for the offence punishable under Sections 408, 409, 420, 421, 422, 477, 506 read with Section 34 of the Indian Penal Code registered with Fouzdar Chawdi Police Station, Solapur, who is alleged to have cheated the Bank by making it lose Rs.3,20,000,00/- on account of loans re- 2 Appln 4518-10 commended by him for which he stood guarantor. However, the offence in which the applicant seeks bail is in respect of a loan to one Adval for a sum of Rs.15,000,00/- which was allegedly approved by the Directors on applicant's recommendation and for which the applicant also stood guarantor. The learned Counsel for the applicant points out that now the amount outstanding in the said loan account of Adval has escalated to Rs. 43,94,600/-. Recovery proceedings have been filed. The learned Counsel for the applicant states that due to the fear of attachment of his property the applicant transferred his property before it could be auctioned. 2. The learned Counsel for the applicant submits that the applicant is ready to deposit a sum of Rs.15,00,000/- with the trial Court to show his bona fides. The applicant was merely Director, who sanctioned a loan and stood guarantor for which the applicant is 3 Appln 4518-10 facing appropriate proceedings. He submits that in other cases in which loans have not been repaid cannot be tagged with the present case in respect of which loan taken by Adval. 3. Considering the nature of allegations made and the fact that charge sheet has already been filed, applicant's being in custody may not be necessary for the purpose of trial, since the applicant offers to deposit a sum of Rs.15,00,000/- with the learned Trial Magistrate. The learned Counsel for the applicant states that his client will deposit a sum of Rs.5,00,000/- within a week and the balance of Rs.10,00,000/- within two weeks of his release. 4. In view of this, applicant be released on bail on his furnishing P.R.Bond of Rs. 50,000/- with one or more solvent sureties in the like amount of Rs.50,000/-, on applicant's depositing a sum of Rs.5,00,000/- within a 4 Appln 4518-10 week of this order and Rs.10,00,000/- within two weeks of applicant's release. The learned Magistrate shall invest the said amount in interest earning deposit in a Nationalized Bank & deal with it at the end of the trial as per the result of the trial. If the amount is not so deposited, the order shall stand revoked. 5. Criminal Application is disposed of. (R.C.CHAVAN, J.)