( 1 ) 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.1 OF 2008 CRIMINAL APPLICATION NO.1 OF 2008 CRIMINAL APPLICATION NO.1 OF 2008 Vijay Sahdev Chavan .. Applicant. Versus The State of Maharashtra .. Respondent. Mr.C.K.Pendse for the applicant. Mr.H.J.Dedhia, A.P.P. for the State. CORAM : R.Y. GANOO, J. CORAM : R.Y. GANOO, J. CORAM : R.Y. GANOO, J. DATED : 2nd May, 2008. DATED : 2nd May, 2008. DATED : 2nd May, 2008. P.C.: P.C.: P.C.: 1. Heard Mr.C.K.Pendse for the applicant and Mr.H.J.Dedhia, A.P.P. for the State. 2. The applicant apprehends arrest in connection with C.R.No.458 of 2007 of Panvel city police station under Sections 409, 420, 467, 468, 471 r/w. Section 34 of the Indian Penal Code. The applicant is the Chief Executive Officer of the Goregaon Co-operative Urban Bank Limited and took charge of the said post w.e.f. 4.3.2004. The fraud is alleged to have been indulged in the bank between the period 4.4.2004 to 4.6.2004 of a substantial amount in terms of crores. ( 2 ) 3. The broad modes operandi is in fact to the arrangement to see that the cheques issued by one Mr.Bharat Shah are honoured though there was no balance to the account and to see that the bank is put to financial loss and Mr.Bharat Shah is benefited by the said arrangement. In addition to that, loans to the tune of Rs.160 lacs have been granted in an irregular manner. 4. The Chairman of the bank and Mr.Khule, the bank Manager of Pen branch where the fraud is perpetrated have been arrested and this Court is informed that they are released on bail. 5. The applicant is the Chief Executive Officer of the bank. He claims that he operates by sitting at Goregaon and, therefore, it would be difficult for him to know the day-to-day developments at Pen branch. Some instances are cited to show that he has been vigilant enough to chase the persons concerned and or call upon the persons concerned to see that some of the monies which are allotted get released and the applicant claims that he is innocent. The applicant appeared before the concerned police officer on 25.4.2008. Report is filed by the concerned police officer wherein a grievance is made that the applicant ( 3 ) is not co-operating with the investigating agency inasmuch as the applicant is not answering certain questions which have bearing on the detection of the offence as alleged. A grievance is also made across the Bar that the reconciliation statements which form the basis of the allegations against the present applicant and the co-accused are not co-operating though in the normal course, the original reconciliation statements must be in the bank itself. 6. After having considered the entire matter, I am inclined to observe that it is just difficult to accept that the applicant is sitting miles away and is unaware about the entire fraud when he is the Chief Executive Officer of the bank. The nature of allegations against the applicant are serious. The applicant has not shown the willingness to co-operate with the investigating agency though he had the benefit of the interim order. 7. In my view, this is not a case where the Court should exercise its discretion in favour of the applicant and in my view this is a fit case where the investigation agency must get a chance to interrogate the applicant while the applicant is in police custody so that investigating agency will be able to elicit appropriate information from the applicant in a ( 4 ) peculiar atmosphere which is prevailing in a custodial interrogation. In my view, this application is required to be rejected. Hence, the order :- a) Application is rejected. b) The confessional statement of the applicant Mr.Kedar Khule which was made available to the Court be returned to the learned A.P.P. Mr.Dedhia for sending it to the concerned Court. 8. Application stands rejected in the above terms. (R.Y. GANOO, J.) (R.Y. GANOO, J.) (R.Y. GANOO, J.)