1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY CRIMINAL APPELLATE JURISDICTION CRIMINAL APPLICATION NO.5442 OF 2009 Ashok Chotelal Jaiswal ....Applicant Vs. The State of Maharashtra ....Respondent ----- Mr.M.S. Mohite for Applicant Mrs. P.P. Shinde - APP for State ----- CORAM: V.M. KANADE J. DATED: 15TH DECEMBER, 2009 P.C. 1. Heard the learned Counsel appearing on behalf of the Applicant and the learned APP for the State. 2. The Applicant has been arrested for the offence punishable under sections 467, 468, 471, 420 r/w. 34 of the Indian Penal Code which is registered vide C.R. No.475 of 2009 with Pimpri Police Station on 7.11.2009. 3. It is the case of the Complainant that the Applicant had applied for loan and it was scrutinized by one of its officers viz. Shri Vinod Mirghane and Ms. Veena Tejwani and the loan of Rs.7,00,000/- was approved. According to the Complainant the said 2 cheque was deposited in the account which was opened by its employee Vinod Mirghane in Punjab National Bank in the name of M/s. New Vision Engineering Contractor. It is their case that Vinod Mirghane posed himself as a proprietor of the said firm and deposited two cheques of an amount of Rs.3,43,388/- and withdrew the said amount from the said account. 4. Shri Mohite, the learned Counsel appearing on behalf of the Applicant submitted that the Applicant had never entered into any loan agreement with the Complainant Company. He submitted that initially he had applied for loan to the Complainant and Vinod Mirghane had contacted him and, therefore, the Applicant had supplied xerox copies of the necessary documents. Thereafter, Vinod Mirghane informed the Applicant that the loan was sanctioned, however, by that time the Applicant had already secured the loan from Kotak Mahindra Bank and, therefore, he informed the said Complainant that he had no longer interest in the loan from the Complainant Company. Therefore, the learned Counsel for the Applicant submitted that the entire offence has been committed by the said Vinod Mirghane and the Applicant had nothing to do with the said offence. 3 5. Perusal of the Complaint clearly indicates that employee of the Complainant had opened the account in the Punjab National Bank and had deposited the cheques given by the Complainant in his own account and the said amount has been misappropriated. Said Vinod Mirghane is absconding. The Applicant is a businessman and he is carrying on a business of Industrial Insulation since last 15 years. Prima facie there is no material to indicate that the Applicant had received any money from the said amount which has been misappropriated by said Vinod Mirghane. This being the position, the Applicant, therefore, deserves to be released on bail. 6. The Applicant be released on bail in C.R. No.475 of 2009 registered with Pimpri Police Station in a sum of Rs.5,000/- with one or two sureties in the like amount. He shall report to the concerned police station, as and when called. 7. Application is disposed of. (V.M. KANADE J.)