TMI Blog2020 (3) TMI 1370X X X X Extracts X X X X X X X X Extracts X X X X ..... and some of the banks have been closed down. In the opinion of this Court, if the applicants are released on bail, a wrong message will go to the public. Since the investigation in other cases is still going on and other accused persons have not been arrested so far, therefore, at this stage, no case for grant of bail is made out. Application dismissed. - M.Cr.C. No. 9763/2020, M.Cr.C. No. 10585/2020 - - - Dated:- 19-3-2020 - MR. VIVEK RUSIA, JUDGE Applicant by Shri Avinash Sirpurkar, Sr. Advocate with Shri Pratap Singh Kushwaha, Advocate in M.Cr.C. No.9763/2020. Applicant by Shri Vivek Singh, Advocate in M.Cr.C. No.10585/2020. Respondent by Shri Vikram Dubey and Ms. Bhagyashri Sugandhi, Advocates. ORDER Thes ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... japati; and Smt. Asha Jain conspired together and cheated the bank to embezzle public money to the tune of ₹ 400 Lakhs by way of over-valuation of IPs offered as collateral security, and by diverting the funds i.e. selling the coal stock and not depositing their proceeds in the bank. During the period from August, 2013 to July, 2015, applicant Dinesh Kumar was Chief Manager of PNB and applicant Sudhir Kad was Senior Manager of PNB. They conspired with Narendra Prajapati, the Proprietor of M/s. Arihant Coal Corporation and recommended and sanctioned cash-credit limit of ₹ 400 Lakhs to Smt. Asha Jain, proprietor of M/s. Arihant Coal Corporation. The allegations against the applicants are that the cash-credit limit was sanction ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e respondent, CBI, submit that against the applicant Dinesh Kumar, as many as 8 cases have been registered and out of which, in 3 cases the charge-sheet have been filed. Against the applicant Sudhir Kumar Dad, in four cases the charge-sheet has been filed. This Court has already rejected the bail application of co-accused Narendra Prajapati. Without the help of present applicants, the co-accused Narendra Prajapati could not have managed the diversion of the funds of the bank. After investigation, the conspiracy between the applicants and Narendra Prajapati and other Directors/proprietors of the firm has been found. The public money has been embezzled and utilised for other purposes by creating forged documents. Therefore, the applican ..... X X X X Extracts X X X X X X X X Extracts X X X X
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