Sarvjeet Malhotra vs State of Himachal Pradesh

Kuldip Singh, Judge

This is an application u/s 438 Cr.P.C. for releasing the petitioner on bail in FIR No. 20 of 2012 dated 30.1.2012 registered at Police Station, Sadar, District Mandi, under Sections 420, 467, 468 and 471 IPC. It has been stated that allegations against the petitioner are that he had procured loan facility from the Bank of Baroda, Mandi in the sum of Rs. 2,50,000/- and while procuring the loan, he had filed as per requirement of the bank one affidavit wherein he mentioned that he has not procured loan from any other financial institution. It has been alleged that petitioner had availed loan from the Life Insurance Corporation of India. It has been submitted that the petitioner is innocent, he has committed no offence. The petitioner has been implicated in the case at the instance of influential persons. There is no legal evidence available on record for connecting the petitioner with the commission of alleged offence. The petitioner never filed any affidavit. The loan was sanctioned in the year 2006 and the alleged affidavit has been filed in the year 2007. The bank people had procured some false document by tampering the signatures of the petitioner.

The petitioner is co-operating in the investigation. It has been stated that similar type of case was also reported to the Police of Police Station, Mandi. The petitioner filed anticipatory bail application before the learned Sessions Judge, Mandi which was transferred to the learned Presiding Officer, Fast Track Court, Mandi. On 31.5.2011 a statement was made by the learned Public Prosecutor that no case had been registered. The case has been registered to pressurize the petitioner to deposit the loan amount prior to its time. The petitioner had filed bail application which has been dismissed by the learned Sessions Judge, Mandi on 1.2.2012. The prayer has been made for releasing the petitioner on bail.

The status report has been filed. It has been stated that the case has been registered on the written complaint of Jai Narayan Garg, Senior Manager, Bank of Baroda, Mandi. It has been stated that the petitioner had reported to the Bank of Baroda, Mandi that he has lost the title deed of the property and he has not taken any loan from any financial institution. He filed an affidavit dated 27.9.2007 to this effect. However, it transpired that Sarvjeet Malhotra had already taken loan from Life Insurance Corporation Housing Finance Ltd. against the security of same property and has equitably mortgaged this property with Life Insurance Corporation Housing Finance Ltd. by depositing the title deeds with the said Company. Thus, Sarvjeet Malhotra and Gulshan Malhotra had made false representation through the affidavit to the Bank of Baroda and fraudulently and dishonestly induced the Bank to give loan to them.

It has been stated that it has come in the investigation that Sarvjeet Malhotra and his father Gulshan Malhotra had obtained a loan of Rs. 6,50,000/- from Life Insurance Corporation Housing Finance Ltd. Branch Mandi and thereafter Sarvjeet Malhotra had obtained a sum of Rs. 2,50,000/- on the same land from the Bank of Baroda, Mandi and on the basis of false affidavit obtained further loan of Rs. 3,00,000/-from the Bank. It has been stated that petitioner has committed serious offence. The prayer has been made for rejection of the bail application.

Heard and perused the record. The petitioner in the bail application has stated that the loan was taken in the year 2006 and alleged affidavit is dated 27.9.2007. The petitioner has denied that he submitted any such affidavit. In the status report, it has not been made clear whether in fact loan of Rs. 2,50,000/- and another loan of Rs. 3,00,000/- was taken by the petitioner in the year 2006 or not before the alleged affidavit dated 27.9.2007. The prosecution case is based upon documents.

It has been stated in the status report that the petitioner has joined the investigation. There is no allegation that the petitioner is not co-operating in the investigation. It has not been stated for what purpose the custodial interrogation of the petitioner is required. The specimen signatures of the petitioner have already been obtained by the investigating agency. The interim bail was granted to the petitioner on 3.2.2012. In the facts and circumstances of the case, the petitioner has made out a case for grant of bail u/s 438 Cr.P.C.

In view of the above, the petition is allowed. The petitioner in the event of arrest is ordered to be released on bail in FIR No. 20 of 2012 dated 30.1.2012 registered at Police Station, Sadar, District Mandi, under Sections 420, 467, 468 and 471 IPC on his furnishing personal bond in the sum of Rs. 50,000/- with one surety of the like amount to the satisfaction of the Arresting Officer with the condition that the petitioner shall continue to join the investigation as and when called by the Investigating Officer and shall not hamper the investigation and tamper with the prosecution evidence in any manner. The observations made in this judgment are for disposal of bail petition only and the same shall not be construed as an expression of opinion on the merits of the case.