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SHREE RAM CHAWALA versus STATE OF U.P. & OTHERS

High Court of Judicature at Allahabad

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Shree Ram Chawala v. State Of U.P. & Others - CRIMINAL MISC. WRIT PETITION No. 836 of 2007 [2007] RD-AH 13774 (8 August 2007)

 

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HIGH COURT OF JUDICATURE OF ALLAHABAD

Crl. Misc. Writ Petition No. 836 of 2007

Hon'ble Sushil Harkauli, J.

Hon'ble K. N. Ojha, J.

We have heard learned counsel for the petitioner, Sri K.R. Jadaun for the Bank and the A.G.A. for the State.

The charge is that certain persons formed a Cooperative Society, which was given the name "Central Bank Employees S.B. Cooperative Society Ltd." The use of the name of 'Central Bank' in the name of the Society apparently was for generating public confidence, and that confidence was exploited in collecting deposits of about 17.94 crore rupees from the members and non-members. Out of that deposit, about Rs. 13 crore was disbursed ostensibly as loans to members and also to non-members without security or on insufficient security. The said unrepaid loans have now been categorised as non-profitable assets. The offence alleged is that this fraudulent banking activity of the Society was not only outside the objects of the Society, but was also in violation of banking laws and also violative of the U.P. Cooperative Societies Act and Rules as well as departmental instructions. Thus it is not a case of simply forming a cooperative society and catering only to its members. Starting illegal and fraudulent banking activity by a cooperative society, collecting money to the extent of about Rs. 18 Crores and distribution of unsecured loan of Rs. 13 Crores is a serious matter effecting affecting large number of investing public who are deceived into investment by the use of the name of the Central Bank.

Obviously, chances are bright that the persons who are the beneficiaries having obtained such unsecured loans, were in collusion with the office bearers of the Society.

With this nature of charges, when the police have submitted a charge sheet against the petitioner in case crime No. 180 of 2004 under sections 409/420/467/468/471/477A/120B I.P.C. of P.S. Railway Road district Meerut, as reported in the counter affidavit of the A.G.A., it does not appear to be an appropriate case for quashing the charge sheet which would virtually amount to acquitting the petitioner of the charges, without giving an opportunity to the prosecution to prove the charges by leading evidence at the trial. The petitioner will have proper opportunity of defence at the trial. Because of submission of charge sheet, the interim order does not deserved to be continued.

However, the petitioner being an old man and a retired bank employee, we direct that if the petitioner surrenders within 10 days from today and applies for bail  in case crime No. 180 of 2004 under sections 409/420/467/468/471/477A/120B I.P.C. of P.S. Railway Road district Meerut, his bail application will be considered and disposed of by the Courts below expeditiously.

The writ petition is disposed of as above.  

Dated: August 8, 2007

AM/-


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Reproduced in accordance with s52(q) of the Copyright Act 1957 (India) from judis.nic.in, indiacode.nic.in and other Indian High Court Websites

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