The Allahabad High Court has granted conditional bail to Shamli businessman Vaibhav Sangal, who is accused of fraudulently sanctioning Rs 4.73 crore as Mudra Loan to different customers on the basis of forged bills.
A single-judge bench of Justice Dinesh Kumar Singh passed this order while hearing a Criminal Misc Bail Application filed by Vaibhav Sangal.
The bail application has been filed with a prayer to grant bail to the applicant, Vibhav Sangal in Case under Section- 120-B, IPC read with Sections 420, 468, 471 IPC, Police Station CBI, ACB, District Ghaziabad.
The counsel for the applicant submitted that the accused applicant has a shop/business establishment in district Shamli.
It is alleged that the accused applicant in criminal conspiracy with the accused Robin Bansal, Assistant Manager of Indian Overseas Bank fraudulently sanctioned an amount of Rs 4.73 crore as Mudra Loan to different customers on the basis of forged bills issued by accused applicants.
The counsel for the accused applicant further submitted that in the account of the accused-applicant Rs 3,98,000 were transferred from two fictitious accounts opened by Robin Bansal.
On behalf of the accused applicant an affidavit has been tendered today in the Court stating therein that the accused applicant is ready and willing to deposit Rs 4,00,000 in the Indian Overseas Bank, Branch Shamli as condition precedent for grant of bail.
The accused applicant has prepared a bank draft of Rs 4 lakh in favour of Branch Manager, Indian Overseas Bank dated 14.1.2023.
He also submitted that charge sheet has already been filed for the offence under Section 120-B, IPC read with Sections 420, 468, 471 IPC which entails punishment upto 7 years.
Sanjay Kumar Yadav, the CBI counsel, opposed the bail application but he didn’t dispute the fact that the punishment for the offence for which the chargesheet has been filed is of upto 7 years.
“Considering the aforesaid submission and undertaking of the accused applicant that he would deposit Rs 4,00,000 in the bank and furnish proof thereof along with bail bonds, the Court deems it appropriate to enlarge the accused-applicant on bail.
Without expressing any opinion on the merits of the case and considering the nature of accusation and his antecedents, the applicant is entitled to be released on bail in the case considering the exceptions considered by the Supreme Court in the case of Sushila Aggarwal vs State (NCT of Delhi)- 2020 SCC Online SC 98,” the Court observed.
The Court ordered the accused applicant, namely, Vaibhav Sangal, be released on bail in the aforesaid case by the competent court on furnishing a personal bond of Rs 50,000 with two sureties each in the like amount to the satisfaction of the concerned Court within 7 seven days from today with the following conditions.
(i) The accused applicant shall deposit the bank draft bearing bank draft in the Indian Overseas Bank, Shamli and will submit a proof thereof with the bail bonds on which he shall be released on bail.
(ii) The applicants shall make himself available for interrogation by the police officer as and when required;
(iii) The applicant shall not directly or indirectly, make any inducement, threat or promise to any person acquainted with the facts of the case so as to dissuade from disclosing such facts to the Court or to any police officer;
(iv) The applicant shall not leave India without the previous permission of the Court and if he has a passport, the same shall be deposited by him before the SSP/SP concerned.
(v) The party shall file a computer generated copy of such order downloaded from the official website of High Court Allahabad.
(vi) The concerned Court/Authority/Official shall verify the authenticity of such computerized copy of the order from the official website of High Court Allahabad and shall make a declaration of such verification in writing.
In default of any of the conditions, the Investigating Officer/Govt Advocate is at liberty to file an appropriate application for cancellation of bail granted to the applicant.