Mumbai News: Sessions Court Denies Bail To Former Banker In ₹25 Lakh Loan Fraud Case

Mumbai: In a fraudulent loan case, the sessions court has refused to grant anticipatory bail to a 59-year-old former banker, Prabhakar Aglawe, noting that he has eight cases registered against him. The court also reprimanded him for obtaining interim protection by making false submissions that he had not been prosecuted before.

About The Case

As per the case, Agalwe promised the complainant, MK Nandkumar, a businessman, assistance to raise funds for a venture through loans. He took Rs 25 lakh from March to May 2023 by claiming contacts with high-ranking officials, Nandkumar’s lawyer Harekrishna Mishra told the court. The court sternly noted that “filing an application for bail is neither a formality nor can it be taken casually”. Calling it a “fraud played on court”, it said that the advocate for the applicant mentioned this in the application and pressed for an interim relief, which was granted.

The court said, “The tendency to mislead, make false statements, and grab the orders is dangerous for the administration of justice. The people at large have great faith in the judicial system.” Agalwe denied cheating Nandkumar and claimed that the amount was transferred for business purposes and under an agreement.

The court refused to accept his explanation and said, “If really the amount was transferred for business or for acquisition of some company, the applicant must have further transferred it to some company. ” Noting that Agalwe’s previous crimes show he is habituated to cheating people, the court refused to grant anticipatory bail.