Granting bail to a founding director of Harihareshwar Sahakari Bank Limited, booked for allegedly embezzling Rs10 crore by clearing bogus loan transactions in the bank’s employees’ names, the Bombay High Court has observed that 99.59 % of the amount of investors is insured.
Court's observation
“Suffice it to observe that the interest of investors to a substantial extent is secured. The applicant will face the consequences of the trial if found guilty. The applicant has roots in Wai and therefore there is no likelihood of his absconding,” justice MS Karnik said on October 31.
The HC was hearing a bail plea filed by Nandkumar Khamkar, through his advocate Satyavrat Joshi. An FIR was registered against him on August 25, 2021 under relevant provisions of the Indian Penal Code, Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act (MPID Act) and the Maharashtra Co-operative Societies Act.
Prosecution's claim
Prosecution claimed that between 2011 and 2018, Khamkar allegedly made 62 false and bogus loan transactions out of which 46 loan proposals were sanctioned by executing forged documents regarding non-existent construction in property allegedly owned by Khamkar’s mother. The remaining 16 loan transactions were sanctioned against the apartments which were allegedly owned by his brother Ramesh.
Khamkar allegedly deceived his own employees by making the loan transaction amounting to Rs14,17,77,563 in their name and withdrawing the said amount from the bank through challan for his own economic benefit. He is alleged to have embezzled an amount of Rs10,24,42,154 which was deposited in the bank, said state advocate Rutuja Ambekar.
Defendant's claims
His advocates Satyavrat Joshi and Shubham Mhatre informed the court that his sister and two brothers, who are joint holders in several properties, have filed affidavits stating that they have no objection to the properties being used to secure the interest of the depositors. Joshi submitted that Khamkar has assured not to alienate his share in the properties except for satisfying the liability amount that shall be finally determined in civil proceedings.
“It is also pertinent to note that 99.59 % of the amount of investors is insured and which is released by deposit insurance and credit guarantee corporation and maximum amount is paid to investors of insured amount. The amount remaining is 0.41% which will be paid after the applicant is enlarged on bail,” the court noted. The HC has granted him bail on furnishing a personal bond of Rs one lakh.
