Branch manager denied bail in housing loan case

Tribune News Service
Chandigarh, September 7

The Punjab and Haryana High Court has ruled that the custody of a bank manager will be required for proper investigation of a case involving disbursement of housing loans.

Among other things, the Bench was told that the petitioner was required for custodial interrogation for recovery of approximately Rs3.27 crore, which had been directly and indirectly diverted to the company of a co-accused.

Justice Manjari Nehru Kaul asserted prima facie it appeared to be a "huge scam", especially when the petitioner in his affidavit had admitted sanctioning loans to borrowers on his seniors' directions and without adhering to proper procedure. "Hence, his custodial interrogation, as prayed for by the State counsel, will definitely be required for proper investigation of the case," Justice Kaul asserted.

Dismissing the bail petition filed by Nishan Lal Ghanaut, Justice Kaul added the allegations against the petitioner were serious in nature. He had admitted in his affidavit that 19 housing loans were sanctioned by him in his official capacity albeit "on the asking of senior bank officers".

Before parting with the order, Justice Kaul added nothing contained in the order would be construed as an expression on the merits of the case. Appearing before the Bench through videoconferencing, the petitioner's counsel had earlier told the Court that he was falsely implicated in the FIR and was made a scapegoat to the exclusion of other persons wielding a "lot of influence".

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