Delhi HC grants bail to former bank manager accused of duping woman of Rs 13 crores

New Delhi [India], November 16 (ANI): The Delhi High Court has recently granted bail to a former bank manager accused of duping a woman of Rs 13 crores. It is alleged that the accused withdrew money from her account which was in the bank where he was employed.
The accused was arrested way back on February 2, 2024, and the Police have already filed the chargesheet.
Justice Amit Mahajan granted bail to Varun Vashista after considering the submissions and facts of the case. He has been granted bail on furnishing a bail bond of Rs. 25000 and two sureties in the like amount subject to the satisfaction of the learned Trial Court.
While granting bail, the High Court noted that the evidence in regard to the commission of the offence, at this stage, seems to be in the possession of the prosecution and the custody of the applicant cannot be said to be required for any further investigation.
"The object of jail is to secure the appearance of the accused during the trial. The object is neither punitive nor preventive and the deprivation of liberty has been considered as a punishment," Justice Amit Mahajan said in the order passed on November 12.
However, appropriate conditions ought to be put to allay the apprehension of the applicant tampering with the evidence or evading the trial, the bench emphasised.
The accused has sought a regular bail in FIR of 26.02.2024 registered at the Police Station
Economic Offences Wing for offences under Sections 409, 420, 467, 468, 471, 120B IPC.
The allegation against Varun is that he while working as a Branch Manager, at ICICI Bank, Vikas Puri, Delhi, was handling the account of the complainant and induced the complainant and her husband to deposit and invest their hard-earned money by promising a good rate of return.
It is alleged that between the years 2019 and 2023, the complainant and her husband invested a sum of Rs13.5 crores in the bank account which was managed by the applicant and the co-accused, Vipin Mishra.
It is alleged that in January 2024, the complainant came to know that a sum of around Rs12 crores had been siphoned from her account.
It is alleged that the applicant created fake fixed deposit accounts and misappropriated the money of the complainant. It was found that no fixed deposit in the complainant's name was created.
It is further alleged that the bulk of the money was transferred and siphoned off through banking channels and a sum of approximately Rs 85 lakhs was withdrawn from the ATM by using the complainant's ATM card and approximately Rs1.5 crores was withdrawn from the bank by using the cheques of the complainant.
Advocate Pankaj Kapoor, counsel for the accused submitted that the money was transferred out of the complainant's account on her instructions.
He also submitted that the bulk of the money had allegedly been transferred by a banking channel. The cash was withdrawn from the bank account on the cheques being given by the complainant and the same was, in fact, a service provided to the complainant so that she does not have to visit the branch personally.
Additional Public Prosecutor for the State opposed the bail application and submitted that the gravity of the offence does not entitle the applicant to any relief.
He submitted that the applicant while working as a Trustee of the clients' money, had misused the entrustment. The bank also conducted an inquiry which led to the termination of the applicant from the service.
It is not disputed that a sum of approximately Rs 9 crores has been transferred to different accounts. It is alleged that the beneficiary of the said accounts had received the money on instructions of the applicant and had, in fact, given the cash back to the applicant. The investigation in that regard is still pending, the court noted. (ANI)