Mumbai: The Chief Metropolitan Magistrate Court has rejected the bail plea of 45-year-old Rajivranjan Rameshchandra Pandey, the eighth person arrested in connection with the alleged multi-crore New India Co-operative Bank money siphoning scam.
The court observed that the gravity of the offence and the volume of financial irregularities involved warranted a detailed investigation, including scrutiny of documents and tracing of the money trail
In its detailed order, the court stated that the charges against Pandey, along with others, are “serious in nature and involve a huge amount of money,” and hence, bail could not be granted at this stage.
Referring to the charge sheet and extensive documentation placed on record, the court noted that Pandey’s role in the case had been clearly outlined by the Investigating Officer.
“The FIR, subsequent investigation and the charge sheet go to show the prominent role played by accused Hitesh Mehta with the support of other accused. The role of the present accused has been clearly put forth by the Investigating Officer,” the court stated.
The court dismissed claims of premature investigation, stating, “It cannot be said that the Investigating Officer rushed to file the charge sheet without proper details.” While acknowledging the ongoing forensic audit, the court emphasized that the continuation of such a probe does not imply incomplete investigation.
Cautioning against the potential consequences of granting bail, the court observed: “There is a possibility that if the accused is released on bail, he may tamper with prosecution evidence and may also create difficulties in the ongoing forensic audit. The possibility of the accused misusing liberty cannot be overlooked.”
Pandey had moved the bail application on the grounds that he is innocent and not involved in the alleged financial fraud. He claimed to be a contractor operating under the name of M/s Maa Constructions and working with reputed entities such as Indian Railways and Larsen & Toubro.
He further stated that his wife is undergoing treatment for major depressive disorder in Ranchi, and he is the sole breadwinner for his family, which includes two minor children.
However, the court was not convinced by these arguments, stating that despite his personal circumstances, the seriousness of the charges and the evidence against him justified his continued custody.
The alleged scam involves the siphoning of crores of rupees from the New India Co-operative Bank by a group of individuals using forged documents, fraudulent loan accounts, and fictitious companies. Investigations are ongoing, and more arrests are likely.
