Grant of Bail for Alleged Loan Fraud Where Evidence is Documentary and No Antecedents Exist

The applicant, a 39-year-old Senior Executive, was arrested on March 13, 2026, in connection with Crime No. 304/2023.

The prosecution alleged that while working for Fullerton India Credit Company Ltd., the applicant conspired with co-accused Amit Garg to sanction personal loans for three individuals based on forged salary slips.

The applicant contended he was merely a salaried employee responsible for data entry and that the loans were sanctioned by other bank officials.

He further argued that the evidence is primarily documentary and already seized.

Whether the applicant is entitled to regular bail under Section 483 of the Bharatiya Nagarik Suraksha Sanhita, 2023, considering the nature of the allegations and the status of the investigation.

Section 483 of the Bharatiya Nagarik Suraksha Sanhita (BNSS), 2023, regarding the grant of regular bail.

Section 120-B, 420, 467, and 468 of the Indian Penal Code, 1860, concerning criminal conspiracy, cheating, and forgery.

Section 346 of the BNSS (formerly Section 309 of the Cr.P.C.) regarding the timely examination of witnesses during trial.

The court observed that the applicant has been in judicial custody since March 13, 2026, and that the investigation regarding him is "almost complete".

Although the State opposed bail due to the gravity of the offense, it conceded that the applicant had no prior criminal antecedents.

The court found that the applicant’s contentions—specifically that the money trail is documented and seized—had prima facie merit.

It reasoned that since the trial would take time to conclude and the applicant has family responsibilities, there was no compelling reason for continued incarceration.

The court determined there was no substantial risk of the applicant fleeing justice, tampering with evidence, or repeating the offense given his socio-economic status.

The holding is contingent upon the applicant furnishing a personal bond of Rs. 1,00,000/- with one surety of the same amount.

The grant of bail is subject to several conditions, including regular appearance at hearings, non-interference with witnesses, and compliance with Section 346 of the BNSS regarding the examination of witnesses.

The order remains effective until the conclusion of the trial unless breached.