Delhi HC refuses bail to bank official in Rs 4 crore fraud

New Delhi: The Delhi high court has refused to grant bail to a suspended manager of the Indian Overseas Bank here in a Rs 4 crore cheating and fraud case. The accused, Hare Krishna Mishra, is in judicial custody since September 2015. The accused’s counsel had sought bail, arguing that as the trial was not likely to conclude in near future, the continued incarceration of the petitioner would not serve any purpose. Opposing his bail application, the prosecution said the accused diverted an amount of Rs. four crores from different bank accounts to 12 fictitious or fake bank accounts and misappropriated the same along with a co-accused.

The prosecution alleged that he destroyed the original vouchers and documents relating to the 12 fake bank accounts with the intention to save himself from penal action. It also submitted that Rs 2.25 crore was diverted into the a private company’s account and that accused had bought a house worth Rs 1.58 crore in his wife’s name.”

“The offence was committed with an eye on personal profit regardless of the consequences and added if the accused is released on bail, he may further tamper the evidence or even abscond. Therefore, the bail application is rejected at this stage,” the high court said rejecting the bail application of the accused.