Court rejects bail plea of former CEO of New India Co-op Bank

Bhoan had filed for bail stating that he was unaware of the missing amount and none of it was found with him, nor was there any other proof to show that he was the beneficiary of the missing amount. The police opposed the plea stating that as the CEO he cannot shirk responsibility and claim no knowledge of the missing amount.

“It is to be noted here that it reveals from the record that when the alleged incident of digital fraud is committed or came to be found, at the relevant time, the applicant was working as the CEO of the said bank at Prabhadevi branch and prime accused Hitesh Mehta was working under his supervision. It prima facie reveals to me that being a CEO of the bank, he handled each and every cash transaction of the said bank and he was well aware about the cash in hand at the bank,” special judge R K Deshpande said in the order on October 16. He said that merely because the chargesheet has been filed in the case, bail cannot be granted, such conduct is not expected from a person working in a responsible position.

“It is to be noted here that an economic offence is committed with cool calculation and deliberate design with an eye on personal profit regardless of the consequence to the community. A disregard for the interest of the community can be manifested only at the cost of forfeiting the trust and faith of the community in the system to administer justice in an even handed manner without fear of criticism from quarters which view white collar crimes with a permissive eye unmindful of the damage done to the national economy and national interest,” the court said.