A magistrate's court in Mumbai has granted bail to Rajivranjan Pandey, an accused in a Rs 122-crore fraud case involving the New India Co-operative Bank in Prabhadevi. Pandey was arrested in March 2025 and had spent over a year in custody. The allegations against him include using an alias to receive Rs 15 crore of the defrauded funds.
Court's Reasoning for Granting Bail
The magistrate observed that the prosecution's concerns about tampering with evidence and the risk of absconding could be adequately addressed by imposing rigorous conditions. The court considered Pandey's family circumstances, his permanent address in Jharkhand, and his legitimate business interests, concluding that he is not a flight risk. Therefore, the applicant is entitled to regular bail.
Conditions Imposed on the Accused
The court directed Pandey to deposit Rs 5 lakh as cash bail. This cash deposit serves as an interim arrangement and is valid for a strict window of one month from the date of the order. Within this period, the accused must fully comply with and furnish the final surety conditions.
As a condition of release, Pandey is strictly prohibited from interfering with the administration of justice. This includes a total ban on making any direct or indirect inducements, threats, or promises to anyone acquainted with the facts of the case to dissuade them from disclosing information to the police or the court.
Additionally, the accused has been directed to surrender his passport to the court within one week of release and is restricted from leaving India without obtaining the court's prior permission. He is also required to attend every scheduled hearing date unless an advance exemption is officially granted. A breach of any condition allows the prosecution to apply for the cancellation of bail.
About the Author
Rebecca Samervel, armed with a degree in political science and law, transitioned into journalism after a brief stint in modeling. As a reporter at The Times of India, Mumbai, she covers courts. She is a self-confessed food enthusiast with passions for traveling, politics, and television. She can often be found at the Bombay High Court.
