₹20-crore scam: Former banker gets anticipatory bail in Chandigarh

As per the ED case, the accused, while being the branch manager allegedly misused his official position and sanctioned loans to fictitious persons, allowing complete disbursement of the house loan in one go

A special PMLA court has granted anticipatory bail to Rajinder Singh Kalsi, the then bank manager at Punjab and Sind Bank’s Sector 24 branch, accused in a ₹20-crore scam from 2012.

The accused’s counsel Munish Dewan argued that in the 2012 FIR, he was granted bail by the Punjab and Haryana high court in 2013 and the trial was almost at the fag end. Now, after several years, ED had registered another case, whose trial will take long to conclude. (HT)

While the initial FIR was first lodged by Chandigarh Police’s economic offences wing in 2012, the Enforcement Directorate (ED) registered another case against Kalsi on September 20, 2023.

As per the ED case, the accused, while being the branch manager allegedly misused his official position and sanctioned loans to fictitious persons, allowing complete disbursement of the house loan in one go.

Kalsi’s counsel Munish Dewan argued that in the 2012 FIR, Kalsi was granted bail by the Punjab and Haryana high court in 2013 and the trial was almost at the fag end.

Now, after several years, ED had registered another case, whose trial will take long to conclude. Claiming that Kalsi had been falsely implicated by ED, the counsel contended that Kalsi never misused the concession of bail granted in the scheduled offence and was also ready to face the present trial.

During the course of investigation, the ED never felt the need to arrest Kalsi and he joined the investigation whenever called. As a result, the accused deserved to be granted anticipatory bail.

On the other hand, the ED special public prosecutor argued that the accused had been named in a serious offence, and there was every likelihood that he may abscond and even tamper with the evidence if granted bail.

The accused committed an offence and in the departmental proceedings, he was found guilty and terminated. Hence, the bail plea should be dismissed.

However, the court allowed the bail, observing that during the entire investigation, ED never felt the need to arrest the accused for all these years. The conclusion of trial will take a long time, keeping in view the large number of witnesses to be examined and numerous documents to be proved.

Hence the court ordered, “The accused is hereby ordered to be released on anticipatory bail subject to furnishing bail bond of ₹5 lakh with one surety in the like amount to the satisfaction of this court within 10 days from the passing of the order or the date fixed in the complaint, whichever is earlier.”

Kalsi was also directed not to leave the country without prior permission and not try to pressure the witnesses under any circumstances.