HC grants anticipatory bail to SBI branch manager accused of misappropriating funds

Mazgaon Circle branch’s Nikhil Roy was booked for criminal breach of trust and fraud when the BIS Labour Board lodged a a complaint against him.

The Bombay high court (HC) on Tuesday granted anticipatory bail to a branch manager of the State Bank of India (SBI), who is accused of misappropriating Rs 36 crore out of the fixed deposits of the Bombay Iron and Steel Labour Board, till July 10.

Bombay High Court granted anticipatory bail to Nikhil Roy, a branch manager of SBI Mazgaon circle, accused of misappropriating Rs 36 crore. (Bhushan Koyande/HT File Photo)

Nikhil Roy, the manager of the Mazgaon Circle branch of SBI, was booked by the Mumbai Police for criminal breach of trust and fraud on the basis of a complaint lodged by the Board authorities on June 8, 2019.

The Board authorities alleged that they had deposited Rs 45 crore in fixed deposits and though the bank had issued a letter certifying the deposits in April, 2019, Roy misappropriated

Rs 36 crore from the sum, which was purportedly shown as four tranches of premature withdrawals.

Roy moved the court as he feared for his arrest in the case.

He informed the court that he had prematurely released Rs 36 crore in four separate tranches on the request of the Board authorities.

He submitted that none of the fixed deposit receipts were validly discharged.

He pointed out that all the original receipts were still lying with the Board authorities, and the investigation is on to ascertain the genuineness of the receipts.

However, Thakare sought time to ascertain the authenticity of the confirmation letter after Justice SK Shinde noticed that the letter, dated April 11, 2019, had certain discrepancies.

The court has also directed the Mumbai Police to release Roy on a cash bail of Rs 50,000, if he is arrested in the interim.

The next hearing of the case is on July 10.