Authority: High Court of Chhattisgarh at Bilaspur

Order Date: 08/07/2026

Case Overview

  • Parties: Applicant – Rakesh Upadhyay, son of Ishwar Prasad Upadhyay, resident of Ward No. 16 Dalli Marg, Balod, District Durg, Chhattisgarh. Non‑Applicant – State of Chhattisgarh represented by Officer‑In‑Charge, Police Station Rajhara, District Balod.
  • Case Numbers: MCRCA No. 1048 of 2026; Crime No. 98/2026 registered at Police Station Rajhara, District Balod.
  • Allegations: The applicant is alleged to have participated in a loan‑fraud scheme involving forged salary slips and appointment letters. The fraud is said to have been orchestrated to obtain loans from Arisht Finance Company, causing substantial financial loss to the company.
  • Statutory Provisions: Offences under IPC Sections 420 (cheating), 467 (forgery of valuable security), 468 (forgery for purpose of cheating), and 34 (common intention).
  • Background: Complainant Vinod Jain, Director of Arisht Finance Company, reported that in 2024 the company sanctioned loans based on documents later found to be forged. Employees Amar Markam and Ajay Kumar Dewangan allegedly prepared the forged documents; Ajay Kumar Dewangan, a former employee, allegedly facilitated loan processing, while Lokesh Kumar failed to verify documents properly. An FIR was subsequently filed.
  • Applicant’s Claim: Rakesh Upadhyay contended he was falsely implicated, stating the FIR was lodged after a delay of more than three months. He disclosed that he had taken a personal loan of Rs. 72,900 from the company, which he could not repay due to poor financial condition, and that a separate complaint under Section 138 of the Negotiable Instruments Act was pending before the JMFC, Raipur.
  • State’s Position: The State counsel opposed the anticipatory bail, emphasizing the gravity of the alleged offences and the financial loss suffered by the finance company.

Final Outcome

  • The Court, after hearing counsel for both sides and reviewing the documents, concluded that given the seriousness of the offences and the alleged collusion to forge documents for loan fraud, the anticipatory bail application of Rakesh Upadhyay is rejected.

Topics: Legal Proceedings, Loan Fraud, Anticipatory Bail