Authority: High Court of Jharkhand at Ranchi
Order Date: 29 October 2026
Case Overview
- Petitioner: Nigam Krishna Singh, resident of Village‑Chakri, Jamtara, Jharkhand.
- Opponent: State of Jharkhand; Informant: Axis Bank (represented by counsel).
- Case: Jamtara P.S. Case No. 59 of 2025, registered under Sections 316(2) & 319(2) of Bharatiya Nyaya Sanhita, 2023 (fraudulent loan‑account withdrawal).
- Background: Petitioner originally obtained an overdraft limit of Rs 4.30 crore and bank guarantee of Rs 60 lakhs from ICICI Bank. He later requested Axis Bank to take over these limits; Axis sanctioned a cash‑credit (C.C.) limit of Rs 4.95 crore and BG of Rs 80 lakhs and issued a demand draft of Rs 4.29 crore to ICICI Bank for the takeover.
- Allegations: After Axis Bank’s demand draft of Rs 4.29 crore was credited to ICICI Bank, the amount was deposited into the petitioner’s loan account at ICICI Bank. The petitioner allegedly continued to withdraw funds, preventing closure of the loan account and transfer of security documents to Axis Bank, leaving Axis with an unrecovered amount of Rs 4.29 crore.
- Petitioner’s defence: Claims a mistake by ICICI Bank in crediting the amount, lack of dishonest intent, and that he deposited part of the amount once the error was realized and has been cooperating with investigators.
- Informant’s position: Axis Bank, through its counsel, opposes bail, asserting deliberate withdrawals and outstanding recovery of Rs 4.29 crore.
Final Outcome
- The Court, after hearing counsel, grants anticipatory bail to the petitioner.
- Bail conditions: Release upon furnishing a bail bond of Rs 30,000 with two sureties of equal amount, to be satisfied before the Chief Judicial Magistrate, Jamtara, within three weeks of arrest or surrender, subject to Section 482(2) of the Bharatiya Nagarik Suraksha Sanhita, 2023.
Topics: Anticipatory Bail, Bank Loan Dispute, Judicial Order