A special anti-corruption court in Jammu has refused to grant bail to Jatinder Singh, the former branch manager of Jammu & Kashmir Bank, Rajouri, who is accused in a multi-crore loan scam. Special Judge Anti-Corruption Jammu, Haq Nawaz Zargar, ruled that granting bail at this stage could interfere with the ongoing investigation.
Ongoing Investigation and Missing Accused
The court highlighted the need to monitor Singh’s communication, as one of the co-accused, Mohammad Safeer, is still absconding. Authorities fear that Safeer could tamper with evidence. Additionally, the investigating agency has informed the court that other bank employees from the concerned branches are also under scrutiny, and further arrests are expected.
Considering these factors, the court stated that releasing Singh on bail could disrupt the probe and embolden white-collar criminals. Since investigators are working to uncover a larger conspiracy, more names of bank officials may surface in the coming days.
Defense Argument Rejected
Singh’s lawyer argued that his client was not in a position to influence witnesses. However, the court dismissed this claim, stating that the accused could inform associates and beneficiaries involved in the fraudulent transactions.
Impact on the Banking System and Economy
The court emphasized the crucial role of banks in the Indian financial system, particularly for the middle and lower-income sections of society. It noted that depositors trust banks with their hard-earned money, and bank officials must handle these funds responsibly. If officials misuse depositors’ money, it can have serious consequences for the economy.
The court further stressed that corruption in banking cannot be tolerated at any level, as it directly threatens the country’s financial stability. A zero-tolerance approach is necessary to prevent such crimes.
Breach of Trust and Public Interest
The court observed that Singh and his co-accused allegedly misused their positions to embezzle funds, violating the trust placed in them by the bank and its customers. It stated that while courts must balance individual liberty and social interest, showing leniency in such financial fraud cases would be unjust to society.
Call for a Strong Investigation
The court also directed the Inspector General of Police (IGP) Crime to ensure a thorough investigation. It acknowledged that economic offenses often involve long and complex probes, requiring skilled and patient investigators. The court advised authorities to carefully select members of the Special Investigation Team (SIT) and appoint officers who are capable of handling such cases efficiently.
