Mumbai: A magistrate’s court granted bail to Rajivranjan Pandey, an accused in a Rs 122-crore fraud at New India Co-operative Bank, Prabhadevi. Arrested in March 2025, Pandey had spent over a year in custody following allegations that he used an alias to receive Rs 15 crore of the defrauded funds. “The prosecution’s apprehension of tampering and absconding can be adequately addressed by imposing rigorous conditions. The applicant’s family circumstances and the fact that he is not a flight risk, permanent address in Jharkhand and legitimate business have also been considered…the Applicant is entitled to regular bail,” the magistrate said on Friday.The court directed the accused to deposit Rs 5 lakh as cash bail. This cash deposit serves as an interim arrangement and is valid for a strict window of one month from the date of the order, during which the accused must fully comply with and furnish the final surety conditions. As a condition of release, the accused is strictly prohibited from interfering with the administration of justice. This includes a total ban on making any direct or indirect inducements, threats, or promises to anyone acquainted with the facts of the case to dissuade them from disclosing information to the police or the court. He was also directed to surrender his passport to the court within one week of release and is restricted from leaving India without obtaining the court’s prior permission. Additionally, the accused is required to attend every scheduled hearing date unless an advance exemption is officially granted. A breach of any condition allows the prosecution to apply for the cancellation of bail.
