Adarsh Bank President's pre-arrest bail upheld

Chhatrapati Sambhajinagar

The Aurangabad Bench of the High Court has upheld the interim pre-arrest bail granted to Vaishali Harish Daulnapure, President of Adarsh Nagari Mahila Sahakari Bank, in a case related to fraudulent loan disbursements and financial irregularities. The interim bail, initially approved on December 3, was confirmed by Justice Arun R. Pednekar on January 3, with certain conditions.

A criminal case had been registered in 2023 at the Vedantnagar Police Station against the bank’s management and board of directors, under sections 406, 409, 420, 467, 468, 471, 120-B, and 34 of the Indian Penal Code. The police had filed a charge sheet against nine accused, excluding Vaishali Daulnapure. The court had earlier instructed Daulnapure to appear at the police station on December 3 and 12.

According to Assistant Government Pleader A.A.A. Khan, Daulnapure cooperated in the investigation by attending the police station over 20 times. The case is being handled by Adv. Abhay Singh K. Bhosale on behalf of the accused. As the case continues to unfold, all eyes remain on the investigation and what comes next for the bank's management, raising questions about the future of Adarsh Bank and its leadership. Legal experts suggest that this case could set a precedent for similar financial irregularity cases across the region.