The Gujarat High Court has rejected a second bail application filed by a former State Bank of India cash officer accused of siphoning off Rs 1.93 crore by manipulating ATM records and internal bank software.
Justice H D Suthar dismissed the petition of Bangmoy Chakravarti, characterizing the alleged crime as a deliberate and serious white-collar financial offense. Drawing on Supreme Court precedents, including rulings from the CBI case against YS Jagan Mohan Reddy, the court emphasized that economic offenses require strict judicial scrutiny regarding bail because of their broader impact on society. The bench also cited a risk of evidence tampering given the electronic nature of the financial records.
Court Ruling And Legal Observations
Investigators state that Chakravarti was responsible for withdrawing cash from SBI’s currency chest at the Rajpipla branch in Narmada district and replenishing local automated teller machines and cash deposit devices. Instead, he allegedly utilized his administrative credentials to alter the balances displayed on ATM interfaces, leaving machines showing mandatory minimum balances while removing the funds.
To cover the shortfalls, Chakravarti allegedly created fraudulent cash deposit entries in SBI’s Core Banking System.
Modus Operandi And Fraud Details
Prosecution records identify four main withdrawals totaling Rs 1.93 crore:
- Rs 39.98 lakh from the Rajpipla Station Road ATM
- Rs 39.92 lakh from the Swaminarayan Gurukul ATM in Poicha
- Rs 62 lakh from ATM No. 465624
- Rs 51.64 lakh from ATM No. 465625 at Santosh Chowkdi
Financial Movements And Digital Evidence
Law enforcement traced the missing funds to bank accounts registered to Chakravarti and his relatives across Uttar Pradesh, Bihar, and Jharkhand. The funds were subsequently transferred to ICICI Bank accounts through UPI, RTGS, and NEFT payments. Prosecutors noted that total transactions under investigation currently reach approximately Rs 2.34 crore.
Digital evidence submitted to the court includes CCTV footage showing Chakravarti at the specified ATMs during the times in question, as well as mobile location data placing his phone at those exact sites. Although Chakravarti was transferred to the Nasvadi branch in Chhota Udepur district on October 17, 2025, his administrative Cash Officer ID remained active until November 6, during which irregular entries were recorded on October 28, October 30, and November 3.
Background And Arguments Presented
Chakravarti has been in custody since November 28, 2025, following his arrest under provisions of the Bharatiya Nyaya Sanhita and the Prevention of Corruption Act based on an FIR at Rajpipla Police Station. State prosecutors noted that Chakravarti absconded after the incident and allegedly obtained help from local police in Jharkhand before Gujarat Police located and arrested him.
Defense counsel requested bail on the grounds that Chakravarti was falsely implicated, held no prior criminal record, and that the filing of the chargesheet meant the investigation was complete with no assets left to recover. The High Court rejected these arguments, concluding that the presence of direct digital evidence and the severity of the financial loss warranted continued detention.
