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8. In the statement filed by the Inspector of Police, VACB, SIU-1, Thiruvananthapuram, in paragraphs 14 to 19 it has been stated as under:

"14. The Preliminary Enquiry reveals that A1, the Implementing Officer (IEO), transferred an amount of Rs.30 lakhs as subsidy to 10 Joint Liability Groups (JLGs) from the account of Thiruvananthapuram Corporation to the Vattiyoorkavu Service Co-operative Bank Ltd. Since the beneficiary groups had not commenced any ventures and the bank had not disbursed any loans, the bank withheld the amount and duly informed Thiruvananthapuram Corporation.It was further confirmed that the bank had not issued any documentation to the Corporation regarding the disbursal of loans to any of these groups. This clearly indicates that Al failed to verify the authenticity of the letters submitted to the Corporation in the name of the bank before 2025:KER:65919 releasing the funds. During the investigation, it was confirmed by the bank authorities that the loan sanction letters, allegedly issued by the bank, were in fact not issued by them, thereby establishing that the documents were fraudulently created. Hence, a detailed investigation into this aspect is essential.
17. It is submitted that aggrieved by the said order, the petitioner/1st accused herein approached this Hon'ble Court with a prayer to release him on anticipatory bail. He is also one of the Suspect Officer in the Vigilance Enquiry (VE 02/2025/SIU-1) regarding the implementation of project No. 613/22 of Thiruvananthapuram Corporation which is pending enquiry with this unit.
18. It is submitted that the investigation is in the preliminary stage and it is highly essential to collect all the evidences relating to the crime. Custodial interrogation of the accused person is necessary to unearth the involvement of other accused in the case, to recover the records and to find out the proceeds of crime and to recover the lost government money. In the financial fraud case, a total of Rs 2.40 Crores is involved in the 2 vigilance cases and in the ongoing Vigilance Enquiry No. 02/2025/SIU-1 a total of 4.32 Crores is involved. The petitioner/1 st accused Shefin and others were involved in the VC 06/2025/SIU-1 for a loss of Rs 1.14. Crores and in the above Vigilance Enquiry of Rs 4.32 Crores. There are materials which would, prima facie, show or would suggest economic abuse by way of misappropriation by the accused 1 and 2 and others. The investigation conducted so far has revealed that Al and A2 played 2025:KER:65919 specific roles in the misappropriation, resulting in the non- implementation of the project and the defalcation of a substantial amount of Government funds. There are specific allegations against the 1st accused/petitioner in the matter where crores of rupees alleged to have been misappropriated and hence the investigation in this matter may be permitted to proceed further and granting pre-arrest bail at the preliminary stage will hamper the investigation. Granting pre-arrest bail to accused persons who were involved in huge financial fraud cases will give a wrong message to the society. The allegation against the 1 st accused/petitioner would require effective investigation and hence pre arrest bail may not be granted to the accused.

14. In the result, this petition is found to be meritless and is accordingly dismissed.

The petitioner is directed to surrender before the investigating officer forthwith and to co-operate with the investigation, failing which the 2025:KER:65919 Investigating Officer is at liberty to proceed as per law, without fail.

Sd/-

A.BADHARUDEEN, JUDGE rtr/ 2025:KER:65919 APPENDIX OF BAIL APPL. 9976/2025 PETITIONER's ANNEXURES Annexure I TRUE COPY OF F.I.R. DATED 14.5.2025 IN CRIME NO.06/2025/SIU-1 OF V&ACB, SIU-1 BEFORE THE COURT OF ENQUIRY COMMISSIONER AND SPECIAL JUDGE, THIRUVANANTHAPURAM Annexure II TRUE COPY OF REMAND APPLICATION DATED 30.7.2025 IN CRIME NO.06/2025/SIU-1 OF V&ACB, SIU-1 BEFORE THE COURT OF ENQUIRY COMMISSIONER AND SPECIAL JUDGE, THIRUVANANTHAPURAM Annexure III TRUE COPY OF COMMON ORDER DATED 31.7.2025 IN CRL.M.P. NO.1093/2025 WITH RESPECT TO PETITIONER BY THE COURT OF ENQUIRY COMMISSIONER AND SPECIAL JUDGE, THIRUVANANTHAPURAM.