BAIL APPLN./2605/2026 of DILIP KUMAR MALIWAL Vs STATE (NCT OF DELHI) & ANR. on 29 September 2026

O R D E R

% 29.09.2026

1. This hearing has been done through hybrid mode.

2. The present application has been filed under Section 482 of the Bharatiya Nagarik Suraksha Sanhita, 2023 (hereinafter referred to as the ‘BNSS’), seeking grant of anticipatory bail to the petitioner in FIR No. 45/2026 registered at Police Station Economic Offences Wing, Delhi, under Sections 316(4), 318(4) and 344 of the Bharatiya Nyaya Sanhita, 2023 (hereinafter referred to as the ‘BNS’).

3. Learned counsel for the petitioner submits that the petitioner had invested the amounts received in his account in the securities market through his trading account with Zerodha and had suffered substantial losses. It is submitted that the entire transaction is through regular banking channels and the relevant records, including the bank statements and demat/trading account details, are available. It is further submitted that the investigation is essentially documentary in nature and the relevant documents can be collected from the concerned banks and Zerodha.

4. Per contra, Learned APP for the State submits that an amount of approximately ₹19.40 crores, belonging to the complainant company, was transferred into the accounts of the petitioner over a period of about two years. It is submitted that the investigation is still underway and involves examination of the banking transactions and other financial records. Learned APP submits that custodial interrogation of the petitioner is required for tracing the funds and ascertaining their ultimate destination.

5. Learned counsel appearing for Respondent No.2/complainant submits that the petitioner was the Chief Financial Officer of the complainant company and was entrusted with its financial affairs. It is submitted that despite holding such a position, the petitioner allegedly siphoned off approximately ₹19.40 crores from the company. It is further submitted that after the irregularities came to light, the petitioner assured that the amount would be returned, pursuant to which approximately ₹70 lakhs was transferred in favour of the complainant company, but no further substantial payment has been made.

6. The court has heard the learned counsel for the parties and has perused the material on record.

7. The allegations in the present case relate to an amount of approximately ₹19.40 crores. It is also relevant that, as per the complainant, the petitioner had executed a handwritten declaration dated 18.12.2025 acknowledging the financial irregularities and undertaking to return the amount.

8. The contention of the petitioner that the transactions are traceable through banking and trading records and that the amounts were invested through Zerodha cannot, at this stage, by itself obviate the requirement of custodial interrogation, particularly when the investigation is stated to be at a nascent stage and the alleged diversion of funds and their ultimate destination are yet to be ascertained.

9. Considering the nature and magnitude of the allegations, the position held by the petitioner in the complainant company, the amount allegedly involved and the submissions of the investigating agency regarding the requirement of custodial interrogation for tracing the funds and examining the relevant financial transactions, no ground for grant of anticipatory bail is made out.

10. Accordingly, no ground for grant of anticipatory bail is made out. The present application is dismissed. Pending application, if any, stands disposed of.

11. It is clarified that the observations made herein are only for the purpose of deciding the present bail application and shall not be construed as an expression of opinion on the merits of the case.

12. The order be uploaded on the website forthwith. MADHU JAIN, J SEPTEMBER 29, 2026/prg/P