Bombay High Court
Vishwas Chandrakant Patil vs The State Of Maharashtra on 27 November, 2020
Author: Sandeep K. Shinde
Bench: Sandeep K. Shinde
Rane 1/3 ABA(ST)-3165-2020
27.11.2020
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
CRIMINAL APPELLATE JURISDICTION
ANTICIPATORY BAIL APPLICATION (ST.) NO. 3165 OF 2020
Vishwas Chandrakant Patil ....Applicant
V/s.
The State of Maharashtra ....Respondent
****
Mr. Nityanand Ram Thakur, Advocate for the
applicant.
Ms. Prajakta Shinde, APP for State.
CORAM : SANDEEP K. SHINDE, J.
(through Video Conference) Friday, 27th November, 2020.
P.C . :
1. Heard learned Counsel for the applicant and learned APP for State.
2. Applicant seeks pre-arrest bail in connection with Crime No. 303/2019 registered with Kharghar Police Station for the offences punishable under Sections 420, 406, 409 of the Indian Penal Code and Sections 3 and 4 of the Maharashtra Protection of Interest of Depositers (In Financial Establishments) Act, 1999 ("MPID Act" for short).::: Uploaded on - 27/11/2020 ::: Downloaded on - 28/11/2020 05:28:29 :::
Rane 2/3 ABA(ST)-3165-2020
27.11.2020
3. It is prosecution's case that, during October, 2014 to August, 2019, group of nine persons floated a Company under the name and style of Bijankur Group of Companies. A document in the form of unregistered partnership deed dated 26.08.2014 shows, applicant's association with the said group of companies. These group of companies floated such other five companies, details whereof are stated in the Affidavit filed by the Investigating Officer. It is alleged, the applicant and the co-accused floated various schemes assuring high rate of returns to the investors. Admittedly, neither schemes nor companies are registered either with RBI or other concerned authorities. It appears, 700 investors were duped by group of companies, in as much as, neither principal amount was returned nor assured interest was paid.
Therefore, subject FIR was lodged by one of the investors. In the course of investigation, out of eight, three accused-promoters, have been arrested. Be that as it may, investors ::: Uploaded on - 27/11/2020 ::: Downloaded on - 28/11/2020 05:28:29 ::: Rane 3/3 ABA(ST)-3165-2020 27.11.2020 have invested about 85 crores with the group of companies to which the applicant is associated. Learned APP has pointed out paragraph-16 of the Affidavit; it says, this applicant has received approximately Rs.42,00,000/- by way of commission from Bijankur, Group of Companies.
4. In view of the facts aforesaid, no case is made out for granting pre-arrest protection to the applicant. Infact, it is a case for custodial interrogation. The application is therefore rejected.
5. It is made clear that observations made hereinabove be construed as expression of opinion only for the purpose of rejecting bail and the same shall not in any way influence the trial in other proceedings.
(SANDEEP K. SHINDE, J.) ::: Uploaded on - 27/11/2020 ::: Downloaded on - 28/11/2020 05:28:29 :::