Gujarat High Court
Shaili Pranav Shah vs State Of Gujarat on 26 September, 2025
NEUTRAL CITATION
R/CR.MA/5607/2025 CAV JUDGMENT DATED: 26/09/2025
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Reserved On : 16/09/2025
Pronounced On : 26/09/2025
IN THE HIGH COURT OF GUJARAT AT AHMEDABAD
R/CRIMINAL MISC.APPLICATION (FOR ANTICIPATORY BAIL) NO. 5607
of 2025
With
R/CRIMINAL MISC.APPLICATION NO. 5609 of 2025
FOR APPROVAL AND SIGNATURE:
HONOURABLE MR. JUSTICE DIVYESH A. JOSHI Sd/-
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Approved for Reporting Yes No
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SHAILI PRANAV SHAH
Versus
STATE OF GUJARAT
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Appearance:
Appearance:
MR. DEVANG VYAS, LD. SR. ADV. WITH MR. SIDDHARTH DAVE & MR
JASH S THAKKAR(11271) for the Applicant(s) No. 1
MR. JAL UNWALLA. LD. SR. ADV. WITH MR KUNAL S. SHAH(5282) for the
Respondent(s) No. 1
MR. HARDIK SONI, LD.ADDL. PUBLIC PROSECUTOR for the
Respondent(s) No. 1
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CORAM:HONOURABLE MR. JUSTICE DIVYESH A. JOSHI
CAV JUDGMENT
1. Rule returnable forthwith. Learned APP waives service of notice of rule for respondent - State of Gujarat and learned advocate Mr. Kunal S. Shah waives service of notice of rule for and on behalf of the original complainant.
2. Since the controversy involved in both the applications arises out of the very selfsame FIR, those were heard analogously and are being disposed by this this common judgment.
3. By way of the present applications under Section 482 of the Page 1 of 30 Uploaded by ABDULVAHID A SHAIKH(HC00955) on Fri Sep 26 2025 Downloaded on : Sat Sep 27 02:40:44 IST 2025 NEUTRAL CITATION R/CR.MA/5607/2025 CAV JUDGMENT DATED: 26/09/2025 undefined Bharatiya Nagarik Suraksha Sanhita, 2023 (for short "BNSS"), the applicants have prayed for anticipatory bail in the event of arrest in connection with the FIR being C.R. No.11191034250017 of 2025 registered with Naranpura Police Station, Ahmedabad for the alleged offences as mentioned in the FIR.
4. The sum and substance of the allegations made in the FIR is that the accused persons, as named in the FIR, in connivance with each other, hatched a criminal conspiracy, and as a part of the said conspiracy, by keeping the complainant in dark and without her knowledge, duped her of Rs.88 Lakhs by pledging her shares on the basis of the forged and fabricated documents created by them. It has been alleged that the accused No.2 is a share broker having franchise of J.M. Financial Services Ltd. in the office of Purvi Investments, and acting upon the advice given by accused No.2-Pranav Shah, the complainant opened her DEMAT account as well as the DEMAT account of her mother Madhuben Shah in the firm of the accused persons, and at the time of filling up the registration form of the said J.M. Financial Ltd., the name of authorized person was shown as Shaili Pranav Shah, i.e., the accused No.1. Then, the complainant made several investments in the said J.M. Financial, however, thereafter, the accused No.2 had entered into several unauthorized trades without the knowledge of the complainant by forging some documents, and thereby caused a huge loss of Rs.88 lakhs to the complainant and her mother. With this sort of allegations, the present FIR has been registered.
5. Thus, apprehending their arrest pursuant to the registration of the aforesaid FIR, the applicants preferred anticipatory bail applications before the trial court, however, the trial court has not entertained the said applications and rejected the same.
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6. Being aggrieved, the applicants are here before this Court with the present applications.
7. Learned advocate Mr. Sidhdharth Dave assisted by learned advocate Mr. J.S. Thakkar appearing for the applicants submits that the allegations made in the FIR are of such a nature, for which, custodial interrogation of the applicants at this stage is not necessary. He further submits that the applicants will keep themselves available during the course of investigation as well as the trial proceedings and will not flee from justice. He further submits that the FIR came to be lodged on 20.01.2025 for the offence alleged to have been taken place during the period between 25.08.2022 and 15.10.2023, and as such, there is an inordinate delay of almost two years in registering the FIR. Learned advocate Mr. Dave also submits that the persons have been arraigned as an accused in the FIR, and they both are husband and wife, who are running their legitimate business of share market in the name and style as J.M. Financial Services Ltd. He also submits that the applicants herein did not approach the complainant and lured her to make investments in their Firm, however, on the contrary it was the complainant, who approached the applicants and shown willingness to invest money through their firm. The complainant voluntarily filled up the J.M. Financial Service Ltd. client registration form for herself as well as for her mother. Then, several investments were being made by the complainant in discussion with the firm of the applicants, the details of which, were shared on the registered mobile number as well as the E-mail ID of the complainant, as disclosed in the client registration form. Learned advocate Mr. Dave further submits that the applicants were acting only as the Page 3 of 30 Uploaded by ABDULVAHID A SHAIKH(HC00955) on Fri Sep 26 2025 Downloaded on : Sat Sep 27 02:40:44 IST 2025 NEUTRAL CITATION R/CR.MA/5607/2025 CAV JUDGMENT DATED: 26/09/2025 undefined broker between their client and the end user, out of which, they used to get brokerage. He further submits that a bare perusal of the allegations made in the FIR clearly suggest that the dispute is purely of a civil nature regarding some money transactions, which has been deliberately given a veneer of criminality by registering a criminal complaint.
8. Learned advocate Mr. Dave further submits that the complainant had not raised any dispute with regard to any of the transactions/trades in her account or the account of her mother since inception until 22.11.2023. However, thereafter, the complainant filed a complaint before the National Stock Exchange Office, situated at Memnagar, Ahmedabad, and in view thereof, for the adjudication of the same, the applicants remained present before the competent authority, and ultimately, the said complaint came to be closed as unresolved. Then, the complainant filed another complaint before the Center for Online Resolution of Dispute (CORD), wherein a reply was filed by the firm of the applicants along with necessary documents, however, the said complaint also came to be closed as unresolved, and it is pertinent to note here that the said facts have not been disclosed by the complainant in the FIR. He further submits that, then being aggrieved, the complainant also initiated arbitration proceedings before the CORD, seeking claim of Rs.18,17,097.80 , wherein the Statement of Defense was submitted by the firm of the applicants before the Sole Arbitrator, and ultimately, the sole Arbitrator dismissed the claim filed by the complainant. Thereafter, the complainant filed Commercial Civil Misc. Application No.1 of 2025 before the learned City Civil Court under Section 34 of the Arbitration and Conciliation Act, 1996, and the said fact has also not been disclosed by the complainant in the FIR. Thus, it Page 4 of 30 Uploaded by ABDULVAHID A SHAIKH(HC00955) on Fri Sep 26 2025 Downloaded on : Sat Sep 27 02:40:44 IST 2025 NEUTRAL CITATION R/CR.MA/5607/2025 CAV JUDGMENT DATED: 26/09/2025 undefined appears that civil proceedings have also been initiated by the complainant for recovery of the amount. Learned advocate Mr. Dave further submits that the complainant has disputed her trades from 01.04.2023 to 13.10.2023, wherein the complainant has bought and sold equity shares, derivatives segment, Future & Options (F & O). Moreover, the applicants have also sent the holding statements of July, 2023, August, 2023 and October, 2023 on the registered E-mail ID of the complainant, which clearly indicates that the complainant was aware of the entire trades carried out from 01.04.2023 to 30.10.2023. Learned advocate Mr. Dave also submits that there is no question of pledging the shares of the complainant and her mother, as the entire program of the JMFSL is system generated, and at the time of doing each and every transaction, automatically all the information about a particular transaction as well as the OTP goes on the registered mobile number as well as the E-mail ID of the client, and the said process cannot be undertaken without the consent and verification through OTP (One Time Password) forwarded to the investor on his registered mobile number, and the aforesaid procedure was adopted in all the shares that were pledged by the complainant, and thus, the complainant has received each and every detail on her registered E-mail ID and mobile number. Moreover, the policy of JMFSL is for on call verification as well as video call verification at the time of opening of Future & Options segment for senior citizen clients, and accordingly, a call was made to the complainant wherein the specific consent was taken from the mother of the complainant and thereafter video call verification was undertaken by the head office at Mumbai for the F & O segment activation and authentication. It is a matter of record that Madhuben Shah has Page 5 of 30 Uploaded by ABDULVAHID A SHAIKH(HC00955) on Fri Sep 26 2025 Downloaded on : Sat Sep 27 02:40:44 IST 2025 NEUTRAL CITATION R/CR.MA/5607/2025 CAV JUDGMENT DATED: 26/09/2025 undefined authorized the complainant to carry out all trades on her behalf via authority letter dated 22.03.2023.
9. Learned advocate Mr. Dave further submits that pursuant to a complaint given by the complainant on 16.08.2024 before the Naranpura Police Station being L.A. No.269 of 2024, applicant- Shaili Pranav Shah was summoned by the concerned investigation officer for recording of her statement, and in view thereof, applicant-Shaili Pranav Shah appeared before the investigating officer and submitted all the necessary documents and her statement also came to be recorded. Learned advocate Mr. Dave submits that even after the disputed dates, i.e, October, 2023, the complainant continued to enter into various trades with the JMFSL, and therefore, the record maintained by the JMFSL clearly indicates that the complainant did not raise any dispute with regard to the alleged transactions mentioned in the FIR at the relevant point of time, and more importantly, the complainant did not close the accounts and continued to trade with JMFSL. Learned advocate Mr. Dave also submits that the complainant is raising a civil dispute for recovery of losses suffered in share market which are subject to risks which the complainant is aware, more particularly being an educated lady. Moreover, the Hon'ble Apex Court, time and again, has expressed its disapproval for imparting criminal colour to a civil dispute, made merely to take advantage of a relatively quick relief granted in a criminal case in contrast to civil dispute, and the Hon'ble Supreme Court has further shown its disregard of setting into motion a criminal law for recovery of money arising out of a civil disputes. Learned advocate Mr. Dave also submits that the entire case of the prosecution hinges upon documentary evidences, and all those documents have already been collected by the investigating Page 6 of 30 Uploaded by ABDULVAHID A SHAIKH(HC00955) on Fri Sep 26 2025 Downloaded on : Sat Sep 27 02:40:44 IST 2025 NEUTRAL CITATION R/CR.MA/5607/2025 CAV JUDGMENT DATED: 26/09/2025 undefined officer, and as such, the question of custodial interrogation of the applicants now need not arise. Even the authorized person from JMFSL has also been called for by the investigating officer, who has also supplied all necessary documents to the investigating officer, and therefore also, the custodial interrogation of the applicants is not required.
10. Learned advocate Mr. Dave further submits that it is alleged that present applicants have forged certain documents for the purpose of pledging the shares of the complainant and her mother, and thereby made transactions of more than Rs.500 Crores without the knowledge of the complainant, however, the said allegation has no legs to stand even for a minute, as during the course of investigation, the specimen signatures of both the applicants were obtained and sent to the FSL for getting the handwriting expert's opinion, and as per the report of the FSL, the signatures upon the disputed documents do not match with the signatures of the present applicants, and as such, the said allegation seems to be bald and vague in nature. He further submits that looking to the allegations made in the FIR, no essential ingredients of the applied section is made out against the present applicants. One of the applicants is a lady accused, having the responsibility of two children and is not engaged in day-to-day affairs of the business. Further, she is also having the responsibility of aged father and mother-in-law, who are senior citizens, and the son of the applicants is preparing for the 10 th standard examination, and as such, the presence of the applicants is paramount, and therefore, they are required to be enlarged on anticipatory bail. He further submits that the present FIR is nothing but an afterthought being filed after a delay of two years after rejection of the claim before the Center for Online Page 7 of 30 Uploaded by ABDULVAHID A SHAIKH(HC00955) on Fri Sep 26 2025 Downloaded on : Sat Sep 27 02:40:44 IST 2025 NEUTRAL CITATION R/CR.MA/5607/2025 CAV JUDGMENT DATED: 26/09/2025 undefined Resolution of Dispute (CORD) as also before the learned sole Arbitrator. He also submits that there is not a whisper in the entire body of the FIR that about any ill-intention on the part of the applicants to deceive the complainant from the very inception of the transaction. Not a single document has been forged by the applicants. The complainant is aware about each and every transaction since inception being sent through E-mail or SMS, and has even acknowledged the loss being occurred in the disputed time frame as mentioned in the FIR, however, even after acknowledging the same, she chooses to do further trade and not raise any such grievance at the relevant point of time. Learned advocate Mr. Dave further submits that there is no entrustment or domain over the property, and in absence thereof, no question of criminal breach of trust or cheating would arise. Moreover, the applicants do not have any criminal antecedent.
11. In such circumstances, referred to above, learned advocate Mr. Dave for the applicants prays that there being merit in the present applications, the same be allowed and the applicants be released on anticipatory bail.
12. On the other hand, the present application has been vehemently opposed by learned senior advocate Mr. Jal Unwalla assisted by learned advocate Mr. Kunal Shah appearing for the original complainant. Learned senior advocate Mr. Unwalla submits that the present applicants are not so innocent as is tying to be projected by their learned counsel. He further submits that the complainant and her mother, both are widows, who invested their hard-earned money and life time savings in the firm of the applicants by opening a DEMAT account. Learned Page 8 of 30 Uploaded by ABDULVAHID A SHAIKH(HC00955) on Fri Sep 26 2025 Downloaded on : Sat Sep 27 02:40:44 IST 2025 NEUTRAL CITATION R/CR.MA/5607/2025 CAV JUDGMENT DATED: 26/09/2025 undefined senior advocate Mr. Unwalla also submits that, in fact, the complainant came into contact with the accused No.2-Pranav Shah through their common friend, and it was the accused No.2, at whose instance and assurance of yielding good profit upon investment being made in the JMFSL, the complainant decided to make investments in the said firm. He submits that both the accused are husband and wife, and the accused No.1 is the agent of J.M. Finance having a frenchise Code R-466, and are running the said frenchise in the name and style as Purvi Investments. Learned senior advocate Mr. Unwalla further submits that the accused No.1 induced the complainant to make investment in the stock market through him, and keeping trust upon his say, the complainant invested a huge amount of Rs.30,00,000/- in the stock market by way of purchasing the shares through accused No.1. Not only that, the complainant also invested a huge amount of Rs.58,00,000/- of her mother Madhuben, and thus, the total amount of Rs.88,00,000/- was invested in the stocks through accused No.1.
13. Learned senior advocate Mr. Unwalla further submits that, then both the applicants, with the aid of each other, pledged the shares of the complainant as well as her mother without the knowledge of the complainant and/or obtaining her consent. Learned senior advocate Mr. Unwalla submits that during the disputed period of 01.04.2023 and 15.04.2023, the applicants have made transactions/trades in different segments to the tune of Rs.500 Crores from the accounts of the complainant and her mother, and thereby have earned brokerage of Rs.35 to 40 Lakhs and duped the complainant of the shares of Rs.88,00,000/-. Learned senior advocate Mr. Unwalla further submits that on 16.10.2024, for the first time, the complainant came to know that Page 9 of 30 Uploaded by ABDULVAHID A SHAIKH(HC00955) on Fri Sep 26 2025 Downloaded on : Sat Sep 27 02:40:44 IST 2025 NEUTRAL CITATION R/CR.MA/5607/2025 CAV JUDGMENT DATED: 26/09/2025 undefined the shares of her DEMAT account as well as the DEMAT account of her mother have been sold, a statement of which, has also been placed on record by the learned counsel for the complainant, showing the alleged transactions. Upon coming to know about the same, the complainant personally visited the office of the applicants and inquired about her shares, upon which, she was informed that her shares have been sold out against the loss occurred in the transactions/trades in the different segments viz. F & O, cash segments and intraday. Therefore, the complainant raised a grievance that how without her consent and knowledge, the applicants have pledged their shares and asked them to refund their shares, upon which, very evasive reply was given by the applicants, and the accused No.1- Shaili Pranav Shah had also abused the complainant.
14. Learned senior advocate Mr. Unwalla further submits that being aggrieved, the complainant filed a complaint with the SEBI, who in turn, forwarded the said complaint to the National Stock Exchange, where a discussion took place for settlement, however, the said conciliation was not materialized and failed, being aggrieved with which, the complainant filed a complaint before the sole Arbitrator, who also dismissed the complaint of the complainant, however, while giving findings, the sole Arbitrator has observed that the transactions which were carried out by the applicants are unauthorized transactions, which seems to be in favour of the complainant, however, despite the findings being recorded in favour of the complainant, on technical grounds only, the complaint of the complainant came to be rejected without scrutinizing any documentary evidence. He submits that being aggrieved with the rejection by the Arbitrator, the complainant also filed Civil Misc. Application No.01 of 2025 Page 10 of 30 Uploaded by ABDULVAHID A SHAIKH(HC00955) on Fri Sep 26 2025 Downloaded on : Sat Sep 27 02:40:44 IST 2025 NEUTRAL CITATION R/CR.MA/5607/2025 CAV JUDGMENT DATED: 26/09/2025 undefined before the City Civil Court. Learned senior advocate Mr. Unwalla submits that so far as the aspect of delay in registering the FIR is concerned, the same is not an intentional one or the FIR is not an afterthought, but during the interregnum, the complainant was sent from pillar to post by the police authority, and ultimately, due to intervention from CMO Office, the present FIR came to be lodged. Learned senior advocate Mr. Unwalla also submits that the present applicants have created forged and fabricated power of attorney in the name of the complainant, and on the basis of the said forged and fabricated power of attorney, the applicants have done transactions of more than Rs.500 Crores from the accounts of the complainant and her mother, without their consent and knowledge. Moreover, the applicants have failed to produce any request form for pledging the shares of the complainant and her mother nor have produced any power of attorney being executed by the complainant in their favour, authorizing them to do transactions on her behalf. The applicants have also failed to produce any electronic record to show that the complainant has ever made any request via E-mail or SMS for pledging her as well as her mother's shares. He further submits that, thus, the offence committed by the applicants is quite serious in nature, whereby they have played a fraud with the complainant and her mother as also created a forged document in her name, and as such, looking to the seriousness of the crime and the amount involved, they do not deserve any respite.
15. Learned senior advocate Mr. Unwalla further submits that the accused No.1-Shaili Pranav Shah is also equally liable for the alleged offence, as the code number of the said frenchise is in her name, and she also used to sit in the office, and actively participated in the day-to-day affairs of the firm, namely, Purvi Page 11 of 30 Uploaded by ABDULVAHID A SHAIKH(HC00955) on Fri Sep 26 2025 Downloaded on : Sat Sep 27 02:40:44 IST 2025 NEUTRAL CITATION R/CR.MA/5607/2025 CAV JUDGMENT DATED: 26/09/2025 undefined Investments. He also submits that the accused have impersonated themselves as Madhuben and in the form for segment and activation request, they have filled up the form and forged the signature of Madhuben and tried to open the trading account of F & O. However, fortunately, the said request was declined by the JMFSL. Thus, to find out that whether any forgery is being made or not, the applicants are required to be interrogated. Even, the voice call log recording machine was installed in the year 2024, and as such, there is a mandatory breach of SEBI rules. Learned senior advocate thus submits that there is a requisite procedure to be followed while pledging the shares, and the said data is required to be kept by the firm, however, the data regarding SMS, Email or the OTP has not been provided to the complainant nor being produced before the police or before this Court, which shows that the accused have manipulated with the data, and as such, to uncover the truth that how the shares were being pledged, the custodial interrogation of the applicants are required. Moreover, the disputed documents were collected and sent to the FSL for getting the expert's opinion whether the signatures upon the said documents belong to the complainant and her mother, and as per the report of the FSL, the signatures upon the disputed documents do not belong to the complainant and her mother, as also not belong to the applicants herein, and as such, it seems that someone from the office of the applicants might have signed the said documents, and then uploaded on the portal, and thereby made a transaction of Rs.500 Crores, and the said aspect that who had signed the disputed documents and then uploaded on the portal are required to be unearthed, for which, the custodial interrogation of the applicants are very much necessary.
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16. In such circumstances, referred to above, learned senior advocate Mr. Unwalla prays that there being no merit in both the applications, the same be rejected.
17. The present application has also been vehemently opposed by the learned APP. Learned APP submits that the present applicants have been named in the FIR along with their specific role. He further submits that it is the specific case of the complainant from the inception that she and her mother has not signed any document and not given any authority to the accused persons to pledge her shares and obtained the loan then to be used and utilized for the purpose of intraday trade and/or investments in the equity/derivatives and F & O investments. He further submits that during the course of investigation, it is found out that the transactions of more than Rs.500 crores have been taken place after pledging the shares of the complainant and her mother, by which, the applicant herein have derived benefit of lakhs of rupees. Learned APP also submits that during the investigation, the investigating officer has collected the documents purportedly signed by the complainant and her mother, and then sent to the FSL along with the specimen signatures of the complainant and her mother for getting the expert's opinion, and as per the report submitted by the FSL, the signatures on the disputed document are not matching with the specimen signatures of the complainant and her mother. The said signatures on the disputed documents are also not matching with the specimen signatures of the applicants. Thus, it may be that someone from the office of the applicants or who is in close contact or familiar with the applicants might have prepared those documents and uploaded the same on the portal for the purpose of pledging the shares. Moreover, the applicants have gained a Page 13 of 30 Uploaded by ABDULVAHID A SHAIKH(HC00955) on Fri Sep 26 2025 Downloaded on : Sat Sep 27 02:40:44 IST 2025 NEUTRAL CITATION R/CR.MA/5607/2025 CAV JUDGMENT DATED: 26/09/2025 undefined huge profit of Rs.35 to 40 Lakhs out of the alleged transaction. Thus, it is apparent on the face of the record that both the accused persons, in connivance with each other, have committed the offence. It is submitted that applicants have failed to establish case for extraordinary relief.
18 In such circumstances, referred to above, learned APP prays that there being no merit in the present applications, the same be rejected.
19. Heard the learned counsel appearing for the parties and perused the record.
20. It is well settled that, among other circumstances, the factors to be borne in mind while considering an application for bail are (i) whether there is any prima facie or reasonable ground to believe that the accused had committed the offence;
(ii) nature and gravity of the accusation; (iii) severity of the punishment in the event of conviction; (iv) danger of the accused absconding or fleeing, if released on bail; (v) character, behaviour, means, position and standing of the accused. Though at the stage of granting bail execution and appreciation of evidence is not permissible. Hence, custodial interrogation is required.
21. It appears from the record that there is a huge scam of lakhs of rupees alleged to have been committed by the present applicants under the guise of giving huge profit upon investments being made in the share market through their firm, and thereby the complainant has been duped with an amount of Rs.88,00,000. It also appears from the record that the charge and accusation involves serious financial Page 14 of 30 Uploaded by ABDULVAHID A SHAIKH(HC00955) on Fri Sep 26 2025 Downloaded on : Sat Sep 27 02:40:44 IST 2025 NEUTRAL CITATION R/CR.MA/5607/2025 CAV JUDGMENT DATED: 26/09/2025 undefined misconduct and misappropriation of funds, warranting thorough investigation. From the material available on record, certain irregularities being done by the applicants are found out. The Securities & Exchange Board of India (SEBI) mandates strict compliance with the guidelines on stock market transactions and DEMAT accounts, including obtaining explicit consent before pledging shares. It is mandatory for the broker to keep call recordings of each transaction. However, in the case on hand, the applicants have not maintained any such call recordings with regard to the alleged transactions for the disputed period. Moreover, the record further reveals that the recordings of the applicants' telephonic conversations regarding the alleged fraudulent transactions have also not been produced, which raises further concerns about the veracity of the transactions in question. Furthermore, the allegations are quite grave and serious in nature. It has been alleged that at the time of pledging the shares of the complainant and her mother, no link for the procedure to be carried out, was sent on the mobile phone or on the E-mail ID of the complainant, nor any consent was obtained from the complainant before pledging her shares as well as her mother's shares. It is also alleged that the applicants have created false and fabricated documents, and then by using the same as genuine, pledged the shares of the complainant and her mother, aggregating to Rs.88,00,000/-. From the record containing FSL report, it also appears that the signatures found on the disputed documents also do not belong to the complainant and her mother, and as such, the fact as to who had forged the signatures of the complainant and her mother, Page 15 of 30 Uploaded by ABDULVAHID A SHAIKH(HC00955) on Fri Sep 26 2025 Downloaded on : Sat Sep 27 02:40:44 IST 2025 NEUTRAL CITATION R/CR.MA/5607/2025 CAV JUDGMENT DATED: 26/09/2025 undefined needs to be unraveled, and for this also, custodial interrogation of the applicants seems to be necessary, as it is the specific case of the complainant that the disputed documents are not being signed and uploaded by her from her device. The worth noting aspect that has come on record is that the transactions of more than Rs.500 crores have been made by the applicants from the accounts of the complainant and her mother, which is also required to be investigated. Furthermore, the investigation is at a preliminary stage, and the investigation with regard to forgery of documents and the other allegations is yet to be carried out, and as the offence in question relates to stock market, thorough investigation through CDSL (Central Depository Service (India) Ltd.) and other affiliated agencies are still to be conducted, and therefore, looking to the overall facts and circumstances, as stated above, in my opinion, the prosecution has been able to make out a prima facie case against the applicants, and as such, they do not deserve the respite of pre-arrest bail. Further, the offence with which the applicants are charged with is an economic offence and is against the interest of the society.
22. It goes without saying that the alleged offence of misappropriating lakhs of rupees of the complainant is quite grave in nature. Hence, while it is extremely important to protect the personal liberty of a person, it is equally incumbent upon me to analyze the seriousness of the offence and determine if there is a need for custodial interrogation.
23. In Siddharam Satlingappa Mhetre v. State of Maharashtra, (2011) 1 SCC 694, the Supreme Court carefully Page 16 of 30 Uploaded by ABDULVAHID A SHAIKH(HC00955) on Fri Sep 26 2025 Downloaded on : Sat Sep 27 02:40:44 IST 2025 NEUTRAL CITATION R/CR.MA/5607/2025 CAV JUDGMENT DATED: 26/09/2025 undefined considered the principles established by the Constitution Bench in Gurbaksh Singh Sibbia v. State of Punjab, (1980) 2 SCC 565. After a thorough deliberation, the Supreme Court arrived at the following conclusion:
"112. The following factors and parameters can be taken into consideration while dealing with anticipatory bail:
(i) The nature and gravity of the accusation and the exact role of the accused must be properly comprehended before arrest is made;
(ii) The antecedents of the applicant including the fact as to whether the accused has previously undergone imprisonment on conviction by a court in respect of any cognizable offence;
(iii) The possibility of the applicant to flee from justice;
(iv)The possibility of the accused's likelihood to repeat similar or other offences;
(v) Where the accusations have been made only with the object of injuring or humiliating the applicant by arresting him or her;
(vi)Impact of grant of anticipatory bail, particularly in cases of large magnitude affecting a very large number of people.
xxx xxx xxx"
24. In Sushila Aggarwal v. State (NCT of Delhi), (2018) 7 SCC 731, the Constitution Bench of the Hon'ble Apex Court reaffirmed that when considering applications for anticipatory bail, courts should consider factors such as the nature and gravity of the offences, the role attributed to the applicant, and the specific facts of the case.Page 17 of 30 Uploaded by ABDULVAHID A SHAIKH(HC00955) on Fri Sep 26 2025 Downloaded on : Sat Sep 27 02:40:44 IST 2025
NEUTRAL CITATION R/CR.MA/5607/2025 CAV JUDGMENT DATED: 26/09/2025 undefined
25. In Satpal Singh vs. State of Punjab, (2018) 13 SCC 813, the Supreme Court has held that the satisfaction of the court for granting protection under Section 438 Cr.P.C. is different from the one under Section 439 Cr.P.C. while considering regular bail.
26. In Pratibha Manchanda and another Vs. State of Haryana and another, (2023) 8 SCC 181, the Supreme Court has opined that "the relief of anticipatory bail is aimed at safeguarding individual rights. While it serves as a crucial tool to prevent the misuse of the power of arrest and protects innocent individuals from harassment, it also presents challenges in maintaining a delicate balance between individual rights and the interests of justice. The tight rope we must walk lies in striking a balance between safeguarding individual rights and protecting public interest. While the right to liberty and presumption of innocence are vital, the court must also consider the gravity of the offence, the impact on society, and the need for a fair and free investigation. The court's discretion in weighing these interests in the facts and circumstances of each individual case becomes crucial to ensure a just outcome."
27. This Court after considering number of decisions of the Apex Court as well as of this Court, has observed in case of MOHMED SALIM ABDUL RASID SHAIKH V. STATE OF GUJARAT reported in 2001 [2] GLR 1580 as under;
"13. There is no scope for present applicant to urge that he may be saved from disgrace or unwarranted hardship. While entertaining the anticipatory bail application of the accused, the Court should consider various aspects such as;Page 18 of 30 Uploaded by ABDULVAHID A SHAIKH(HC00955) on Fri Sep 26 2025 Downloaded on : Sat Sep 27 02:40:44 IST 2025
NEUTRAL CITATION R/CR.MA/5607/2025 CAV JUDGMENT DATED: 26/09/2025 undefined [i] earlier offences registered against the applicant accused and the nature thereof including the area of activity, modus etc. if brought to the notice of the Court;
[ii] gravity of the circumstances in which the offence is committed. Whether custodial interrogation is, prima facie, unavoidable ?
[iii] likelihood of the accused fleeing from justice;
[iv] position and status of the accused individually and also with reference to the victim and witnesses; [v] likelihood of repetition of similar type of offence;
[vi] whether he would jeopardise his own life being faced with grief or grim prospects of possible conviction in the case;
[vii] likelihood of tampering with the evidence or witnesses during the process of investigation, status and stage of investigation;
[viii] plea of false implication on some special vendetta, if taken.
[ix] other relevant grounds which may apply to facts and circumstances of that particular case; "
28. Similarly, the Apex Court has also considered the scope of Section 438 in case of DUKHISHYAM BENUPANI, ASSTT DIRECTOR, ENFORCEMENT DIRECTORATE [FERA] V. ARUN KUMAR BAJORIA reported in 1998 [1] SCC 52. The relevant observations made in para-7 are quoted as under :-
"7. It seems rather unusual that when the aggrieved party approached the High Court challenging the order passed by a subordinate court the High Court made the Page 19 of 30 Uploaded by ABDULVAHID A SHAIKH(HC00955) on Fri Sep 26 2025 Downloaded on : Sat Sep 27 02:40:44 IST 2025 NEUTRAL CITATION R/CR.MA/5607/2025 CAV JUDGMENT DATED: 26/09/2025 undefined position worse for the aggrieved party. The officials of the Directorate are now injuncted by the Division Bench from arresting the respondent and the time and places for carrying out the interrogations were also fixed by the Division Bench. Such kind of supervision on the enquiry or investigation under a statute is uncalled for. We have no doubt that such type of interference would impede the even course of enquiry or investigation into the serious allegations now pending. For what purpose the Division Bench made such interference with the functions of the statutory authorities, which they are bound to exercise under law, is not discernible from the order under challenge. It is not the function of the Court to monitor investigation processes so long as such investigation does not transgress any provision of the law. It must be left to the investigating agency to decide the venue, the timings and the questions and the manner of putting such questions to persons involved in such offences. A blanket order full insulating a person from arrest would make his interrogation a mere ritual."
29. Now, so far as anticipatory bail in economic offence is concerned, the Supreme Court has consistently emphasized that anticipatory bail should not be granted as a matter of routine, particularly in serious economic offences, involving large scale fraud, public money or complex financial crimes. In P. Chidambaram vs. Directorate of Enforcement, (2019) 9 SCC 24, it was observed as under: -
"Grant of anticipatory bail in exceptional cases
69. Ordinarily, arrest is a part of procedure of the investigation to secure not only the presence of the accused but several other purposes. Power under Section 438 CrPC is an extraordinary power and the same has to be exercised sparingly. The privilege of the pre-arrest bail should be granted only in exceptional cases. The judicial discretion conferred upon the court has to be properly exercised after application of mind as to the nature and gravity of the accusation; possibility of the applicant Page 20 of 30 Uploaded by ABDULVAHID A SHAIKH(HC00955) on Fri Sep 26 2025 Downloaded on : Sat Sep 27 02:40:44 IST 2025 NEUTRAL CITATION R/CR.MA/5607/2025 CAV JUDGMENT DATED: 26/09/2025 undefined fleeing justice and other factors to decide whether it is a fit case for grant of anticipatory bail....
70. .....................................
71. Article 21 of the Constitution of India states that no person shall be deprived of his life or personal liberty except according to procedure prescribed by law. However, the power conferred by Article 21 of the Constitution of India is not unfettered and is qualified by the later part of the Article i.e. "...except according to a procedure prescribed by law". In State of M.P. v. Ram KishnaBalothia [State of M.P. v. Ram Kishna Balothia, (1995) 3 SCC 221: 1995 SCC (Cri) 439] , the Supreme Court held that the right of anticipatory bail is not a part of Article 21 of the Constitution of India and held as under: (SCC p. 226, para 7) "7. ... We find it difficult to accept the contention that Section 438 of the Code of Criminal Procedure is an integral part of Article 21. In the first place, there was no provision similar to Section 438 in the old Criminal Procedure Code. The Law Commission in its 41st Report recommended introduction of a provision for grant of anticipatory bail. It observed:
'We agree that this would be a useful advantage. Though we must add that it is in very exceptional cases that such power should be exercised.' In the light of this recommendation, Section 438 was incorporated, for the first time, in the Criminal Procedure Code of 1973. Looking to the cautious recommendation of the Law Commission, the power to grant anticipatory bail is conferred only on a Court of Session or the High Court. Also, anticipatory bail cannot be granted as a matter of right. It is essentially a statutory right conferred long after the coming into force of the Constitution. It cannot be considered as an essential ingredient of Article 21 of the Constitution. And its non-application to a certain special category of offences cannot be considered as violative of Article 21. (emphasis supplied) Page 21 of 30 Uploaded by ABDULVAHID A SHAIKH(HC00955) on Fri Sep 26 2025 Downloaded on : Sat Sep 27 02:40:44 IST 2025 NEUTRAL CITATION R/CR.MA/5607/2025 CAV JUDGMENT DATED: 26/09/2025 undefined
72. We are conscious of the fact that the legislative intent behind the introduction of Section 438 CrPC is to safeguard the individual's personal liberty and to protect him from the possibility of being humiliated and from being subjected to unnecessary police custody. However, the court must also keep in view that a criminal offence is not just an offence against an individual, rather the larger societal interest is at stake. Therefore, a delicate balance is required to be established between the two rights--
safeguarding the personal liberty of an individual and the societal interest. It cannot be said that refusal to grant anticipatory bail would amount to denial of the rights conferred upon the appellant under Article 21 of the Constitution of India.
73. to 76....................................
77. After referring to Siddharam Satlingappa Mhetre [Siddharam Satlingappa Mhetre v. State of Maharashtra, (2011) 1 SCC 694 : (2011) 1 SCC (Cri) 514] and other judgments and observing that anticipatory bail can be granted only in exceptional circumstances, in Jai Prakash Singh v. State of Bihar [Jai Prakash Singh v. State of Bihar, (2012) 4 SCC 379 : (2012) 2 SCC (Cri) 468] , the Supreme Court held as under: (SCC p. 386, para 19) "19. Parameters for grant of anticipatory bail in a serious offence are required to be satisfied and further while granting such relief, the court must record the reasons therefor. Anticipatory bail can be granted only in exceptional circumstances where the court is prima facie of the view that the applicant has falsely been enroped in the crime and would not misuse his liberty. (See D.K. Ganesh Babu v. P.T. Manokaran [D.K. Ganesh Babu v. P.T. Manokaran, (2007) 4 SCC 434: (2007) 2 SCC (Cri) 345], State of Maharashtra v. Mohd. Sajid Husain Mohd. S. Husain [State of Maharashtra v. Mohd. Sajid Husain Mohd. S. Husain, (2008) 1 SCC 213: (2008) 1 SCC (Cri) 176] and Union of India v. Padam Narain Aggarwal [Union of India v. Padam Narain Aggarwal, (2008) 13 SCC 305:
(2009) 1 SCC (Cri) 1].)"
Economic offences Page 22 of 30 Uploaded by ABDULVAHID A SHAIKH(HC00955) on Fri Sep 26 2025 Downloaded on : Sat Sep 27 02:40:44 IST 2025 NEUTRAL CITATION R/CR.MA/5607/2025 CAV JUDGMENT DATED: 26/09/2025 undefined
78. Power under Section 438 CrPC being an extraordinary remedy, has to be exercised sparingly; more so, in cases of economic offences. Economic offences stand as a different class as they affect the economic fabric of the society. In Directorate of Enforcement v. Ashok Kumar Jain [Directorate of Enforcement v. Ashok Kumar Jain, (1998) 2 SCC 105: 1998 SCC (Cri) 510], it was held that in economic offences, the accused is not entitled to anticipatory bail."
30. In Y.S. Jagan Mohan Reddy vs. Central Bureau of Investigation, (2013) 7 SCC 439, it was observed as under: -
"34. Economic offences constitute a class apart and need to be visited with a different approach in the matter of bail. The economic offences having deep-rooted conspiracies and involving huge loss of public funds need to be viewed seriously and considered as grave offences affecting the economy of the country as a whole and thereby posing serious threat to the financial health of the country.
35. While granting bail, the court has to keep in mind the nature of accusations, the nature of evidence in support thereof, the severity of the punishment which conviction will entail, the character of the accused, circumstances which are peculiar to the accused, reasonable possibility of securing the presence of the accused at the trial, reasonable apprehension of the witnesses being tampered with, the larger interests of the public/State and other similar considerations."
31. In Nimmagadda Prasad vs. Central Bureau of Investigation, (2013) 7 SCC 466, it was observed as under: -
"23. Unfortunately, in the last few years, the country has been seeing an alarming rise in white-collar crimes, which has affected the fibre of the country's economic structure. Incontrovertibly, economic offences have serious repercussions on the development of the country as a whole. In State of Gujarat v. Mohanlal Jitamalji Page 23 of 30 Uploaded by ABDULVAHID A SHAIKH(HC00955) on Fri Sep 26 2025 Downloaded on : Sat Sep 27 02:40:44 IST 2025 NEUTRAL CITATION R/CR.MA/5607/2025 CAV JUDGMENT DATED: 26/09/2025 undefined Porwal [(1987) 2 SCC 364: 1987 SCC (Cri) 364] this Court, while considering a request of the prosecution for adducing additional evidence, inter alia, observed as under: (SCC p. 371, para 5) "5. ... The entire community is aggrieved if the economic offenders who ruin the economy of the State are not brought to book. A murder may be committed in the heat of moment upon passions being aroused. An economic offence is committed with cool calculation and deliberate design with an eye on personal profit regardless of the consequence to the community. A disregard for the interest of the community can be manifested only at the cost of forfeiting the trust and faith of the community in the system to administer justice in an even-handed manner without fear of criticism from the quarters which view white- collar crimes with a permissive eye unmindful of the damage done to the national economy and national interest."
32. Recently in Srikant Upadhyay and Others vs. State of Bihar and Another, (2024) SCC OnLine SC 282 ,a very pertinent observations have been made with regard to the powers of the Court to grant anticipatory bail under Section 482 of BNSS. It has been observed that -
"9. It is thus obvious from the catena of decisions dealing with bail that even while clarifying that arrest should be the last option and it should be restricted to cases where arrest is imperative in the facts and circumstances of a case, the consistent view is that the grant of anticipatory bail shall be restricted to exceptional circumstances. In other words, the position is that the power to grant anticipatory bail under Section 438, Cr. PC is an exceptional power and should be exercised only in exceptional cases and not as a matter of course. Its object is to ensure that a person should not be harassed or humiliated in order to satisfy the grudge or personal vendetta of the complainant. (See the decision of this Court in HDFC Bank Ltd. v. J.J.Mannan & Anr.4).Page 24 of 30 Uploaded by ABDULVAHID A SHAIKH(HC00955) on Fri Sep 26 2025 Downloaded on : Sat Sep 27 02:40:44 IST 2025
NEUTRAL CITATION R/CR.MA/5607/2025 CAV JUDGMENT DATED: 26/09/2025 undefined
10. When a Court grants anticipatory bail what it actually does is only to make an order that in the event of arrest, the arrestee shall be released on bail, subject to the terms and conditions. Taking note of the fact the said power is to be exercised in exceptional circumstances and that it may cause some hinderance to the normal flow of investigation method when called upon to exercise the power under Section 438, Cr.PC, courts must keep reminded of the position that law aides only the abiding and certainly not its resistant. By saying so, we mean that a person, having subjected to investigation on a serious offence and upon making out a case, is included in a charge sheet or even after filing of a refer report, later, in accordance with law, the Court issues a summons to a person, he is bound to submit himself to the authority of law. It only means that though he will still be at liberty, rather, in his right, to take recourse to the legal remedies available only in accordance with law, but not in its defiance. We will dilate this discussion with reference to the factual matrix of this case. However, we think that before dealing with the same, a small deviation to have a glance at the scope and application of the provisions under Section 82, Cr.PC will not be inappropriate.
11 to 24..............................
25. We have already held that the power to grant anticipatory bail is an extraordinary power. Though in many cases it was held that bail is said to be a rule, it cannot, by any stretch of imagination, be said that anticipatory bail is the rule. It cannot be the rule and the question of its grant should be left to the cautious and judicious discretion by the Court depending on the facts and circumstances of each case. While called upon to exercise the said power, the Court concerned has to be very cautious as the grant of interim protection or protection to the accused in serious cases may lead to miscarriage of justice and may hamper the investigation to a great extent as it may sometimes lead to tampering or distraction of the evidence. We shall not be understood to have held that the Court shall not pass an interim protection pending consideration of such application as Page 25 of 30 Uploaded by ABDULVAHID A SHAIKH(HC00955) on Fri Sep 26 2025 Downloaded on : Sat Sep 27 02:40:44 IST 2025 NEUTRAL CITATION R/CR.MA/5607/2025 CAV JUDGMENT DATED: 26/09/2025 undefined the Section is destined to safeguard the freedom of an individual against unwarranted arrest and we say that such orders shall be passed in eminently fit cases. At any rate, when warrant of arrest or proclamation is issued, the applicant is not entitled to invoke the extraordinary power. Certainly, this will not deprive the power of the Court to grant pre-arrest bail in extreme, exceptional cases in the interest of justice. But then, person(s) continuously, defying orders and keep absconding is not entitled to such grant."
33. In Prem Shankar Prasad vs. State of Bihar and Another, (2022) 14 SCC 516, the Supreme Court, disapproving the Order passed by the High Court granting anticipatory bail to the accused though the proceedings under Section 82/83 CrPC were initiated, observed as under: -
"10.......................................
10.1.....................................
10.2. Despite the above observations on merits and despite the fact that it was brought to the notice of the High Court that Respondent 2- accused is absconding and even the proceedings under Sections 82/83CrPC have been initiated as far back as on 10-1-2019, the High Court has just ignored the aforesaid relevant aspects and has granted anticipatory bail to Respondent 2-accused by observing that the nature of accusation is arising out of a business transaction. The specific allegations of cheating, etc. which came to be considered by the learned Additional Sessions Judge has not at all been considered by the High Court. Even the High Court has just ignored the factum of initiation of proceedings under Sections 82/83CrPC by simply observing that "be that as it may".
The aforesaid relevant aspect on grant of anticipatory bail ought not to have been ignored by the High Court and ought to have been considered by the High Court very seriously and not casually.
10.3.....................................
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11. Thus, the High Court has committed an error in granting anticipatory bail to Respondent 2- accused ignoring the proceedings under Sections 82/83 CrPC."
34. Coming to the case on hand, from the allegations levelled in the FIR and the materials placed on record, it appears that the very serious allegations of misappropriation of crores of rupees have been made against the applicants. Moreover, the present case also falls within the category of economic offences and the amount involved in the present case is quite huge, and it is trite law that in economic offences, benefit of pre-arrest bail should not be extended in favour of the accused in a casual manner. The amount involved in the present case is also quite huge, and the offence as alleged is also punishable with life imprisonment. Thus, at this stage, in my view, custodial interrogation of the applicants is very much necessary.
35. Lastly, it may be noted that as held in catena of decisions, the economic offences constitute a class apart and need to be visited with a different approach in the matter of bail. The economic offences having deep-rooted conspiracies and involving huge loss of public funds need to be viewed seriously and considered as grave offences affecting the economy of the country as a whole and thereby posing serious threat to the financial health of the country. Undoubtedly, economic offences have serious repercussions on the development of the country as a whole. To cite a few judgments in this regard are Y.S. Jagan Mohan Reddy vs. Central Bureau of Investigation, reported in (2013) 7 SCC Page 27 of 30 Uploaded by ABDULVAHID A SHAIKH(HC00955) on Fri Sep 26 2025 Downloaded on : Sat Sep 27 02:40:44 IST 2025 NEUTRAL CITATION R/CR.MA/5607/2025 CAV JUDGMENT DATED: 26/09/2025 undefined 439, Nimmagadda Prasad vs. Central Bureau of Investigation, (2013) 7 SCC 466, Gautam Kundu vs. Directorate of Enforcement (Prevention of Money- Laundering Act), Government of India Through Manoj Kumar, Assistant Director, Eastern Region, (2015) 16 SCC 1, State of Bihar and Another vs. Amit Kumar alias Bachcha Rai, (2017) 13 SCC 751. The Supreme Court taking a serious note with regard to the economic offences had observed as back as in 1987 in case of State of Gujarat vs. Mohanlal Jitamalji Porwal and Another, (1987) 2 SCC 364 as under:-
"5... The entire community is aggrieved if the economic offenders who ruin the economy of the State are not brought to books. A murder may be committed in the heat of moment upon passions being aroused. An economic offence is committed with cool calculation and deliberate design with an eye on personal profit regardless of the consequence to the community. A disregard for the interest of the community can be manifested only at the cost of forfeiting the trust and faith of the community in the system to administer justice in an even-handed manner without fear of criticism from the quarters which view white collar crimes with a permissive eye unmindful of the damage done to the National Economy and National Interest..."
36. Moreover, when the Court is satisfied that a prima facie case of custodial interrogation of the accused is made out by the prosecution for securing the incriminating materials from the information likely to be received from the accused, then the power under Section 482 should not be exercised in a routine manner. The presence of the applicants, in the peculiar facts and circumstances of the present case, seems to be Page 28 of 30 Uploaded by ABDULVAHID A SHAIKH(HC00955) on Fri Sep 26 2025 Downloaded on : Sat Sep 27 02:40:44 IST 2025 NEUTRAL CITATION R/CR.MA/5607/2025 CAV JUDGMENT DATED: 26/09/2025 undefined needed to uncover the truth. Further, the discretion under Section 482 cannot be exercised with regard to offences punishable with death or imprisonment for life, unless the court at that very stage is satisfied that such a charge appears to be false or groundless. The larger interest of the public and State demand that in serious cases like economic offences involving cheating and misappropriation of huge volume of amount, the discretion under Section 482 of the BNSS should not be exercised.
37. Thus, what is discernible from the above is that while deciding anticipatory bail application, it is the first duty of the Court to see seriousness of the offence, prima facie case and interest of the society at a large. Therefore, when no special and compelling circumstances are made out and no case of false implication of present applicants in the alleged offence is made out before this Court, I am of the opinion that this Court should refrain itself from exercising its discretionary powers in favour of the present applicants at this stage.
38. Further, the present applicants are involved in white collar socio-economic offence which constitute a class apart and needs to be visited with a different approach. The economic offences adversely affect the economic and social fabric of the country. In such circumstances also, grant of anticipatory bail at this stage would frustrate the investigation.
39. In view of above discussion and considering the materials produced before this Court, I am of the opinion that there seems to be a prima facie involvement of the present applicants in the commission of the alleged offence. Thus, this Page 29 of 30 Uploaded by ABDULVAHID A SHAIKH(HC00955) on Fri Sep 26 2025 Downloaded on : Sat Sep 27 02:40:44 IST 2025 NEUTRAL CITATION R/CR.MA/5607/2025 CAV JUDGMENT DATED: 26/09/2025 undefined Court is of the opinion that at the initial stage of the investigation of the offence, grant of anticipatory bail in favour of the applicants is likely to hamper the investigation and investigating agency is likely to lose an opportunity to exploit all the fact situation, probabilities or opportunities which the Agency may get during the custodial interrogation of a person, and therefore, keeping in mind all the factors, no interference is required at this stage. The impugned orders passed by the trial court, rejecting anticipatory bail applications of the applicants are just and proper and do not require any interference at the end of this Court.
40. In the result, both the applications, being devoid of any merit, are hereby rejected. However, it is made clear that the observations made by this Court herein above at this stage while deciding the anticipatory bail application, would not come in the way of the applicants at the time as and when if ultimately the trial court is proceeded with the trial, and at the stage of consideration of regular bail application, if preferred by the applicants. Rule is discharged.
(DIVYESH A. JOSHI,J) VAHID Page 30 of 30 Uploaded by ABDULVAHID A SHAIKH(HC00955) on Fri Sep 26 2025 Downloaded on : Sat Sep 27 02:40:44 IST 2025