Bombay High Court
Shantanu Vijay Jathar vs The State Of Maharashtra on 25 January, 2021
Author: Sarang V. Kotwal
Bench: Sarang V. Kotwal
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IN THE HIGH COURT OF JUDICATURE AT BOMBAY
CRIMINAL APPELLATE JURISDICTION
ANTICIPATORY BAIL APPLICATION NO. 218 OF 2021
Shantanu Vijay Jathar .... Applicant
Versus
The State of Maharashtra .... Respondent
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Mr. Aniket Nikam i/b. Aashish Satpute for Applicant.
Mrs. J. S. Lohokare, APP for State/Respondent.
Mr. Nandkumar Kadam, PSI, Chinchwad Police Station, present.
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CORAM : SARANG V. KOTWAL, J.
DATE : 25th JANUARY, 2021 P.C. :
1. The Applicant is seeking anticipatory bail in connection with C.R.No.317 of 2020 registered at Chinchwad Police Station, on 04/12/2020, under sections 420, 465, 467, 468 and 471 of the Indian Penal Code (for short 'IPC').
2. The First Information Report (for short 'F.I.R.) is lodged by one Rushikumar Singh, working with M/s. Mahale Holding India Pvt. Ltd. company. (hereinafter referred to as 'said company' for short). He was a Senior Manager (Finance). The said company was in the business of manufacturing piston, Cam shaft, valves etc. for Engine and Transmission application for automotive.
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The Government of India had brought into force a scheme to encourage export of such products. If the exporter could export his goods of certain quantity, he would be entitled to get credit scrips.
Those scrips could be used for making payment of import duty or they would even transfer and sell those scrips in open market. The F.I.R. mentions that, said company had employed M/s. Price Waterhouse Coopers (PWC), Chennai for making application in that behalf. The said company was using digital signature of their Managing Director (Finance) Shri. Ajay Sinha. His company came to know that, at least 14 licenses were obtained fraudulently by using forged digital signatures and they were sold for about Rs.1,81,78,336/-. The F.I.R. specifically mentions that, this was done by the present applicant and had misappropriated the amount.
3. Heard Shri. Aniket Nikam, learned counsel for the applicant and Mrs. Lohokare, learned APP for the State.
4. The learned counsel for the applicant submitted that the fraud was committed by M/s. Bloom Worldwide Services. The applicant No.1 acted on their instructions. He submitted that, one 2 of 5 ::: Uploaded on - 29/01/2021 ::: Downloaded on - 08/02/2021 19:45:30 ::: :3: 20-aba-218-21.odt Rushikesh Zambre who was known to the applicant introduced him to one Arun Nair. Said Arun Nair, in turn, represented to him that he was the head of export department of the said company i.e. M/s. Mahale Holding India Pvt. Ltd.. He submitted that the applicant acted on the specific instructions of Shri. Nair and he believed him. He submitted that the applicant had received Rs.63 lakhs in his account from M/s. Bloom Worldwide Services and that he was willing to deposit the said amount before the trial court. The learned counsel for the applicant relied on the Judgment of the Hon'ble Supreme Court in the case of Rakesh Baban Borhade Vs. State of Maharashtra, reported in (2015) 2 Supreme Court Cases 313.
5. The learned APP opposed this application and produced investigation papers before me. She submitted that the applicant was not an employee of the said company and yet he obtained digital signature in his own name that itself was fraudulent. She submitted that, not only the digital signature, but the applicant had forged account details which said company had with Axis Bank. She submitted that, statement of one Pravin 3 of 5 ::: Uploaded on - 29/01/2021 ::: Downloaded on - 08/02/2021 19:45:30 ::: :4: 20-aba-218-21.odt Suryavanshi is recorded in this connection. He was the owner of M/s. Bloom Worldwide Services. His statement mentions that the applicant had approached him and had told him that he wanted to use this witness's firm's account for depositing the payment which he was to receive by selling some licenses. He had told this witness that this was to be done because then the applicant's own account would not reflect such transaction. This witness had permitted the applicant to use his account.
6. I have considered these submissions. As rightly pointed by the learned APP, the applicant had no authority to create digital signature in his own name. He is not an employee of the said company, therefore, his defence that he acted on the direction of one Nair has no substance. The statement of Pravin Suryavanshi also shows that the applicant had fraudulent intentions right from the inception. At this stage, the investigating agency has sufficient material to show his complicity. The applicant's proposal of showing his willingness to deposit Rs.63 lakhs before the trial court is obviously not bonafide. Such proposal is made only because he is apprehending his arrest now. The fraud is of huge 4 of 5 ::: Uploaded on - 29/01/2021 ::: Downloaded on - 08/02/2021 19:45:30 ::: :5: 20-aba-218-21.odt proportion. The misappropriated amount is also quite big. Witness Pravin Suryavanshi's statement shows how the applicant had planned and executed this fraud. The reliance of Shri. Nikam, on the judgment in case of Rakesh Baban Borhade (supra) is totally misplaced. The Hon'ble Supreme Court had observed in that case that the transaction in that particular case was a commercial transaction and the applicant therein had shown his bonafides by depositing the amount concerned, pending further investigation and, therefore, anticipatory bail was granted to him. In the present case, this certainly is not a commercial transaction between the applicant and the said company i.e. M/s. Mahale Holding India Pvt. Ltd. This is a big fraud, well planned and executed by the applicant.
7. Considering the gravity of the offence and involvement of the applicant, his custodial interrogation is absolutely necessary. No case for grant of anticipatory bail is made out.
8. The application is rejected.
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