Bombay High Court
Kedar Narayan Ranade vs State Of Maharashtra on 19 October, 2022
Author: N.R. Borkar
Bench: N.R. Borkar
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IN THE HIGH COURT OF JUDICATURE AT BOMBAY
CRIMINAL APPELLATE JURISDICTION
BAIL APPLICATION NO. 1554 OF 2022
Kedar N. Ranade ...Applicant
V/s.
State of Maharashtra ...Respondent.
Mr. Sanjeev Kadam i/b Mr. Bhalchandra S. Shinde for the
Applicants.
Mr. V.B. Konde- Deshmukh, APP for the Respondent - State.
CORAM : N.R. BORKAR, J.
DATE : 19.10.2022.
P.C. :
1. This is an application under Section 439 of Code of Criminal
Procedure, 1860 for grant of bail.
2. The applicant came to be arrested in C.R. No.27 of 2022
registered at Rajarampuri police station, Kolhapur for the ofences
punishable under Sections 406, 420 read with 34 of he Indian
Penal Code and Section 21 of the Banning of Unregulated
Depositary Scheme Act, 2019 and Section 3 of Maharashtra
Protection of Interest of Depositors (In Financial Establishments)
Act, 1999.
3. According to the complainant, the present applicant
persuaded him to invest in Bit Coins in Gain Bit Coin Company on
the assurance that he would get good returns. It is alleged that on
the basis of said representation, the complainant invested
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Rs.10,00,000/-, however, after investment, he realised that he was
deceived and lost his money.
4. I have heard the learned counsel for the applicant and the
learned APP for the respondent- State.
5. The learned counsel for the applicant submits that the only
allegation against the applicant is that he conducted Seminars
and persuaded investors to invest in Bit Coins. It is submitted that
there is no evidence to show that the present applicant conspired
with the main accused to cheat the investors. It is submitted that
the applicant is in jail for more than nine months. It is submitted
that the investigation is over and therefore, further detention of
the applicant is not warranted. It is thus submitted that the
applicant may be released on bail.
6. On the other hand, learned APP for the respondent - State
submits that the present applicant induced the complainant to
invest in Bit Coins on assurance of good returns. However, no
amount is paid to the complainant as assured. It is submitted that
considering the nature of ofence the applicant may not be
released on bail.
7. Though it appears from the frst information report that the
present applicant conducted Seminars and persuaded the
investors to invest in Bit Coins, however, prima facie there
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appears to be no material that the present applicant was aware of
intentions of main accused or that he conspired with them to
cheat the complainant. Investigation is over. The applicant is in jail
for more than nine months. Considering these facts and
circumstances, I am inclined to release the applicant on bail. In
the result, the following order is passed.
ORDER
(i) Bail Application is allowed.
(ii) The applicant is released on bail in C.R. No.27 of 2022 registered at Rajarampuri police station, Kolhapur for the ofences punishable under Sections 406, 420 read with 34 of he Indian Penal Code and Section 21 of the Banning of Unregulated Depositary Scheme Act, 2019 and Section 3 of Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act, 1999 on furnishing P.R. Bond in the sum of Rs.50,000/- (Rupees Fifty Thousand) with one or two sureties in the like amount.
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