RAMESH BANSILAL BIYANI Vs. STATE OF MAHARASHTRA

JUDGEMENT

(1.) BY this application, the applicant seeks pre-arrest bail in connection with C.R. No.125 of 2009 registered at Shivaji Nagar Police Station, Ichalkaranji, for an alleged offence punishable under sections 420, 406 read with 34 of the I.P.C.

(2.) THE applicant is a Managing Director of Bansi Paper and Pulp Mills (for short "the Company"). On 14th August 2009, a first information report was lodged by Shri Uttam Ramdas Mhetre alleging that the applicant had induced him and 24 other persons to invest Rs. 50 lakhs in the Company and promised that on such investment, the Company would pay to the investors a commission at the rate of Rs.500 per M.T. of the paper produced and sold by the Company. The investors made the investment. Cheques of commission given by the Company however bounced. I am informed at the Bar that notices under section 138 of the Negotiable Instruments Act have already been issued in respect of the bounced cheques. The complaint further alleged that he and other investors were induced to make investment of Rs.50 lakhs by cheating and they have been duped of their money.

(3.) IN the facts and circumstances of this case, in my view, the applicant can be granted pre-arrest bail conditional upon his cooperating with the investigation. Hence, I pass the following order: