PRADYUMNA BHAGWANTRAO GAWANDE Vs. STATE OF MAHARASHTRA

JUDGEMENT

(1.) The applicant (accused No.1) along with others, is facing prosecution for the offence punishable under Section 420, 406, 120B read with Section 34 of I.P.C. and Section 3 and 4 of the Maharashtra Protection of Interest of Depositors Act, 1999 ('MPID Act' for short).

(2.) The prosecution case is that the applicant along with the co- accused had formed 'Maa Gayatri Marketing', which is a partnership firm, said to be registered in Gujarat. The applicant and the co- accused had represented to the complainant and other investors and induced them to make investment in a marking scheme, which envisaged deposit of monthly contribution for 15 months. It was represented that there would be a lucky draw every month and those investors, who do not get selected in the lucky draw would be given a 22 inches LED TV at the end of 15 months period. According to the prosecution, in order to gain confidence the applicant and others gave the prizes as per the lucky draw for some initial period, however, did not abide by the promise thereafter. According to the prosecution an amount of Rs.9,400/- was collected from each of the investors and there are about 9,700 such investors and the total amount collected is Rs.9,11,80,000/-.

(3.) On the basis of a complaint lodged by Umesh Shirsat, who is one of the investors, the aforesaid offence came to be registered and after investigation, a chargesheet is filed against the applicant and 11 others, which is registered as Special (MPID) Case No. 5 of 2018, which is pending before the Special Court at Nashik. The learned Special Judge by an order dated 25.07.2019 (below Exh.83) has refused to release the applicant on bail.