SANDEEP GOVIND PATIL Vs. STATE OF MAHARASHTRA

JUDGEMENT

(1.) This is application for bail in connection with C.R.No.I-83 of 2019, registered with Kapurbawadi Police Station, Thane, for the ofences punishable under Sections 420, 406 and 409 read with 120-B of Indian Penal Code (" IPC ", for short) and Section 3 of Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act, 1999 ("MPID Act", for short) Act read with Section 66(D) of Income Tax Act (" IT Act ", for short).

(2.) The case of the prosecution is that the frst informant was introduced to accused Prakash More by one Gajanan Mayekar. Mr.More was running a company, namely, "Crypto Trade WS Limited", which deals in Bitcoins. The ofice of the company was situated at Lake City Mall, Kapurbawadi, Thane. The said company had foated lucrative schemes for investments and it was represented that huge profts were given to investors. Co-accused Prakash More informed the informant that his investment of Rs.7,50,000/- in the aforesaid company would earn Rs.21 lakhs at the rate of one percent per day within 200 days. It was also represented that in the event the investors get other members/investors, they would earn royalty bonus at the rate of three percent against the amount invested by the members/investors per week of 200 days. The informant believed the representation and invested the amount. Prakash More also introduced one more company, namely, "Tips Zone Advisory Private Limited". Complainant invested money. He did not earn returns, as promised by the accused. It is alleged that the applicant was director in Tips Zone Advisory Pvt. Ltd. During investigation, statements of investors were recorded and it was revealed that about 23 persons were cheated causing loss of Rs.2,81,43,500/-. On completing investigation, charge-sheet was fled.

(3.) The applicant preferred an application for bail before the Sessions Court at Thane, which was rejected by order dated 7th August, 2019.