VIJAY Vs. STATE OF MAHARASHTRA

JUDGEMENT

(1.) The applicant is seeking bail in the event of his arrest in connection with Crime No. 322/2016, registered with Nanalpeth police station, District Parbhani, for the offences punishable under Section 406, 420, 465, 468, 471 read with Section 34 of the Indian Penal Code and for the offence punishable under Section 3 of the Maharashtra Protection of Interest of the Depositors (In Financial Establishments) Act, 1999 ( hereinafter referred as to 'MPID Act')

(2.) In substance the allegations as can be made out from the F.I.R. lodged on 13.07.2016 and the police papers are to the effect that an establishment by name Maitreya Plotters & Structures Private Limited was floated by the prime accused. The public was lured to invest money by promising high returns however, it turned out to be a hoax. The moneys were never returned and the F.I.R. is lodged by one of the investors who herself was also acting at the behest of the company.

(3.) It is necessary to note that one of the Directors Mr. Janardhan Parulekar alone could be arrested and a charge-sheet was filed against him. By the judgment and order dated 23.10.2019 passed by the designated Court under the MPID Act he has been acquitted of all other charges except Section 3 of the MPID Act under which he has been convicted and sentenced to suffer simple imprisonment for six years and to pay fine of Rs. 50,000/-, in default simple imprisonment for three months.