GANESH Vs. STATE OF MAHARASHTRA

JUDGEMENT

(1.) Heard Shri S.P. Dharmadhikari, Senior Advocate with Shri U.P. Dable, learned counsel for the applicant and Shri N.B. Jawade, learned APP for the non-applicant - State, through video conferencing.

(2.) The applicant is said to be arrested on 23.10.2019 in Crime No. 332 of 2019 for the offence punishable under Sections 409 , 420 , 120-B of the Indian Penal Code, read with Section 3 of the Maharashtra Protection of Interest of Depositors Act, 1999, (hereinafter referred to as MPID Act) registered at Bajaj Nagar Police Station, Nagpur.

(3.) The First Information Report came to be filed by the informant Vilas Vitthalrao Bobade stating therein that he invested his hard earned money with the present applicant on the say of one Ajit Reddiwar, on the promise by the applicant to receive handsome interest and other benefits as it was stated that the applicant was doing business in the name of Active Growth Forex Trading. It is stated that the other depositors also deposited lakhs of rupees with the hope that they will get 33.33% return. In this way, an amount of around Rs. One crore came to be deposited.