SHEKHAR REVANSIDDHA KATGAONKAR Vs. STATE OF MAHARASHTRA

JUDGEMENT

(1.) The applicant (accused no. 1) alongwith others is facing prosecution for the offence punishable under Section 420, 406 and 409 read with Section 34 of Indian Penal Code and Section 3 and 4 of the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act, 1999 ('MPID Act' for short) and Section 41, 42, 43 and 44 of The Maharashtra Money-Lending (Regulation) Act, 2014.

(2.) The prosecution case as disclosed from the complaint lodged by one Sachin Shinde is that the applicant alongwith the co-accused had formed four financial institutions, under the name and style as 1)M/s Commercial 2) M/s Riddhi Siddhi 3)M/s Navratna and 4) M/ s Hari Om and had induced the complainant and other depositors and make investments with the said firms, assuring a return at the rate of 2% per month. It was represented that the applicant through the aforesaid firms would be investing the amount in the market, thereby generating substantial returns. The complainant had deposited an amount of Rs. 46,45,000/- and had also persuaded his relatives and friends to make investment in the aforesaid firms.

(3.) It is the material case that till December 2015 the investors were paid returns as agreed and even more. However, subsequently there were defaults in the matter of payment of interest. On inquiry, it was found that the office of the firms was closed. Thereby the complainant and other depositors realised that they have been cheated and duped.