AVINASH KRISHNA KAMAT Vs. STATE OF MAHARASHTRA

JUDGEMENT

(1.) Heard Mr. Merchant, learned Counsel for the applicant, Mr. Madhusudan Pareek for the complainant and Mrs. Shinde, Additional Public Prosecutor for the State.

(2.) The applicant is seeking his enlargement on bail in connection with Crime No.175/2019 registered with Rabale MIDC Police Station, for the offences punishable under Sections 420, 408, 409, 465, 468, 477(1) of the Indian Penal Code read with Section 66(d) of the Information Technology Act, 2000.

(3.) Complainant is SCHCIL Services Limited. Neha Sanke, Manager, Finance Department filed the complaint on behalf of the Company. SHCIL Services Limited ( "SSL " for short) is a registered Corporate Broker providing broking services to institutional and retail clients across the country. SSL offers services in both Cash and F&O segment of Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) and Currency Derivatives segment of National Stock Exchange. Company accepts instructions for transactions i.e. buying and selling in shares on behalf of its clients. The transactions in shares are executed on the Stock Exchanges for the purpose of 'Pay-in ' and 'Pay-out ' of funds. SSL maintains accounts with AXIS Bank Limited. The Company had appointed and authorised applicant to operate the said Account. During the audit of the records, SSL found huge financial irregularities at the instance of the applicant, who had allegedly created false/forged entries in the system to show receivables and payables to individuals or to BSE and/ or to NSE. Upon internal enquiry, applicant allegedly confirmed that, he transferred funds from the accounts of SSL to third party accounts who were not the clients of SSL during the period between 2016 to 2019. Complainant alleged applicant had by making false/forged entries release the fund to the extent of Rs.3.5 crores in twenty-two individual bank accounts from whom he collected the amount in cash after giving commission to those individual parties. As such, the applicant by forging the documents by manipulating the system misappropriated the funds of the Company to the extent of Rs.3.5 crore. This act of misappropriation was committed to make gain for himself and wrongful loss to the Company. On these set of allegations, the Crime in question came to be registered on 28th June, 2018.