SUNIL DEVAKINANDAN ZAWAR Vs. STATE OF MAHARASHTRA

JUDGEMENT

(1.) The present application has been moved by the applicant under Sec. 439 of the Code of Criminal Procedure in Crime No. 673 of 2020 registered with Deccan Police Station, Pune City for offences punishable under Ss. 420, 464, 465, 467, 468, 471, 406, 409, 474, 477A, 225, 120B read with 34 of the Indian Penal Code (the IPC) and Sec. 3 of the Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act, 1999 (for short, "MPID Act ").

(2.) It is the case of prosecution that the informant and her sister had invested monies with Bhaichand Hirachand Raisoni Multi State Co-operative Credit Society, Jalgaon (for short, BHRMSCCS). In all they had deposited Rs. 16,90,142.00 . They were promised that they would get more than Rs. 19 lacs, however, the money was not returned. According to prosecution, in the meantime, some investigation started and consequently, a Liquidator, namely, Jitendra Kandhare was appointed for BHRMSCCS.

(3.) The prosecution further alleges that the Liquidator Jitendra Kandare, who is co-accused, along with applicant and other co-accused hatched a conspiracy and in furtherance of that created a fabricated website and thereby siphoned off the monies of the BHRMSCCS by selling its property in less price, also the monies of depositors and further bought receipts of investors by paying them 30% of original amount and thereby misappropriated remaining 70%.