SHRIRAM SUHAS SAMUDRA Vs. STATE OF MAHARASHTRA

JUDGEMENT

(1.) By this application, under Section 439 of Cr.P.C. the Applicant seeks enlargement on bail in Special Case No.4 of 2017 pending on the fle of Additional District and Sessions Judge, Kalyan for offences punishable under Sections 120B, 40,, 409 and 420 of the IPC and Section 3 of the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act, 1999 (MPID Act).

(2.) Heard Mr. Ponda, learned counsel for the Applicant and Mr. S.V. Gavand, learned APP for the Respondent -State. I have perused the records and considered the submissions advanced by the learned counsel for the respective parties.

(3.) Crime against the Applicant and other co-accused was registered pursuant to the FIR dated 1,/05/2017 lodged by Yogesh Pawar. It is alleged that the Applicant and the other co-accused had lured the frst informant and other persons to invest in Sagar Investment with assurance of giving good returns @ 18% p.a. The frst informant invested Rs.3,00,000/-. He learnt that the company was not doing good business and hence he requested the Applicant and other co-accused to refund the money. The Applicant and others refused to rend the money. The frst informant therefore fled the FIR alleging that the Applicant and the other co-accused had deceived him and the other investors of the invested money and had defrauded and misappropriated the amount invested by them. Pursuant to the FIR, C.R. No.,0 of 2017 was registered against the Applicant and others at Badlapur (East) police station. The Applicant was arrested on 7/3/2018. In the course of the investigation it was revealed that 3278 investors had invested an amount of Rs.17,02,41,492/-. Upon completion of the investigation charge sheet came to be fled, which is registered as Special Case of 4 of 2017, which is pending before the Additional Sessions Judge, Kalyan.