VINAY JAIDEV WASANKAR Vs. STATE OF MAHARASHTRA

JUDGEMENT

(1.) Heard learned Counsel for the parties through video conference.

(2.) Can mere delay in the trial, and long period of detention be solely sufficient for enlargement on bail inspite of the charges of serious economic offences, is the question. Precisely this is the sole issue which falls for consideration and can be perceived on filtering the record.

(3.) The applicant/accused has been charged for the offence punishable under Sections 420, 406, 409, 506 read with Section 120-B of the Indian Penal Code, and Section 3 of the Maharashtra Protection of Interest of Depositors Act, 1999 [MPID]. A crime in this respect has been registered with the Economic Offence Wing (EOW), Crime Branch, Civil Lines, Nagpur vide Crime No.156/2014 on 09.05.2014. The gist of allegations against the applicant is that - the applicant is the main conspirator who has floated various schemes to lure general public and collected Crores of rupees under promise of paying excessive interest. As per the police report, near about 700-800 common citizens were trapped into the fishy schemes under which they lost their hard earned money. The entire embezzlement is to the tune of Rs.127 Crores, and still some unknown investors are approaching the investigating agency with their grievances.