EKNATH NAMDEV DHAGE 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. 204 of 2017 registered with Economic Offence Wing, Solapur City, Solapur (earlier registered with Faujdar Chawadi Police Station, Solapur) for the offence punishable under Ss. 406, 409, 417, 420 read with 34 of the Indian Penal Code (the IPC) and Ss. 3 and 4 of the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act, 1999, (for short, "the MPID Act ").

(2.) It is the case of prosecution that a company named Seven Hills Realities Private Ltd, Head Office at DVG Road, Near Junior College, Adarsha Nagar, Malur, Dist. Hosur, Karnataka State of which the applicant was the director had commenced its office at Navi Peth, Mobile Galli, Solapur. The said company collected the amounts during the period from 2012 till December, 2015 from informant Shri.Santosh Vasantrao Shirke and other 173 investors therein under different schemes, namely, Seven Hills Realities Private Ltd and Seven Hills Vividhosha Sohardar Yojana under different seven schemes viz. Pigmi Yojana, Recurring Deposits, Fixed Deposits, Kalyan Yojana, Vidya Yojana, Damduppat Yojana, Monthly Income and Suvarna Yojana and thus induced the investors to deposit the amount assuring them handsome returns thereon.

(3.) Prosecution alleges that before making repayment of amounts to the investors, the company closed the main office itself. Similarly, by closing the branch office of the company at Solapur from December, 2015 onwards, they stopped the repayment of amounts of deposits and maturity amounts to the investors and thereby cheated on them. Accordingly, the First Information Report (FIR) came to be lodged.