KAUSHAL JAGDISH DUBEY Vs. STATE OF MAHARASHTRA

JUDGEMENT

(1.) Heard learned counsel for the applicants and learned APP for the State.

(2.) These are applications for bail by the applicants-Kaushal Jagdish Dubey and Sushil Ramhinch Tiwari in connection with C.R. No.I-205 of 2019 dtd. 14/06/2019 registered with Manikpur Police Station for the offence punishable under Ss. 406, 420, 506 read with 34 of the Indian Penal Code, 1860, under Sec. 138 of the Negotiable Instruments Act and under Sec. 3 of the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act, 1999 (hereafter 'MPID', for short).

(3.) There are in all seven accused. The applicants are the directors and main beneficiaries of the amounts deposited by the complainant and other investors. The allegation against the applicants is that 276 investors invested an amount of Rs.2,55,00,352.00 with the private company run by the applicants. The name is World Tourio Company. The applicants promised them trips to foreign countries if they become members. There are registered agreements entered into with the company on stamp papers of Rs.100.00.