VIPUL PRAKASH PATIL Vs. STATE OF MAHARASHTRA

JUDGEMENT

(1.) Apprehending arrest in connection with C.R.No.527 of 2022 registered with Vishrambaug police station, Sangli for the offences punishable under Ss. 420, 406 r/w. 34 of the Indian Penal Code (for short ' IPC ') and Sec. 3 of Maharashtra Protection of Interest of Depositors (In Financial Establishment) Act, 1999, the applicant is seeking relief under Sec. 438 of the Code of Criminal Procedure (for short ' Cr.P.C .).

(2.) According to the prosecution one Balaso Thorat who is retired teacher, approached one Mallappa Pujari in the school while he was on duty, who introduced appellant with Pinomic Ventures Company (LLP). According to the prosecution, the applicant is not of the partner. It is alleged that the company promised handsome returns to the investors by investing amount in the share market. Accordingly, the informant deposited amount of Rs.10.00 lakhs out of which he received Rs.3,88,000.00 in returns. Two more persons i.e. Mohsin Shaikh invested Rs.7.00 lakh and Ashish Pawar invested Rs.19,50,000.00 with the said Pinomic Ventures Company (LLP). Since, the accused persons did not return the amount, the informant filed report against the accused persons.

(3.) The applicant, therefore, filed application under Sec. 438 of Cr.P.C. before the Sessions Court, which came to be rejected by order dtd. 29/12/2022. Aggrieved thereby, the applicant has filed the present application.