(1.) The Appellant has preferred the present Appeal under Section 11 of the Maharashtra Protection of Interest of Depositors (In Financial Establishments) Rules, 1999 (for short 'MPID Act') challenging that part of the order, thereby directing the Appellant to furnish bank guarantee and to execute an indemnity bond of Rs. 35 lacs for releasing the vehicle being BMW car bearing registration No. MH-04-ET-1006 by the impugned order dated 25th June, 2015 passed in Misc. Application No.41 of 2015 in C.R. No.78 of 2013 registered with EOW Unit-III, Mumbai.
(2.) It is the case of the prosecution that the Applicant is one of the main accused in C.R. No.316 of 2013 originally registered at Oshiwara Police Station, Mumbai on the complaint of Mr. Gurrpreetsingh Indrajeetsingh Anand and subsequently transferred for investigation to Economic Offences Wing, Mumbai and the same C.R. is renumbered as C.R. No.78 of 2013 under Section 420, 120(b) of the Indian Penal Code read with Sections 3, 5 and 6 of the Prize Chits and Money Circulation (Banning) Act, 1978 and under the provisions of the MPID Act. During the course of investigation, it was revealed to the investigating agency that the Appellant has purchased the said vehicle being BMW car by using the proceeds from the aforesaid crime and therefore, by invoking the provisions of the MPID Act the Investigating Officer attached the said property of the Appellant. The Appellant thereafter preferred an application before the designated Court under the MPID Act at Mumbai bearing Misc. Application No.41 of 2015. The Special Judge by its order dated 25th June, 2015 directed to release the said vehicle subject to the Appellant furnishing bank guarantee from any nationalized bank of Rs. 35 lacs and to execute indemnity bond of the same amount within one month from the date of passing of the order failing which the Investigating Officer was directed to sell the said vehicle through E-auction or through any authorized car dealer and to deposit the sale proceeds in the form of FDR drawn from any nationalized bank in the name of Registrar (Criminal), City Civil & Sessions Court, Greater Mumbai for the initial period of five years. The Appellant has impugned that part of the said order herein.
(3.) Heard Mr. Abad Ponda, learned counsel for the Appellant and Mr. Pradip Gharat, Special P.P. appearing for the Respondent EOW. With the assistance of the learned counsel appearing for the respective parties, perused the entire record produced before us.