JAYANT SANJEEVA SHETTY Vs. STATE OF MAHARASHTRA

JUDGEMENT

(1.) The present application has been moved by the Applicant/Accused No.2, namely Jayant Sanjeeva Shetty, under Sec. 439 of the Code of Criminal Procedure, 1973, seeking the grant of regular bail. The matter arises out of C.R. No. 2 of 2020 registered with the Economic Offences Wing, Mumbai, which was initially registered as C.R. No. 5 of 2020 with Malad Police Station. The offences alleged against the present Applicant are punishable under Ss. 406, 409, and 420 read with Sec. 120-B of the Indian Penal Code, 1860 (hereinafter "IPC") as also under Ss. 3 and 4 of the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act, 1999 (hereinafter "MPID Act").

(2.) The prosecution case, in brief, is that agents of M/s. Shree Ramanjaneya Leasing and Finance Pvt. Ltd. (hereinafter "the said Company") were operating in the area where the complainant resides. Through these agents, popularly referred to as "pigmy agents," the complainant came to know, in the year 2012, about the activities of the said Company.

(3.) According to the prosecution, the pigmy agents represented to the complainant, one Sunil Nagpal, that the said Company was engaged in the business of financing and mortgaging property. It was further informed that apart from giving loans, the Company also accepted public deposits under various investment schemes, offering attractive and assured rates of interest. The prosecution alleges that the said Company primarily generated income by mortgaging properties and lending against them. For raising the funds required for such lending, the Company accepted deposits of Rs.1,00,000.00 and above from members of the public under investment/deposit schemes. The collected deposits were then used by the Company for advancing loans.