MILIND SATISH SAWANT Vs. STATE OF MAHARASHTRA

JUDGEMENT

(1.) By the present bail application filed under Sec. 439 of the Code of Criminal Procedure, 1973 (hereinafter referred to as "Cr.P.C."), the applicant is seeking the relief of regular bail in connection with Crime Register No. 52 of 2022, registered at Bhandup Police Station. The said crime has been registered for offences punishable under Ss. 406, 409, 420 read with Ss. 34 and 120-B of the Indian Penal Code (for short "IPC"), as well as under Ss. 3 and 4 of the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act, 1999 (for short "MPID Act").

(2.) The prosecution case, in brief, is that the original complainant, a resident of Badlapur and working with the Brihanmumbai Municipal Corporation, was introduced by his friend, one Balu Tarse, to an investment scheme of an establishment named Mars Finance, which was stated to be operating from B-204, Eastern Business District, Neptune Magnet Mall, LBS Road, Ganeshnagar, Bhandup (West), Mumbai. The said friend informed the complainant that he himself had invested money in Mars Finance and was receiving regular returns therefrom. Encouraged by this, the complainant was persuaded to consider investing in the scheme of Mars Finance.

(3.) Acting on such persuasion, the complainant visited the office of Mars Finmart on 10/11/2020. At the said office, he was initially attended by one Ms. Anjali, who introduced him to the accused persons, namely, Mr. Milind Sawant and Mr. Rupesh Shah. The accused persons explained to the complainant various investment schemes and the manner in which returns would be generated. They further represented that they were engaged in stock and mutual fund trading business and assured the complainant of a monthly return of 5% on the amount invested.