SAMEER Vs. STATE OF MAHARSHTRA

JUDGEMENT

(1.) This is an application filed for grant of bail under Sec. 439 Cr. P. C. The applicant is facing prosecution for the offences punishable under Sections 406, 409, 420, 120B read with Sec. 34 of the Indian Penal Code; Sec. 3 of the MPID Act read with Sec. 45 (IA), 45 (S) punishable under Sec. 58B (4A) and (5A) of the Reserve Bank of India Act.

(2.) The allegations against this applicant and the co-accused are that they invited unsuspecting investors to invest their funds in their company by promising them huge returns on their investments ranging from 25% to 40% per annum on their funds and when the investors deposited their hard earned money with the Company of the applicant, the investors did not receive the promised returns. After lodging of the complaint against this applicant and co-accused by some of the investors, various offences, as referred to earlier, were registered against this applicant and the co-accused. The investigation made disclosed that this applicant had prima facie defrauded more than 5500 depositors and swindled their money amounting to Rs. 200 crores. A charge-sheet was, therefore, filed against the applicant and now the charge has also been framed on 6.1.2016 for the aforesaid offences against this applicant and the co-accused. Now, the case is pending at the stage of recording of the evidence of the witnesses.

(3.) Smt Bharti Dangre, learned Public Prosecutor has taken an exception to the maintainability of this application filed under Sec. 439 Cr. P. C. as the previous application filed by this applicant (BA/955/2015) was allowed to be withdrawn by this Court vide order dated 18.1.2016. She submits that the applicant now cannot push forward his case on merits of the matter.