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Order on BA No.69/24
MHCC020012752024
BEFORE THE DESIGNATED COURT UNDER M.P.I.D. ACT
CITY CIVIL & SESSIONS COURT, MUMBAI
ORDER ON BAIL APPLICATION NO.69 OF 2024
IN
SPECIAL MPID CASE NO.1153 OF 2020
Ashish Raj Tandon
]
Age : 35 years, Canadian Citizen
]
Residing at Mississauga, Canada
]
Also at – A-2101 HDIL Metropolis,
]
Opp. Gurudwara next to Tirumala Shopping Centre. ] Applicant/
Andheri (W), Mumbai-400 053.
]… Accused
Versus
The State of Maharashtra
(Through L. T. Marg Police Station)
]
]… Respondent
Appearances:Ld. Advocate Pritesh Burad a/w Ld. Advocate Shriya Sandal i/b M/s.
Pritesh Burad Associates for the Applicant.
Ld. SPP Seema Deshpande for the State/ Respondent.
CORAM : HER HONOUR JUDGE
ADITEE UDAY KADAM,
(Court Room no. 7)
(I/C of Court Room No.20)
DATE : 24th January, 2024.
ORAL ORDER
1.

The present application is moved by the Applicant/Accused
Ashish Raj Tandon resident of Mumbai, under Section 439 of The
Code of Criminal Procedure, 1973 for grant of regular bail.

2.

A case being C.R. No.37 of 2018 is registered with L. T. Marg
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Order on BA No.69/24
Police Station against the present Applicant for the offence
punishable under Sections 406, 420 r/w Section 34 of the Indian
Penal Code, 1860 (hereinafter referred as “IPC”) as well as
Sections 3 and 4 of The Maharashtra Protection of Interest of
Depositors Act, 1999 (hereinafter referred as “MPID Act”).
3.

Application is resisted by the Prosecution by filing their say at
Exhibit No.02.

4. Prosecution case in nutshell is as under :-
It is the case of prosecution that informant Prashant Agarwal
was introduced to the accused in March 2013, Directors of
Scorpion Agro Farm Pvt. Ltd. for making investments in the said
Company. Accused induced him to invest in their Company and
offered interest @ 1.75% p.m. on the deposits. Thereby,
informant invested amount of Rs.75,000/- (Rupees Seventy Five
Thousand only) in the name of his wife and other investors have
also invested substantial amount with the Company of accused
during the period of 2013-14. The accused did not pay entire
amount with interest since October 2015 and failed to make
further repayments. Hence, report came to be lodged against the
accused on 05.02.2018.
5.

Heard the Ld. Advocate for the Applicant, Ld. SPP for the
Prosecution, Investigating Officer,
6.

On perusal of record it reveals that applicant is the son of
main accused Mr. Raj Tandon, who is already released on bail. It
is submitted by the Ld. Advocate for the applicant that the
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Order on BA No.69/24
amount due to the investors is repaid by the accused. Table of
repayment to that effect is quoted at page nos.7 to 9 in the bail
application. Investigating Officer has affirmed this aspect. Thus,
now there is no recovery pending against applicant.
7.

It is further pointed out that the applicant has no direct
concern with the alleged offence. He was out of the Country for
his education purpose. He has not played any active role in
commission of offence. Order passed by the Special MPID Court
in Bail Application No.1090 of 2020 reflects that prima facie case
against the applicant and the accused is not made out that they
had intension to cheat the investors or to commit fraudulent
default. Therefore, the accused no.1 was released on bail on
19.10.2020. Thus, on the ground of parity, applicant is also
entitled to be released on bail.

8.

It is further submitted by the Ld. Advocate for the applicant
that the applicant has no criminal antecedents. He is ready to
abide any condition on grant of bail. Considering all these aspects
this Court is of the view that the application filed by the applicant
is to be allowed with certain conditions.

Hence, the following
order :ORDER
1. The present Bail Application No.69 of 2024 is hereby allowed and
disposed of.

2. The applicant Ashish Raj Tandon is hereby released on bail in
connection with C.R. No.37 of 2018 is registered with L. T. Marg
Police Station against the present Applicant for the offence
punishable under Sections 406, 420 r/w Section 34 of the Indian
Penal Code, 1860 as well as Sections 3 and 4 of The Maharashtra
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Order on BA No.69/24
Protection of Interest of Depositors Act, 1999 on furnishing PR
bond of Rs. 50,000/- (Rupees Fifty Thousand only) with one or
more sureties in the like amount.
3. The Applicant is permitted to furnish provisional cash bail of
Rs.50,000/- (Rupees Fifty Thousand only) for a period of three
months.

4. The Applicant to make surety compliance before concerned
Court.

5. The applicant shall surrender his passport before the investigating
officer within a period of one week of his release.

6. That the applicant shall make himself available for interrogation
by the Investigating Officer as and when required, under written
intimation.

7. The applicant shall not leave India without prior permission of
this Court.

8. The Applicant shall not alienate any movable and immovable
property in his name or in the name of his wife/children if any,
without permission of this Court.

9. The Applicant shall not tamper with the prosecution evidence or
pressurize the prosecution witnesses in any manner till the
conclusion of trial.

10. The Applicant shall furnish his contact number and residential
address to the Investigating Officer and shall keep him updated,
in case there is any change.

11. The Applicant shall attend the dates of trial regularly.

(Dictated and pronounced in the open Court.)

Date: 24/01/2024
Mumbai
sd/(ADITEE UDAY KADAM)
Designated Judge under
The Maharashtra Protection of
Interest of Depositors Act, 1999,
for Gr. Bombay
Dictated directly on computer: 24/01/2024
Signed by HHJ on
: 24/01/2024
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Order on BA No.69/24
“CERTIFIED TO BE TRUE AND CORRECT COPY OF THE ORIGINAL SIGNED
JUDGMENT /ORDER”
25.01.2024 at 5.51 p.m.
UPLOADED DATE AND TIME
Ms. R. D. Tari
NAME OF STENOGRAPHER
Name of the Judge (with Court Room no.)

H.H.J. A. U. Kadam
C.R. No.07 (I/C of C.R. 20)
Date of Pronouncement of Judgment/Order
24.01.2024
Judgment /Order signed by P.O. on
24.01.2024
Judgment/Order uploaded on
25.01.2024