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Order in BA no. 257/23
MHCC020047112023
BEFORE THE DESIGNATED COURT UNDER M.P.I.D. ACT
CITY CIVIL & SESSIONS COURT, MUMBAI
BAIL APPLICATION NO. 257 OF 2023
Mr. Chirag Jayesh Mohini
Aged : 32 years, Occ : Business
Residing at 1­B­111, Asha Nagar, Rahul Park,
Bhayandar (East), Thane­401105
(At now detained in Taloja Jail, Mumbai)
]
]
]
] Applicant/
]… Accused
Versus
The State of Maharashtra
(Through EOW, Unit­8 Mumbai)
]
]… Respondent
Appearances:­
Ld. Advocate Tarepatil for the Applicant.
Ld. SPP V. C. Malankar for the State/ Respondent.
CORAM : HIS HONOUR JUDGE
SHRI S. M. TAPKIRE
(Court Room no. 7)
DATED : 2nd May, 2023.
ORAL ORDER
1. This is an application under Section 439 of The Code of Criminal
Procedure, 1973 to have liberty to applicant / accused in the
connection with the crime vide C.R. No.148 of 2022 registered
with EOW (C.R. No. 1086 of 2022 registered with MHB Colony
Police Station) for the offences punishable under Sections 406,
409, 420 r/w 34 of Indian Penal Code, 1860 (hereinafter referred
as “IPC”) and Section 3 with 4 of The Maharashtra Protection of
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Order in BA no. 257/23
Interest of Depositors Act, 1999 (hereinafter referred as “MPID
Act”).
2. The Respondent/State has strongly opposed the bail plea of
applicant by submitting their written say / objection below
Exh.02.
3. Perused the application, plea grievance submissions grounds
raised therein coupled documents placed reliance by the
applicant. Also, perused the written say of Respondent/State
coupled with material placed reliance by them. Heard Ld.
Advocates for the rival parties.
4. Having into consideration, the rival submissions, contentions and
availed record it revealed the impugned crime raised just against
two (2) accused by informant Mrs. Neha Vikash Bhosale by
alleging that the companion of her husband namely Zakir Shaikh
has informed about the Financial Establishment namely Chhetri
Tradelink Private Limited Company and informed that upon
invested the amount in said Company, they provide 10% return
amount by deducting TDS. Also informed that the said Company
is involved in business of ayurvedas productions, perfume, import
and export trade. Therefore, they earned huge profit from the
investment of their business. Initially they deposited Rs.25,000/­
(Rupees Twenty Five Thousand only) with the accused as they
both were Directors of said Company. Thereafter, within 15 days
immediately the return amount was disbursed by them.
Therefore, they have again deposited Rs.9 Lakhs by cash in the 6
months investment scheme for which 32% p.a. interest was to
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Order in BA no. 257/23
receive to them. However, later on accused resiled from paying
principal and return amount. Thereby, committed impugned
crime. In said Company more than 200 depositors have invested
their money. However, both the accused have misappropriated
the huge deposit amount of Rs.16 Crores and committed
impugned crime.
5. The applicant has raised the various grounds for liberty.

However, principally submitted F.I.R. against him no serious in
natures plea, allegations raised but merely raised the plea that
the informant has enquired with him about non­payment of
principal and return amount. Except that nothing raised against
him. On relying it requested to have the liberty.
6. The Respondent/State has strongly opposed to the bail plea of
applicant by raising objection that the applicant is one of the
Director of said Company and he is beneficiary of siphoned off
amount of impugned crime. The said Company was giving
assurance, promise to return the huge interest amount on
invested sum. However, resiled from them and misappropriated
entire deposited amount. Till now, 2000 alleged depositors are
approached to them. In view of raised allegations against them,
seriousness, gravity of crime and the active involvement,
participation and specific role attributed by the applicant, he does
not deserve to have liberty. They also raised general objection.
7. In above such circumstances cautiously having into consideration,
rival submissions, contentions and availed record, prima facie
inclined in impugned crime just two (2) accused are involved. It
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Order in BA no. 257/23
is alleged that the applicant is one of the Director of Chhetri
Tradelink Private Limited Company. The alleged business of said
Company was to accept deposits from depositors on assurance,
promise to return the huge interest amount. The record reveals
the accused no.1 is the architect, author and master mind of
impugned crime. However, against the applicant just raised
grievance, allegations that after resiling from return the principal
and interest amount by accused no.1 Dhanbahaddur @ Ravi
Tankbahaddur Chhetri they contacted to applicant and asked the
principal and return amount. It also revealed the applicant
arrested on 20.03.2023 with regard to impugned crime dated
10.11.2022. The record shows against the applicant just mere
and bear allegations are raised. In view of such allegations I felt
further custodial detention of applicant certainly no essential,
necessary for any purpose. It also revealed in view of alleged
grievance, accusation against the applicant and other accused the
same is certainly concern relevant with the documentary
evidence. In the circumstances, I have not inclined any seriously,
considerable, cognizable reason, cause, grounds for further
custodial detention of applicant. However, in view of raised
allegations, seriousness gravity of crime and requirement of
further investigation. I felt by saddling stringent conditions would
appropriate to have liberty to applicant. Hence, I am inclined to
have liberty to applicant subject to following conditions. With this
passed the following order :­
ORDER
1. The present Bail Application No.257 of 2023 is hereby allowed,
subject to following conditions by applicant /accused:­
i. The applicant Chirag Jayesh Mohini residing at 1­B­111,
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Order in BA no. 257/23
Asha Nagar, Rahul Park, Bhayandar East, Thane 401 105
currently detained in Taloja Jail be released on executing a PR
Bond of Rs. 10,00,000/­ (Rupees Ten Lakhs Only) with
furnishing one or two solvent sureties in the like amount in
crime vide C.R. No.148 of 2022 registered with EOW (C.R.
No. 1086 of 2022 registered with MHB Colony Police Station)
for the offences punishable under Sections 406, 409, 420 r/w
34 of Indian Penal Code, 1860 and Section 3 with 4 of The
Maharashtra Protection of Interest of Depositors Act, 1999.
ii. The applicant shall not tamper or hamper the prosecution
witnesses and evidence as well as pressurize to any of the
prosecution witness by any manner.
iii. The
applicant shall record his attendance with
Respondent/I.O. on every Friday between 11.00 a.m. to 05.00
p.m. until filing of charge­sheet.

iv. The applicant shall co­operate in investigation, as and
whenever he required for interrogation, he shall avail for the
same.
v. The applicant shall not leave India without prior permission of
Court.
vi. The applicant shall submit his proper considerable residential
address proof as well as telephone and cell numbers with
Respondent/I.O. in view of his contact.
vii. The applicant shall submit his passport with respondent /I.O.

if any availed with him.

viii.

The applicant shall not indulge in any criminal activity.

ix. The applicant shall not alienate, transfer, sell, mortgage or
create any third party interest over the movable and
immovable properties bearing in the name of his Financial
Establishment himself and his contiguous blood relatives of
him by any manner.
x. In case of disobedience or breach of any saddled condition by
applicant, this order will liable to be canceled.

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3.

Order in BA no. 257/23
Accordingly, Respondent/I.O. to take the note of this order.

4.
The present Bail Application No. 257 of 2023 stands disposed of
accordingly.
(Dictated and pronounced in the open Court.)
Digitally signed
by SHRIRAM
MADHUKAR
TAPKIRE
Date:
2023.05.06
17:30:41 +0530
Date : 02.05.2023
Dictated on
: 02.05.2023.
Transcribed on : 03.05.2023.
Signed on
: 06.05.2023.

( S. M. Tapkire)
Designated Judge and Addl.
Sessions Judge, City Civil &
Sessions Court, Mumbai.

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Order in BA no. 257/23
“CERTIFIED TO BE TRUE AND CORRECT COPY OF THE ORIGINAL SIGNED
JUDGMENT /ORDER”
06.05.2023 at 5.27 p.m.
UPLOADED DATE AND TIME
Mrs. G. P. Acharekar
NAME OF STENOGRAPHER
Name of the Judge (with Court Room no.)

H.H.J. S. M. Tapkire
C.R. No.07
Date of Pronouncement of Judgment/Order
02.05.2023
Judgment /Order signed by P.O. on
06.05.2023
Judgment/Order uploaded on
06.05.2023