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Order in BA no. 109/2023
MHCC020018712023
BEFORE THE DESIGNATED COURT UNDER M.P.I.D. ACT
CITY CIVIL & SESSIONS COURT, MUMBAI
BAIL APPLICATION NO. 109 of 2023
Kiran Vishwas Bhosale.
]
Age : 36 years, Occ : Service
]
residing at A/12, Sahyadri Darshan, M.I.D.C., ]
Dombivali (E), Dist : Thane, 421 201.
]
(At present in Arthur Road jail)
] Applicant/
]… Accused No.4
Versus
The State of Maharashtra
(At the instance of EOW, Unit ­3 General
Cheating­1, Mumbai)
]
]
]… Respondent
Appearances:­
Ld. Advocate Niranjan Mundargi for applicant present 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 : 10th March, 2023.
ORAL ORDER
1.

This is an application under Section 437 of The Code of
Criminal Procedure, 1973 preferred by the applicant/accused No.4 to
have liberty to him in connection with the crime vide C.R. No.
149/2021 dated 27.03.2021 registered with Ghatkopar police station
for the offences punishable under Sections 409, 420 r/w Section 34 of
the Indian Penal Code, 1860 (hereinafter referred as “IPC”) and
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Order in BA no. 109/2023
Sections 3 of The Maharashtra Protection of Interest of Depositors (In
Financial Establishments) Act, 1999 (hereinafter referred as “MPID
Act”).
2.

The Respondent/EOW has strongly opposed to the bail plea
of applicant by filing their written objection at Exhibit No.02.
3.

Perused the application, plea, grievance, submissions raised
therein coupled with respondent’s say, documents placed reliance by the
rival parties, especially copy of charge­sheet and documents annexed
with it. Heard, Ld. Advocate Niranjan Mundargi for applicant and Ld.
SPP V. C. Malankar for State/ Respondent.
4.

Taking into consideration rival submissions, contentions
and record availed it inclined initially impugned crime raised against in
all three accused. They all are arrested. It is alleged by the informant
Rajesh Gavane that the applicant and other accused are director of
Shubharambh Nagari Ram Sanstha Maryadit (hereinafter referred said
Patsanstha). The person namely Naresh Kadam was acquainted to him,
he instigated to him and his family members for depositing their
amount in said Patsanstha by giving assurance that they would get 15%
p.a. interest. Thereby, they have invested in all amount Rs. 29,40,000/­
in the name of him and his father and mother. However, in the year
2018 as he was required Rs. 13,00,000/­ for the purpose of renovation
of his residence thereby he approached to the said Patsanstha and
applicant and Naresh Kadam also. However, they started to neglect him
and failed to provide his deposited amount.

He has inclined that
applicant and other 13 persons were directors of said Patsanstha they
all have get transferred the deposited amount in their personal bank
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Order in BA no. 109/2023
account and by cheated them misappropriated their huge deposits
amounts and also committed fraudulent default thereby raised the
impugned crime.

On relying it, he has registered the impugned crime
against all the directors and managing directors of said Patsanstha.
5.

The applicant with regard to the alleged plea, grievance,
contention raised against him in FIR come with the case that though the
informant allegedly deposited amount in the year 2016. However, the
impugned crime raised in the year 2021 thereby huge delay in lodging
FIR is there. In fact he has not committed any crime. Though, he was
director however he has not misappropriated any amount or committed
fraudulent default.

The substantial deposited amount in said
Patsanstha provided by loan to the members of said Patsanstha. Only
due to not recovered the loan amount from concerned borrowers,
financial crisis arise. Therefore, the amount of depositors/account
holders could not repay. Till now three accused are arrested. The
substantial material allegations are just raised against the managing
director Shankar Shedge. He has arrested on 31.01.2023. Against him
just plea, grievance, accusations raised that in his personal account in
all Rs. 94,000/­ has been transferred. However, upon gone through the
record it would reveal the applicant and his relatives have deposited
huge amount in Fixed Deposit of said Patsanstha. The said amount is
still laying with said Patsanstha.

Also submitted that though the
impugned crime raised on 27.03.2021, however, he has arrested on
31.01.2023. In view of raised plea, grievance, allegations and thereby
saddled charge of offence under Sections 420 r/w 34 of Indian Penal
Code under Section 3 and 4 of MPID Act, till now chargesheet is not
submitted. Though the offence punishable under Section 409
subsequently added by investigating agency, however, the same is just
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Order in BA no. 109/2023
added after thought and for giving by pass for mandate compliance
under Section 41 A of Cr.P.C.

In such eventualities, no any reason,
cause, ground remained for his custodial detention for indefinite period.
He also raised general grounds.

6.

The respondent/State has strongly opposed to the bail plea
of the applicant principally on the ground that the Ramesh Shendge,
Naresh
Kadam are master mind, author and architect of impugned
crime. They along with other directors by conspired instigate lured
informant and other depositors for depositing their amount in said
Patsanstha by giving promise, assurance to provide the interest amount
at the rate of 15% p.a. which was not viable to provide the depositors.
The accepted deposit amount given as on loan to the directors of said
Patsanstha.

The director Naresh
Kadam is one of the borrower of
Patsanstha. He has obtained huge loan amount. The same is not repaid
by him.

The applicant and other accused have
transferred divert
rooted huge amount of Patsanstha in their personal account and also in
account of other directors. While audit for the period of 2016­2017
against the applicant and other directors serious in natures allegations
of default, improperness in transaction and distribution of loan, other
considerable intentional mistakes are recorded and inclined. Therefore,
as the applicant is also actively involved, participated to commit the
impugned crime thereby he does not deserve to have the liberty. They
also raised general objections.

7.

In above such eventualities, cautiously having into
consideration, rival submissions, contentions and record availed it
inclined the impugned crime raised against in all 14 accused allegedly
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Order in BA no. 109/2023
who are managing directors and directors of said Patsanstha.

It is
alleged that applicant was one of the director and was actively involved,
participated in impugned crime. Against the applicant principally raised
allegations that as per his consent loan amount Rs. 8,50,000/­ was
disbursed to one of the director Naresh Kadam. The same did not
repay by him. Also alleged that in personal account of applicant in all
amount Rs. 94,000/­ has been transferred without any reason and
cause.

In that regard, the applicant submitted that he is neither
borrower nor beneficiary of any of the amount. In that regard, no any
considerable evidence is collected and seized by investigating agency.
Moreover, huge amount of applicant and his relatives have already
deposited in said Patsanstha. The same could not availed to them.
Considering the same coupled with availed record it transpires that
though the impugned crime raised on 27.03.2021, however, the
applicant and other two accused arrested on or about 31.01.2023.
The /record shows that the substantial material, grievance, allegations
are just raised against Ramdas Shendge, Naresh Kadam and Shankar
Shandge. Against the applicant just alleged that he was one of the
director and in his personal account in all Rs. 94,000/­ amount get
transferred. However, in that respect till now the investigating agency
has not collected, seized any considerable, appreciable evidence
material.

Though the applicant is arrested on 31.01.2023 however,
chargesheet is not submitted.

In view of raised allegations, plea,
grievance prima facie revealed the certain relevant material, facts and
circumstances in regard to plea, grievance, accusations raised against
the applicant is already investigated. Furthermore, as per nature of
allegations, plea, grievance raised against applicant by informant and
investigating agency prima facie does not incline any seriously
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Order in BA no. 109/2023
considerable, cognizable reason, cause for further custodial detention of
applicant.

Moreover, I felt that in view of levelled allegations,
seriousness, gravity of crime and alleged role attributed by applicant by
saddling stringent conditions it would be proper to have the liberty to
him. Hence, I am inclined to have liberty to applicant subject to
following conditions. With this passed following order :­
ORDER
1.

The present Bail Application No. 109 of 2023 is hereby allowed,
subject to following conditions by applicant /accused no.4­
i. The Applicant/Accused No.4 Kiran Vishwas Bhosale
be released on
executing a PR Bond of Rs. 5,00,000/­
(Rupees Five Lakhs Only) with furnishing one or two
solvent sureties in the like amount in crime vide
C.R.No.149/2021 dated 27.03.2021 registered with
Ghatkopar police station, Mumbai for the offences
punishable under Sections 409, 420, r/w Section 34 of
Indian Penal Code, 1860 a/w under Sections 3 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 attend the Respondent/ I.O. on every
Wednesday at 11.00 a.m. to 2.00 p.m. till filing of the
charge­sheet.

iv.

The applicant shall not indulge in any criminal activity.

v.

The applicant shall co­operate in investigation, as and
whenever he required for interrogation, he shall avail for
the same.

vi.

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

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Order in BA no. 109/2023
Vii.

The applicant shall submit his proper considerable
residential address proof as well as telephone and cell
numbers with respondent/State in view of his contact.

Viii.

The applicant shall submit his passport with respondent
/State if any availed with him.

ix.

The applicant shall not alienate transfer or create any third
party interest over the movable/immovable properties in
the name of his own and blood relatives.

x.

In case of disobedience or breach of any saddled condition
by applicant, this order will liable to be canceled.

2.

Accordingly, respondent/EOW to take the note of this order.

3.

The present Bail Application No. 109 of 2023 stands disposed of
accordingly.
(Dictated and pronounced in the open Court.)

Date : 10.03.2023.

Dictated on
: 10.03.2023.
Transcribed on : 28.03.2023
Signed on
: 01.04.2023
( S. M. Tapkire)
Designated & Addl. Sessions Judge,
City Civil & Sessions Court, Mumbai.

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Order in BA no. 109/2023
“CERTIFIED TO BE TRUE AND CORRECT COPY OF THE ORIGINAL SIGNED
JUDGMENT /ORDER”
On 06.04.2023 at 11.36 am
UPLOADED DATE AND TIME
Mrs. Poonam Y. Pawar
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
10.03.2023
Judgment /Order signed by P.O. on
28.03.2023
Judgment/Order uploaded on
06.04.2023