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Order on BA No.1103/23
MHCC020194042023
BEFORE THE DESIGNATED COURT UNDER M.P.I.D. ACT
CITY CIVIL & SESSIONS COURT, MUMBAI
ORDER ON BAIL APPLICATION NO.1103 OF 2023
IN
C.R. NO. 166 OF 2022
Prashantkumar Kamleshkumar @ Kamleshbhai
Brhambhatt
Residing at 22/211, Marutidham Society,
Makarpura, Near Saibaba temple,
Vadodara, Gujarat-390010.

]
]
] Applicant/
]… Accused
Versus
The State of Maharashtra
(Through Pant Nagar Police Station)
]
]… Respondent
Appearances:Ld. Advocate Ali Kaashit Khan Deshmukh for the Applicant.
Ld. SPP Seema Deshpande for the State/ Respondent.
CORAM : HER HONOUR JUDGE
ADITEE UDAY KADAM,
(Court Room no. 7)
DATE : 11th January, 2024.
ORAL ORDER
1.

The present application is moved by the Prashantkumar
Kamleshkumar @ Kamleshbhai Brhambhatt resident of Vadodara,
Gujarat, under Section 439 of The Code of Criminal Procedure,
1973 for grant of regular bail.

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2.

Order on BA No.1103/23
A case being C.R. No.166 of 2022 is registered with Pant
Nagar Police Station against the present Applicant for the
offences 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 to as “M.P.I.D. Act”).

3.

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

4. Prosecution case in nutshell is as under :-
As per the F.I.R. registered in this case on the basis of first
information given by Chhabu Ganapat Ighe, the present crime has
been registered against 5 accused named therein. The crime has
been registered against present Applicant. The allegations are as
regards to commission of the offences under Sections 406, 420
r/w Section 34 of the Indian Penal Code, 1860 as well as Sections
3 and 4 of The Maharashtra Protection of Interest of Depositors
Act, 1999 and Section 66D of Information Technology Act. Thus,
according to first informant these accused have committed
cheating
and
caused
economic
loss
to
the
tune
of
Rs.2,86,88,000/- (Rupees Two Crores Eighty Six Lakhs Eighty
Eight Thousand only).
5.

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

6.

Ld. Advocate for the applicant submitted that the applicant
has no concern with the alleged offences. Major allegations are
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Order on BA No.1103/23
made against other accused. One of the accused Ganesh
Shivkumar Sagar has already been granted bail. Applicant had
never been in the meetings nor induced or met the informant to
invest any amount in buxcoin scheme. He had zero interference
in the monitory transaction of the Company. The only role of the
applicant is to promote buxcoin scheme in the marketing
industry. The applicant is permanent resident of Gujarat and is
doing his job at Dubai. No specific role attributed to him in the
report and therefore, no prima facie case made out against the
applicant. The applicant is ready and willing to abide any
condition on grant bail. Therefore, he be released on bail.
7.

Per contra, Ld. SPP argued that the name of applicant is
included in the report. Three applications of the other accused
came to be rejected. Charge-sheet is not yet filed. Role of the
other accused Ganesh Shivkumar Sagar and of the applicant is
not similar. The present applicant played an active role in
commission of offence. He was introduced to the investors as a
Director. Therefore, the applicant is also one of the main culprit
and is not entitled for grant of bail.

8.

On perusal of record it reveals that the applicant has no direct
concern with the alleged offences. Other accused namely Vikas
Chavhan, Ranjeet Jadhav, Prakash Choudhary and Afroz Shaikh
induced investors to invest in Buxcoin scheme. No role specified
to the present applicant and the other accused Ganesh Shivkumar
Sagar. Name of applicant is mentioned as a Director and the
authorized person of the alleged Company, but no prima facie
evidence to that effect is produced on record. Investigation
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Order on BA No.1103/23
papers and the say filed by the Investigating Officer also does not
reflects the direct concern of the applicant with the alleged
offences. Admittedly, applicant was working in marketing sector
at Dubai. He was present in the seminars conducted by the
Company at Dubai. He had explain the Buxcoin scheme and
operation
of
said
scheme
to
various
investors.

During
investigation, the Investigating Agency could not trace any
particular amount attributed to the applicant and no money could
be recovered from him. The applicant is permanent resident of
Gujarat. He has been released on bail in the case registered
against him at Gujarat. The other accused namely Ganesh
Shivkumar Sagar, who is standing on the same footing like the
applicant is released on bail. Therefore, on the ground of parity,
applicant is entitled for grant of bail. Hence, the order :
ORDER
1. The present Bail Application No. 1103 of 2023 is allowed and
disposed of.
2. The applicant Prashantkumar Kamleshkumar @ Kamleshbhai
Brhambhatt is hereby released on bail in C.R. No.166 of 2022 is
registered with Pant Nagar Police Station against the present
Applicant for the offences 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 Protection of Interest of Depositors
Act, 1999 on furnishing PR bond of Rs. 1,00,000/- (Rs. One
Lakh) and one or more sureties in the like amount.
3. The Applicant is permitted to furnish provisional cash bail of
Rs.1,00,000/- (Rupees One Lakh only) for a period of three
months.

4. The Applicant to make surety compliance before concerned
Court. The Registrar (S) to accept it at ATH.
5. The applicant shall surrender his passport before the investigating
officer within a period of one week of his release.

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Order on BA No.1103/23
6. The applicant shall mark attendance in concern police station on
every 2nd Saturday and Sunday of the month in between 11.00
a.m. to 2.00 p.m. till filing of charge-sheet.

7. The applicant shall co-operate with the investigating authority
and he shall not tamper with the evidence or influence the
witnesses in any manner.

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

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

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

11. The Applicant shall not change his current residential address
without intimation to the IO and this Court.

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

(Dictated and pronounced in the open Court.)
sd/Date: 11/01/2024
Mumbai
(ADITEE UDAY KADAM)
Designated Judge under
The Maharashtra Protection of
Interest of Depositors Act, 1999,
for Gr. Bombay
Dictated directly on computer: 11/01/2024
Signed by HHJ on
: 11/01/2024
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Order on BA No.1103/23
“CERTIFIED TO BE TRUE AND CORRECT COPY OF THE ORIGINAL SIGNED
JUDGMENT /ORDER”
11.01.2024 at 1.54 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
Date of Pronouncement of Judgment/Order
11.01.2024
Judgment /Order signed by P.O. on
11.01.2024
Judgment/Order uploaded on
12.01.2024