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Order in BA no. 699/23
MHCC020121852023
BEFORE THE DESIGNATED COURT UNDER M.P.I.D. ACT
CITY CIVIL & SESSIONS COURT, MUMBAI
BAIL APPLICATION NO.699 OF 2023
IN
C. R. NO. 148 OF 2022
Sanjay Krishna Borkar
Aged : 51 years,
Residing at Pandurang Vakilwadi,
4, Jankibai Chawl, Vakola Village,
Santacruz (East), Mumbai.
(At Present Taloja Central Prison, Mumbai)
]
]
]
]
] Applicant/
]… Accused
Versus
The State of Maharashtra
(Through EOW, Unit -8, Mumbai)
]
]… Respondent
Appearances:Ld. Advocate J. V. Tare-Patil for the Applicant.
Ld. SPP Seema Deshpande for the State/ Respondent.
CORAM : HIS HONOUR JUDGE
SHRI S. B. JOSHI
(Court Room no. 7)
DATE : 25th August, 2023.
ORAL ORDER
1.

The present application is moved by the applicant Sanjay
Krishna Borkar resident of Santacruz, Mumbai under Section 439
of The Code of Criminal Procedure, 1973 for grant of regular bail
in connection with C.R. No.148 of 2022 registered with EOW,
Mumbai (C.R. No.1086 of 2022 registered with MHB Colony
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Order in BA no. 699/23
Police Station for the offences punishable under Sections 406,
409, 420 r/w Section 34 of the Indian Penal Code, 1860
(hereinafter referred as “IPC”) as well as Section 3 and 4 of The
Maharashtra Protection of Interest of Depositors Act, 1999
(hereinafter referred to as “M.P.I.D. Act”).
2.

According to Prosecution story shown in the F.I.R. dated
10.11.2022 based on the complaint application filed by the
informant Mrs. Neha Vikas Bhosale resident of Wadala, Mumbai
is that the Directors of Chhetri Tradelink Private Limited
Company namely Dhanbahaddur @ Ravi Chhetri and Chirag
Mohini both have assured her, her husband and 29 investors
named in the F.I.R. that they will be given handsome return on
making investment with their Company and thus, they both have
accepted the investment from near about 200 investors to the
tune of more than Rs.16 Crores but the Directors of above named
have not given back their money as assured to them and thus,
caused cheating with them. It is further averred in the F.I.R. that
on 09.11.2020 onward till February 2021, the Director of the said
Company namely Dhanbahaddur @ Ravi Chhetri had accepted
the amount of Rs.9,25,000/- (Rupees Nine Lakhs Twenty Five
Thousand only) from her husband Vikas Bhosale and another
sum of Rs.93,13,600/- (Rupees Ninety Three Lakhs Thirteen
Thousand Six Hundred only) from other investors. Thereafter, for
initial months return was given to them all but thereafter, the
Directors of the said Company stopped to make payment of the
sum to them all. Thus, according to informant, the Directors of
the above named caused cheating with her and others and
therefore, she has filed the complaint application before concern
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Order in BA no. 699/23
Police Station.
3.

Upon receiving this information in writing, the concern Police
Station registered the crime vide C.R. No. 1086 of 2022 in
question against the Directors of Chhetri Tradelink Private
Limited Company namely Dhanbahaddur @ Ravi Chhetri and
Chirag Mohini for the commission of offences punishable under
Section 406, 409, 420 r/w Section 34 of IPC and Sections 3 and 4
of MPID Act.

4.

By moving this application, applicant has submitted that he
has been falsely implicated in the alleged crime. Nothing
incriminating has been recovered or discovered at his instance to
connect with him the crime in question. There is nothing to show
that he is induced to anyone of the witnesses/ investors though
there are allegations about inducing at his hand but in fact the
investors have been paid some interest on their investment.
Secondly, all the transactions conducted by the Company by way
of cheque and RTGS and there was no any transaction at any
time. All the documents related with the crime in question are
already seized and attached by the Investigating Agency. Apart
from this his name is not mentioned in the F.I.R. as well as there
is no allegations against him. He is not Director or any Office
Bearer of the Company in question namely Chhetri Tradelink
Private Limited. The Investigating Authority have already seized
immovable property belonging to him worth Rs.40,00,000/(Rupees Forty Lakhs only) as well as all the personal accounts
pertaining to him and the Company in question. So interest of the
investors is quite secured one. The applicant is not at all involved
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Order in BA no. 699/23
in alleged conspiracy. Likewise, none of the witnesses is stating
about the role of the present applicant more particularly alleged
inducement or receiving any amount by him from the investors.
Since arrest, he is in judicial custody and suffering from pre-trial
punishment. There is no need of custodial interrogation with him.
He is resident of Mumbai, there is no possibility of his fleeing
away from justice. He is ready to co-operate with the
investigation and abide with the condition if any imposed. Thus,
he prayed for releasing him on regular bail.
5.

The Prosecution opposed this application by filing say at
Exhibit No.2 on ground that present applicant is habitual offender
and he is involved in diverting the sum invested by the investors
to his account or the account of his relatives. Not only this, the
present applicant is involved in alleged scheme throughout the
Country, more particularly in Chhattisgarh, Uttar Pradesh and
Orissa. If the applicant released on bail then possibility of
pressurizing the witnesses can not be ruled out and further
investigation will hamper and the properties involved in this
crime are yet to be secured. Thus, Prosecution submitted for
rejecting the application.

6.

Heard the Ld. Counsel for the applicant who made his
submission in the light of applicant in the application. However,
he further added that uptill only two accused including present
applicant have been arrested and one of them namely Chirag
Mohini has been released on bail by this Court. Almost
investigation is over and nothing is remained to be seized.
Relevant documents are with the Investigating Authority and
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Order in BA no. 699/23
therefore, no custodial interrogation of the applicant is needed.
He further pointed out that one of the culprit in this crime
namely
Shamsher Ramanand Maurya whose Anticipatory Bail
Application came to be rejected has knocked to the doors of the
Hon’ble High Court for grant of Anticipatory Bail Application
which is pending but in that proceeding bearing No.BA-2257/23
interim protection has been granted to the said accused. Thus,
according to Ld. Counsel, the applicant has made out case for
grant of relief.
7.

The Ld. Prosecutor made submission that still investigation is
going on and charge-sheet is yet to be filed. Though, F.I.R. is
silent to show the name of the present applicant but during
investigation his involvement has been transpired and therefore,
the applicant has been made accused in this crime. The statement
of the witnesses as well as investors are going to be recorded and
it is in progress. Therefore, custodial interrogation of the
applicant is needed. The applicant is not all related with the
recovery in question and properties belonging to applicant are yet
to be secured or seized. Ld. Prosecutor further submitted that the
applicant has not made out the case for grant of relief on merit as
well as on parity as submitted by the Ld. Counsel for the
applicant.

Thus,
Prosecution
submitted
for
rejecting
the
application.
8. In view of rival contentions and facts on record following points
arise for my determination and findings are given for the reasons
mentioned thereunder are as follows:-
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Sr.
No
POINTS
Order in BA no. 699/23
FINDINGS
1.

Whether the applicant Sanjay Krishna In the affirmative.
Borkar is entitled for his release under
Section 439 of Cr.P.C. as prayed?

2.

What Order ?

As per final order.
REASONS
As to point nos. 1 and 2 :
9.

I have considered above submissions. As per the Prosecution
case, the applicant induced the investors and is also beneficiary as
he utilized the misappropriated amount from the account of
accuse Company. But the recital in the F.I.R. shows that main
beneficiary are co-accused Dhanbahaddur @ Ravi Chhetri and
Chirag Mohini being Directors of the Chhetri Tradelink Private
Limited. So they both appears main brain and beneficiary. But
one of them namely Chirag Mohini is already released on regular
bail by order dated 02.05.2023. The say of Investigating Officer /
EOW speaks that the residential house at Virar belonging to this
applicant has been secured. Therefore, the submission by the Ld.
SPP that the property recovered or secured is not in respect of
present applicant finds not acceptable. Besides this, 15 bank
account have been freezed. Also cash amount of Rs.14,500/(Rupees Fourteen Thousand Five Hundred only) and house of coaccused Chirag Mohini is also secured. Though, it is one of the
grounds that this applicant has criminal antecedents bearing Cr.
No.435 of 2020 for the offence under Section 420 of IPC but it is
not the Prosecution case that the applicant was previously
convicted in any offence. The custodial interrogation of the
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Order in BA no. 699/23
applicant is over and he is judicial custody form 03.08.2023. The
case appears based on documents which are in the custody of the
Investigating Agency. For want of other absconding or wanted
accused, this applicant can not be kept behind bar for uncertain
period or till their arrest. The co-accused Chirag Mohini is already
released on bail. The trial of the case is likely to take a very long
time. Considering these aspect, this applicant is entitled to get
bail on merit as well as on ground of parity. So the Court is
inclined to grant bail to the applicant. To take care of the
apprehension of the Investigating Agency, stringent conditions
can be imposed on the applicant while releasing him on bail.
Hence, Point no.1 is answered in the affirmative.
In view of reasoning and findings to Point No.1 as above,
the application being made out, it is liable to be allowed. As such
Point No.2 is answered as per following order :ORDER
1. The present Bail Application No.699 of 2023 is hereby allowed,
subject to following conditions by applicant /accused:i. The applicant Sanjay Krishna Borkar be released on executing
a PR Bond of Rs. 3,00,000/- (Rupees Three 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 is permitted to furnish provisional cash bail of
Rs.3,00,000/- (Rupees Three Lakhs only) for a period of three
months.

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Order in BA no. 699/23
iii. The applicant to make surety compliance before concerned
Court. The Registrar (S) to accept it at ATH.

iv. The applicant shall attend each and every date of the trial
without fail.

v. 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.
vi. The
applicant shall record his attendance with
Respondent/I.O. on every Friday between 11.00 a.m. to 5.00
p.m. until filing of charge-sheet.

vii. The applicant shall co-operate in investigation, as and
whenever he required for interrogation, he shall avail for the
same.

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

x. The applicant shall submit his passport with respondent /I.O.

if any availed with him.

xi. The applicant shall not indulge in any criminal activity.
xii.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.
xiii. In case of disobedience or breach of any saddled condition
by applicant, this order will liable to be canceled.
3.

Accordingly, Respondent/I.O. to take the note of this order.

4.

The present Bail Application No. 699 of 2023 stands disposed of
accordingly.

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Order in BA no. 699/23
(Dictated and pronounced in the open Court.)
Digitally signed
by SANJAY
BHALCHANDRA
JOSHI
Date:
2023.08.25
17:33:08 +0530
Date : 25.08.2023.

Directly Dictated on
Draft given on
Signed on
: 25.08.2023.
: 25.08.2023.
: 25.08.2023.

( S. B. Joshi)
Designated Judge and Addl.
Sessions Judge, City Civil &
Sessions Court, Mumbai.

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Order in BA no. 699/23
“CERTIFIED TO BE TRUE AND CORRECT COPY OF THE ORIGINAL SIGNED
JUDGMENT /ORDER”
25.08.2023 at 5.31 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. B. Joshi
C.R. No.07
Date of Pronouncement of Judgment/Order
25.08.2023
Judgment /Order signed by P.O. on
25.08.2023
Judgment/Order uploaded on
25.08.2023