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BA 203-22 in CC No.3238/PW/2021
MHCC020010722022
BEFORE THE DESIGNATED COURT UNDER THE M.P.I.D. ACT
CITY CIVIL & SESSIONS COURT, MUMBAI
BAIL APPLICATION NO. 203 OF 2022
(CNR No. MHCC020010722022)
IN
CC. No. 3238/PW/2021
Sarbashish Basu
Aged : 28 yrs.
Residing at 01, Sahana Nilaya No. 5,
5th Main, ST Bed, 4th Block,
Ejipura, Bengaluru, Karnataka – 560 047.
(Presently lodged at Yerwada Central Prison)
]
]
]
]
] Applicant/
]… Accused no. 3
Versus
The State of Maharashtra.
(Through the Senior Inspector of
Malad Police Station, Mumbai.)
]
]
]… Respondents
Appearances:
Ld. Advocate Laxmi Raman for Applicant.
Ld. SPP Mrs. Tendulkar for the State/ Respondents.
CORAM : HIS HONOUR JUDGE
SHRI C. V. MARATHE
(Court Room no. 7)
DATED : 10th February, 2022.
ORAL ORDER
1.
The present bail application has been filed by the
applicant/accused no.3 in connection with CR No. 611 of 2021 dated
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BA 203-22 in CC No.3238/PW/2021
26.06.2021, registered with Malad Police Station for offences
punishable under Sections 406, 409, 420 r/w Section 34 and Sections 3
and 4 of The Maharashtra Protection of Interest of Depositors (In
Financial Establishments) Act, 1999 (hereinafter “MPID Act”).
2.
The prosecution alleges that the applicant was salaried
employee
of M/s. Minance Technologies Pvt. Ltd. (hereinafter ‘FE’)
which lured the investors to invest in the said Company, collected
Rs.67,00,000/ (Rupees Sixty Seven Lakhs only) from the informant
and committed fraudulent default in repayment of the said deposit to
the informant. Sum and substance of all the allegations against the
applicant was that he was party to illegal siphoning of huge amount
collected from depositors leading to a financial scam of large
proportions.
3.
Ld. Advocate appearing for the applicant has referred to
specific allegations made against the applicant in the chargesheet and
submitted that the applicant is falsely implicated in this case, there is no
recovery of single penny from the applicant, the applicant had limited
role of developing and managing good investors relations in the FE. She
has further submitted that the wanted accused No. 1 Anurag Bhatiya
launched High Frequency Trading (HFT) in 2017 and it was managed
and run solely by him. She has also added that the applicant invested
Rs.4,10,000/(Rupees Four Lakhs Ten Thousand only) with the wanted
accused Anurag Bhatia and became victim of the wanted accused. She
has invited my attention to the fact that the applicant is also released on
bail in CR No. 289 of 2022 registered with Koregaon Park Police
Station. Lastly, she submits that the applicant is in jail from 21.10.2021,
chargesheet
is
filed
against
the
applicant
bearing
CC
No.
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BA 203-22 in CC No.3238/PW/2021
3238/PW/2021 before Ld. Magistrate Metropolitan, 24th Court, Borivali,
Mumbai and the applicant is permanent resident of India. Therefore,
the applicant has prayed for his enlargement on bail.
4.
On the other hand, Ld. SPP has strongly opposed bail
emphasizing that the applicant is not cooperating Investigating Officer
in the investigation and there are multiple complaints against applicant
and other accused persons. The Investigating Officer has filed reply
(Exh.2) and raised an apprehension that applicant will abscond if
released on bail and there is sufficient material showing involvement of
the applicant in financial scam of large proportion.
5.
Heard rival parties. The chargesheet is filed against the
applicant and same is numbered as 3538/PW/2021. It is pertinent to
note that during investigation there was no recovery of alleged mis
appropriated amount from the applicant. Though the applicant is
claiming innocence, it can not be disputed that he was in the
management of FE at the relevant time but the fact that the
investigating officer could not recover single penny from the applicant
assumes importance. The offences are triable by Metropolitan
Magistrate. The trial of the case is likely to take long time. The presence
of the applicant for investigation is no more required in the light of the
fact that chargesheet is filed against the applicant. Keeping the
applicant behind the bar may not lead to apprehension of the abscond
accused. In so far as apprehension regarding the applicant fleeing the
course of justice and avoiding proceeding, appropriate conditions can
certainly be imposed while granting bail to the applicant. Hence,
following Order :
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BA 203-22 in CC No.3238/PW/2021
ORDER
1. Bail Application No. 203 of 2022 is allowed and disposed of.
2. The applicant / accused no.3 Sarbashish Basu is hereby released
on bail in CC no. 3238/PW/2021 (CR No. 611 of 2021 registered
at Police Station Malad) on furnishing PR bond of Rs.1,00,000/
(Rupees One Lakh only) and one or more sureties in the like
amount.
3. The applicant shall surrender his passport before the investigating
officer within a period of one week of his release.
4. The applicant shall attend each and every date of the
proceedings.
5. The applicant shall cooperate with the investigating authority
and he shall not tamper with the evidence or influence the
witnesses in any manner.
6. The applicant shall not leave India without prior permission of
this Court.
CHANDRASHEKHAR
VIJAYKUMAR
MARATHE
Date : 10.02.2022
Dictated on dias computer : 10.02.2022
Signed on
: 10.02.2022
Digitally signed by
CHANDRASHEKHAR
VIJAYKUMAR
MARATHE
Date: 2022.02.11
14:55:36 +0530
( C. V. Marathe )
Addl. Sessions Judge,
City Civil & Sessions Court,
Mumbai.
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BA 203-22 in CC No.3238/PW/2021
“CERTIFIED TO BE TRUE AND CORRECT COPY OF THE ORIGINAL SIGNED
JUDGMENT /ORDER”
On 11.02.2022 at 2.45 p.m.
UPLOADED DATE AND TIME
Mrs. G. P. Acharekar
NAME OF STENOGRAPHER
Name of the Judge (with Court Room no.)
H.H.J. C. V. Marathe
C.R. No.07
Date of Pronouncement of Judgment/Order
10.02.2022
Judgment /Order signed by P.O. on
11.02.2022
Judgment/Order uploaded on
11.02.2022