Mumbai, April 15, 2024 – Rajesh Vishwanath Shetty, accused in a multi-crore fraud case involving forgery and cheating, has been granted bail by the Additional Sessions Judge, Rajesh A. Sasne. The court’s decision was based on the completion of the investigation, the filing of the chargesheet, and the absence of a strong likelihood of the accused fleeing or tampering with evidence.
Shetty, aged 52, was arrested in connection with C.R. No. 10/2024 registered with DCB CID, Unit-XI, Mumbai (corresponding to C.R. No. 51/2024 at Andheri Police Station). He was charged under Sections 420 (cheating), 465 (forgery), 467 (forgery of valuable security), 468 (forgery for purpose of cheating), 471 (using as genuine a forged document),1 472 (making or possessing counterfeit seal), and 34 (acts done by several persons in furtherance of common intention) of the2 Indian Penal Code.
Allegations and Prosecution’s Case:
The prosecution alleged that Shetty, acting as an agent and mediator, induced the informant to invest lakhs of rupees by falsely claiming that one Shashikiran T.R. had received Rs. 100 crores. To release this amount, taxes and bribes to RBI officers were purportedly required. Investors were promised substantial returns on their Rs. 20 lakh investment.
During the investigation, documents including a Zink Metal Corporation agreement, reports, testing reports, an RBI certificate, a cheque book, and a passbook were recovered from Shetty’s possession. The prosecution claimed these documents were forged. Shetty was arrested on January 30, 2024, along with Shashikiran T.R.
Defense Arguments and Court’s Observations:
Advocate Ajay Dube, representing Shetty, argued that his client was falsely implicated. He emphasized that Shetty had undergone custodial interrogation, the investigation was complete, and he was the sole earning member of his family. Dube also pointed out that Shetty had no prior criminal record and was a permanent resident of his given address.
The prosecution, represented by APP Iqbal Solkar, opposed the bail, citing concerns that Shetty might flee, threaten witnesses, or tamper with evidence if released.
Judge Sasne, after reviewing the application, the prosecution’s reply, and the statements of witnesses, concluded that pre-trial incarceration was unwarranted. He noted that the investigation was complete, the chargesheet had been filed, and reasonable conditions could secure Shetty’s presence during the trial.
Court’s Decision and Conditions of Bail:
Judge Sasne granted Shetty bail, ordering his release upon furnishing a Personal Bond (P.B.) and Surety Bond (S.B.) of Rs. 30,000 with one or two sureties. The court imposed the following conditions:
- Shetty shall not tamper with prosecution witnesses or evidence.
- He shall attend every court hearing until the conclusion of the trial, unless specifically exempted.
- He shall provide his contact number and current address to the investigating officer and inform them of any changes.
- He shall not leave India without prior permission from the court.
- Bail to be furnished before the learned Trial Court.
Implications:
The decision highlights the court’s consideration of the completion of the investigation and the filing of the chargesheet as significant factors in granting bail. By imposing specific conditions, the court aimed to balance the accused’s right to liberty with the need to ensure his presence during the trial and prevent any interference with the judicial process. This case underscores the importance of procedural safeguards and the court’s discretion in evaluating the circumstances of each case to determine the appropriateness of bail.