Mumbai, January 15, 2024 – The Mumbai Sessions Court has granted bail to Ajaykumar Sitaram Nishad, accused in a high-profile fraud case, under strict conditions. The bail order, issued by Additional Sessions Judge Dr. A. A. Joglekar, allows Nishad to be released on a bond of ₹30,000 with sureties, following his third bail application.
Case Background
The case, registered under C.R. No. 1/2022 at DCB CID Unit-VII (earlier under C.R. No. 9/2022 with Bhandup Police Station), involves charges under Sections 420, 465, 467, 468, 471, 120(B), and 34 of the Indian Penal Code (IPC). Nishad, along with other accused, was allegedly involved in a fraud scheme forging documents from multiple financial and governmental institutions.
The prosecution has argued that Nishad is a habitual offender, using fraudulent documents such as a forged Aadhaar and PAN card under the alias ‘Rajvinder Ashok Mehra.’ Authorities seized fake documents from institutions like the RBI, Finance Ministry, ISRO, DRDO, and multinational banks. The prosecution feared that granting bail might lead to absconding or tampering with evidence.
Defense Argument & Bail Justification
Advocate Ms. Sana S., appearing for Nishad, argued that the accused was falsely implicated and that his co-accused, who played a larger role, had already been granted bail by the High Court. Nishad’s defense claimed he was unaware of the alleged fraudulent transactions and was introduced to the co-accused by a third party while searching for employment in Mumbai.
The court noted a substantial change in circumstances since the previous bail rejections, particularly citing the High Court’s decision to grant bail to other accused parties. The defense also highlighted Nishad’s prolonged incarceration as a ground for his release.
Bail Conditions Imposed
While granting bail, the court imposed stringent conditions to ensure Nishad’s compliance:
- He must furnish a ₹30,000 personal bond with sureties.
- He and his sureties must provide residential addresses, mobile numbers, and email addresses, updating any changes immediately.
- He must not attempt to influence witnesses or tamper with evidence.
- He must report to the DCB CID Unit-VII every Tuesday and Friday from 11:00 a.m. to 4:00 p.m. until further notice.
- He must surrender his passport, if he possesses one, or submit an affidavit stating that he does not.
- He is prohibited from leaving India without court permission.
- Any violation of these conditions may lead to immediate bail cancellation.
Legal Implications and Next Steps
The court’s decision underscores the balance between individual liberty and judicial caution in financial fraud cases. The investigation continues, with authorities awaiting further correspondence from institutions allegedly linked to forged documents. The prosecution is expected to monitor Nishad’s activities closely and ensure compliance with bail conditions.
As the case unfolds, the focus remains on the role of the co-accused and the extent of the fraudulent activities. The prosecution may consider further legal actions depending on ongoing investigations and court proceedings.
This case highlights the complexities of financial fraud investigations and judicial processes, with significant implications for white-collar crime enforcement in Mumbai and beyond.
