Mumbai, January 5, 2024 – The Mumbai Sessions Court has granted bail to 58-year-old businessman Israr Ahmed Shaikh, who was accused of involvement in a counterfeit currency case. The case pertains to an incident in May 2023, when counterfeit currency notes were allegedly tendered at an HDFC Bank branch on Tardeo Road, Mumbai.
Additional Sessions Judge R. R. Patare, presiding over the matter, allowed the bail application under stringent conditions, citing the completion of the investigation and the lack of need for further custodial interrogation of the accused.
The Case Background
The prosecution alleged that on May 26, 2023, a co-accused visited the Tardeo branch of HDFC Bank with ten counterfeit Rs. 2,000 notes, intending to exchange them for genuine currency. Bank officials, upon verifying the notes, found them to be fake and reported the matter to the police. The co-accused allegedly submitted an Aadhaar card along with the counterfeit notes, which linked him to the case.
Israr Ahmed Shaikh, a businessman residing in Andheri West, Mumbai, was subsequently implicated in the case, reportedly due to his association with the co-accused. The police charged both individuals under Sections 489(b) and 489(c) of the Indian Penal Code, which deal with the use and possession of counterfeit currency notes.
Defense’s Arguments
Shaikh’s counsel, Advocate Shagufta Shaikh, argued that her client was innocent and falsely implicated in the case. She emphasized that:
- The accused had no criminal antecedents and had no intention of using counterfeit currency.
- The co-accused tendered the counterfeit notes along with a legitimate Aadhaar card, which indicates no fraudulent intent.
- The investigation into the matter was nearly complete, and keeping Shaikh in custody served no purpose.
The defense also contended that the FIR and other documents lacked sufficient evidence to establish Shaikh’s direct involvement in the alleged crime.
Prosecution’s Stand
The prosecution maintained that the counterfeit notes were knowingly possessed and used by the accused and his associate. They argued that such acts posed a serious threat to the economy and public trust in the financial system.
However, the prosecution did not contest the fact that the counterfeit notes had already been seized and that the Aadhaar card submitted by the co-accused was genuine. The court noted that the custodial interrogation of Shaikh was not required at this stage.
Court’s Observations and Order
After reviewing the case diary, FIR, and submissions from both sides, the court observed that:
- The investigation into the case was nearly complete.
- There was no substantial evidence indicating that Shaikh intended to use or circulate counterfeit currency.
- Shaikh had cooperated with the investigation and was willing to comply with bail conditions.
Judge R. R. Patare granted bail to Shaikh on the following terms:
- Shaikh must furnish a personal bond of Rs. 15,000 along with two sureties of the same amount.
- He is required to attend the Tardeo Police Station every Monday and Thursday for one month between 11:00 a.m. and 3:00 p.m.
- He must not contact the informant or prosecution witnesses or tamper with evidence in any manner.
- For a temporary period of four weeks, Shaikh may secure release on a cash bail of Rs. 15,000 and a personal bond of the same amount.
The court further directed Shaikh to appear before the concerned Metropolitan Magistrate for finalizing the bail formalities.
Implications of the Case
This case highlights the judiciary’s careful approach in distinguishing between mere association with alleged offenders and actual intent or participation in a crime. Legal experts suggest that the decision to grant bail reflects the court’s acknowledgment of the lack of direct evidence against Shaikh, as well as the need to avoid unnecessary incarceration in the absence of compelling reasons.
Public Reaction
The case has raised questions about the prevalence of counterfeit currency and the protocols followed by financial institutions to detect and report such incidents. While the court’s decision has brought temporary relief to Shaikh, the broader issue of counterfeit currency circulation remains a significant concern.
For now, the focus remains on the trial proceedings, as both the accused and the prosecution prepare to present their cases in the upcoming hearings.
