Mumbai, January 12, 2024: In a significant development, the Mumbai Sessions Court has granted bail to businessman Manoj Pukhraji Jain, who was arrested in connection with a high-profile cyber fraud case. Jain, 40, a resident of Navi Mumbai, was taken into custody on October 19, 2023, for his alleged involvement in a financial scam amounting to over Rs. 1.63 crore.
The case, registered under Crime No. 24/2023 at the South Zone Cyber Police Station, Mumbai, involves charges under Sections 420 (cheating), 465 (forgery), 467 (forgery of valuable security), 468 (forgery for the purpose of cheating), 471 (using a forged document as genuine), and 120(B) (criminal conspiracy) of the Indian Penal Code, along with Sections 66(C) and 66(D) of the Information Technology Act.
Case Background
According to the prosecution, the complainant, the Chief Manager of Bank of Baroda, was responsible for clearing cheques received from the Cheque Truncation System (CTS) between August 14 and August 24, 2023. During this period, a forged cheque amounting to Rs. 1,63,61,040/- was allegedly processed in favor of YS Apparels, a customer of Ujeevan Small Finance Bank. Upon discovering the fraud, a complaint was filed, leading to the registration of the case.
The prosecution alleged that Jain received Rs. 4,50,000/- as part of the fraudulent transaction, out of which Rs. 2 lakh was recovered from him. It was further claimed that he obtained this amount at the behest of accused Suresh Jain and subsequently handed it over to another accused, Paras Prajapati.
Bail Plea and Court’s Observations
In his bail application, Jain contended that he was falsely implicated in the case and had already undergone custodial interrogation. His counsel, Advocate Prabhanjay R. Dave, argued that since no further recovery was pending and the charge sheet had already been filed, there was no justification for keeping him in prolonged judicial custody. He also emphasized that Jain was a permanent resident of his given address and posed no flight risk.
The prosecution, represented by APP Solkar, opposed the bail plea, asserting that Jain’s release could hinder evidence collection, pose a risk of witness tampering, and potentially allow him to abscond. However, the court, presided over by Additional Sessions Judge Rajesh A. Sasne, observed that the accused had been in custody for nearly four months and that the investigation had been completed with the charge sheet already filed. The judge noted that the trial would take considerable time, and keeping the accused behind bars until its conclusion would be unjustified.
Bail Conditions
Granting bail to Jain, the court imposed the following conditions:
- He shall be released on furnishing a personal bond and surety bond of Rs. 50,000/- with one or two sureties.
- He shall not tamper with prosecution witnesses or evidence.
- He must attend all court hearings unless exempted by the court.
- He is granted provisional cash bail, which must be converted into a surety bond within four weeks, failing which the cash bail will be forfeited.
- He shall not leave India without prior permission from the court.
- He shall not engage in similar offenses in the future.
The bail order, signed by Judge Sasne on January 12, 2024, underscores the legal principle that an accused cannot be indefinitely incarcerated when the investigation is complete and the trial is yet to commence. This ruling is expected to have significant implications for other co-accused in the case, as they may also seek similar relief based on the court’s rationale.
With cyber fraud cases on the rise, financial institutions and law enforcement agencies continue to tighten security measures to prevent such incidents. The case will now proceed to trial, where the prosecution will present its evidence to establish the guilt of the accused.
Stay tuned for further updates on this case as the legal proceedings unfold.
