Mumbai, May 11, 2022 – The Additional Sessions Judge M.G. Deshpande rejected the bail application of Sachin Govind Sakpal, accused in a multi-million rupee fraud case involving the Pfizer Employees Cooperative Credit Society Ltd. The court cited the gravity and magnitude of the alleged fraud, the ongoing investigation, and the likelihood of the accused tampering with evidence as reasons for denying bail.

Sakpal, accused No. 2 in Crime No. 335/2018 registered at BKC Police Station, was charged under Sections 406 (criminal breach of trust), 408 (criminal breach of trust by clerk or servant), 420 (cheating), and 34 (acts done by several persons in furtherance of common intention) of the Indian Penal Code (IPC).

The case stemmed from a complaint filed by Sushil Kumar Shridhar Shelar, alleging fraud and misappropriation by the directors of the cooperative society. The Bombay High Court had directed the Central Registrar, Agricultural Ministry, New Delhi, to conduct an inquiry, which revealed a fraud of Rs. 2,24,79,692.37.

Sakpal, through his advocate Indrajeet Kulkarni, sought bail, arguing that he was arrested on April 6, 2022, and had been in judicial custody since April 16, 2022. He claimed that there was no evidence against him, he had not influenced any witnesses, and all documents were with the investigating officer, eliminating the possibility of tampering.

The prosecution, represented by Additional Public Prosecutor (APP) Rashmi Tendulkar, strongly opposed the bail, citing the seriousness of the offense and the ongoing investigation.

Judge Deshpande, after hearing both sides, noted the following:

• The delay in filing the FIR was due to the initial lack of police response, leading to a writ petition and subsequent High Court-ordered inquiry.
• The inquiry revealed that the society’s directors had not maintained proper records since 2007, indicating a deliberate attempt to conceal the fraud.
• Accused Ashish Arvind Bhatt had allegedly misappropriated Rs. 2,80,000 through fraudulent cheques.
• Sakpal, who was the treasurer of the society, had made statements implicating other directors but had also been involved in financial transactions.
• A special auditor’s report noted Sakpal’s statement that the society was functioning properly until 2007-08, after which other directors began committing fraud.
• The lower court had previously rejected Sakpal’s bail application, citing the likelihood of him tampering with evidence and hindering the investigation.

“All this prima-facie indicates gravity, seriousness and magnitude of the offence alleged against the applicant. It is material to note that, the special Auditor, Class-I, Mumbai in his rojnama dt.30.05.2016 specifically noted the statement made by the present applicant Sachin Sakpal that, the credit society was working properly till 2007-08. From 2008-09 then Chairman Mr. Shirish Patil, Mr. Devanand Pachpute, Mr. M.A. Kamble, Mr. Uday Kanchan, Mr. Austin D’souza, Mr. Yogesh Tavade, Smt. S.G. Duraphe started withdrawing money by committing fraud. They were aided by Workers Union General Secretary Mr. Santosh Sawant. Not only this but they many times threatened the staff for withdrawal of money. Shirish Patil and Devenand Pachpute many times withdrew money from HDFC Bank, Thane and committed fraud of Rs.36 Lakh. Mr. Sachin Sakpal was dismissed from the society. Though the applicant referred so many names and put the gun on their shoulders, does not absolve him from his participation. It cannot be ignored that at the relevant time present applicant was Treasurer of the society.” Said Judge Deshpande.

The court concluded that the offenses were serious, the investigation was ongoing, and there was a high possibility of Sakpal interfering with the investigation and tampering with evidence if released on bail.

“At the cost of repetition it has to be noted that amount involved in the offence is huge. It is necessary to investigate the matter thoroughly, which is not possible if applicant is released on bail. There is every possibility that, he would interfere the investigation and try to disappearance of material evidence,” Judge Deshpande stated.

Consequently, the court rejected Sakpal’s bail application. The order was signed and uploaded on May 11, 2022, as certified by stenographer Kishor Prakash Sherwade.

This ruling highlights the judiciary’s approach in considering the gravity of economic offenses and the potential impact of bail on ongoing investigations. It also underscores the court’s concern for preventing tampering with evidence and ensuring a thorough investigation in complex fraud cases.