Mumbai, March 1, 2024 – Jagdish Rambhau Jamsandekar, accused in a multi-crore loan fraud case, has been granted bail by the Sessions Court for Greater Mumbai. Additional Sessions Judge Rajesh A. Sasne allowed Jamsandekar’s bail application (Criminal Bail Application No. 406 of 2024), citing parity with a co-accused and the completion of the investigation.
Jamsandekar was arrested in connection with C.R. No. 62/2023 (corresponding to C.R. No. 515/2023 at Agripada Police Station), registered at DCB CID Unit-3 Mumbai, for offenses punishable under sections 419 (cheating by personation), 420 (cheating and dishonestly inducing delivery of property), 465 (forgery), 467 (forgery1 of valuable security, will, etc.), 468 (forgery for purpose of cheating), 471 (using as genuine2 a forged document or electronic record), and 120(b) (criminal conspiracy) of the Indian Penal Code3 (IPC).
Prosecution’s Case:
The prosecution alleged that Jamsandekar and his co-accused induced individuals to obtain credit cards or home loans and then misused their documents to defraud them. They allegedly fabricated government documents, obtained mobile SIM cards in the victims’ names, and used credit cards to withdraw funds. The fraud involved approximately 20 individuals and amounted to ₹87,91,000.
Defense Arguments:
Jamsandekar’s advocate, R.G. Gadgil, argued that his client was falsely implicated, had been in custody since September 22, 2023, and had no prior criminal record. He emphasized that the charge sheet had been filed, and the investigation was complete.
Prosecution’s Objections:
The Additional Public Prosecutor (APP), Iqbal Solkar, opposed the bail, arguing that Jamsandekar’s release would affect the collection of evidence, that he might flee from justice, and that there was a risk of witness tampering.
Court’s Decision:
Judge Sasne, after reviewing the documents and submissions, noted that Jamsandekar had been in custody for over three months, and the charge sheet had been filed. He acknowledged the serious allegations of forgery and cheating, including the fabrication of government documents and the misuse of credit cards.
However, the court also noted that co-accused Manju Gaikwad had been released on bail. Considering the completion of the investigation, the filing of the charge sheet, and the principle of parity, the court concluded that Jamsandekar was entitled to bail.
Conditions of Bail:
Judge Sasne granted Jamsandekar bail on the following conditions:
- He must furnish a Personal Recognizance (P.B.) and Surety Bond (S.B.) of ₹25,000 with one or two sureties.
- He must not tamper with prosecution witnesses or evidence.
- He must attend the concerned police station on the 1st and 4th Saturday of every month between 11:00 AM and 2:00 PM for the next three months.
- He is allowed provisional cash bail of the same amount, but must furnish surety within four weeks, failing which the cash bail will be forfeited.
- He must not leave India without prior permission from the court.
- Bail must be furnished before the concerned Magistrate.
Significance of the Order:
This order highlights the court’s consideration of the following factors when granting bail in a financial fraud case:
- Completion of Investigation: The court considered the completion of the investigation and the filing of the charge sheet.
- Parity with Co-accused: The court granted bail on the principle of parity, as a co-accused had already been released.
- Duration of Custody: The court considered the length of time Jamsandekar had been in custody.
- Conditions to Ensure Presence: The court imposed conditions to ensure Jamsandekar’s presence during the trial and prevent any interference with the investigation.