Mumbai, July 24, 2024 – The Designated Court under the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act, 1999 (MPID Act),¹ at the City Civil & Sessions Court, Mumbai, presided over by His Honour Judge N. P. Mehta (Court Room No. 7), has granted bail to Ravindra Devprakash Acharya, a 55-year-old service professional. Acharya was arrested in connection with C.R. No. 133 of 2023 registered at the N. M. Joshi Marg Police Station, pertaining to offences under Sections 406 (Criminal breach of trust), 409 (Criminal breach of trust by public servant, or by banker, merchant² or agent), 420 (Cheating) read with Section 34 (Acts done by several persons in furtherance of common intention) of the Indian Penal Code,³ 1860, as well as Sections 3 and 4 of the MPID Act. The oral order was pronounced on July 23, 2024, and the signed order was uploaded on July 24, 2024.

Ld. Advocate Nikhil Wable along with Ld. Advocates Mihir K. and Punit Vyas appeared for the Applicant, while Ld. SPP Seema Deshpande represented the State.

Prosecution’s Case:

The prosecution’s case, in brief, is based on a complaint alleging that the co-accused, Mahadev Pandurang Jadhav, induced the complainant to invest ₹50,00,000 between July 15, 2022, and January 25, 2023, in his companies: M/s. Rehan Enterprises, Rohan Enterprises, and Atulya Group of Companies. Additionally, the complainant’s niece, Vaishali Pawar, invested ₹75,00,000, and her granddaughter, Sakshi Durgule, invested ₹15,00,000, bringing the total investment by the complainant and her relatives to ₹1,40,00,000.

They were allegedly assured a fixed return of 5% per month. Specifically, for the ₹50,00,000 investment, it was promised that ₹5,00,000 would be paid monthly for 10 months (including interest), totaling ₹75,00,000. An agreement on a ₹100 stamp paper and 10 post-dated cheques of ₹7,37,500 each (after TDS deduction) were also promised. The complainant was informed by Mahadev Jadhav, Anand Jadhav, and Kishore Baraskar that their companies had approximately 83 branches across India and that 50% of the invested funds were in Shares/Forex/Crypto currencies, while the remaining 50% was in the Atulya Group of Companies, a subsidiary of Rehan Enterprise. The share trading was reportedly diversified into high, medium, and low-risk funds.

A document was executed on July 15, 2022, and ₹50,00,000 was transferred to Rehan Enterprises’ Bank of India account. A promissory note on a ₹100 stamp paper was also given to the complainant. On Kishore Baraskar’s advice, the complainant’s niece and granddaughter made their respective investments. An initial payment of ₹7,37,500 (after TDS) was made on August 6, 2022. However, despite repeated demands, Mahadev Jadhav instructed the complainant not to deposit the remaining post-dated cheques. After three months with no further payments, the complainant deposited three cheques of ₹7,37,500 each on November 25, 2022, which were subsequently dishonored. Inquiry revealed that ICICI Bank, Worli Branch, Mumbai, account No. 041405002947 was operational. Kishore Baraskar was identified as an agent who received a 2% commission on the invested amounts.

In a subsequent Zoom call, Mahadev Jadhav assured investors that their money would be returned by the end of February 2023, but the funds were never repaid. Consequently, a complaint was lodged at the N. M. Joshi Marg Police Station against Mahadev Jadhav, Kishore Baraskar, Madhura Tari, and Anand Jadhav.

Applicant’s Role and Court’s Observations:

The applicant, Ravindra Devprakash Acharya, was an Accountant at Rehan Enterprises and was authorized to issue receipts to depositors upon accepting their investments. He was arrested, and the police collected information from him related to the alleged crimes committed by Mahadev Pandurang Jadhav and Kishore Baraskar.

The prosecution expressed apprehension that upon release, Acharya might provide information about the company’s bank accounts to the main accused, potentially aiding them in diverting funds to shell accounts.

However, after considering the facts, the Court observed that the present applicant had not personally received any of the deposited amounts. The record showed that Acharya’s bank account was sealed, and no depositors’ money was found in it. The Court also noted that the applicant had provided all necessary details concerning Rehan Enterprises, the firm floated by Mahadev Pandurang Jadhav and Baviskar.

Based on these observations, the Court opined that the further custody of the applicant/accused was no longer required.

Order of the Court:

His Honour Judge N. P. Mehta passed the following order:

1. The present Bail Application No. 555 of 2024 is hereby allowed and disposed of.
2. The applicant, Ravindra Devprakash Acharya, is hereby released on bail in connection with C.R. No. 133 of 2023 registered with N. M. Joshi Marg Police Station, for the offences punishable under Sections 406, 409, 420 r/w Section 34 of the Indian Penal Code, 1860, as well as Sections 3 and 4 of The Maharashtra Protection of Interest of Depositors Act, 1999, on furnishing a PR bond of ₹50,000/- (Rupees Fifty Thousand only) with one or more sureties in the like amount.
3. The Applicant is permitted to furnish provisional cash bail of ₹50,000/- (Rupees Fifty Thousand only) for a period of three months.
4. The Applicant shall make surety compliance before the concerned Court.
5. The Applicant shall appear before the concerned police station/Investigating Officer every week, preferably on Monday between 11:00 a.m. to 2:00 p.m., and shall cooperate with the Police in the investigation of the crime.
6. The Applicant shall not contact accused Mahadev Pandurang Jadhav and Kishore Bavaskar and shall not provide any information about the bank accounts of the firm to any person whatsoever, except the police machinery.
7. The Applicant shall surrender his passport before the investigating officer within one week of his release.
8. The Applicant shall not leave India without prior permission of this Court.
9. The Applicant shall not alienate any movable and immovable property in his name or in the name of his wife/children, if any, without the permission of this Court.
10. The Applicant shall not tamper with the prosecution evidence or pressurize the prosecution witnesses in any manner.
11. The Applicant shall furnish his contact number and residential address to the Investigating Officer and shall keep him updated in case of any change.
12. The Applicant shall attend the dates of the trial regularly.

The granting of bail to the accountant, Ravindra Devprakash Acharya, underscores the court’s consideration of his limited direct involvement in the alleged fraudulent activities and the absence of any personal financial gain from the deposited amounts. The stringent conditions imposed aim to ensure his cooperation with the ongoing investigation and prevent any potential obstruction of justice.