Mumbai, April 9, 2025 (Thane News Bureau): The Designated Court under the Maharashtra Protection of Interest of Depositors (MPID) Act, presided over by Her Honour Judge Aditee Uday Kadam at the City Civil & Sessions Court in Mumbai, has granted bail to Ashish Raj Tandon, a 35-year-old Canadian citizen, in connection with a 2018 investment fraud case involving ‘Scorpion Agro Farm Pvt. Ltd.’ The order, issued on January 24, 2024, allows Tandon’s release upon furnishing a Personal Recognizance (PR) bond of ₹50,000 and providing one or more sureties of the same amount.

Tandon was an accused in Special MPID Case No. 1153 of 2020, stemming from C.R. No. 37 of 2018 registered at the L. T. Marg Police Station. He was charged under Sections 406 (criminal breach of trust), 420 (cheating) read with Section 34 (acts done by several persons in furtherance of common intention) of the Indian Penal Code (IPC), as well as Sections¹ 3 and 4 of the MPID Act.

The prosecution’s case, in brief, alleged that the informant, Prashant Agarwal, was introduced to the accused, who were directors of Scorpion Agro Farm Pvt. Ltd., in March 2013 for the purpose of making investments in the company. Tandon and other directors allegedly induced Agarwal to invest by offering an attractive interest rate of 1.75% per month on deposits. Consequently, Agarwal invested ₹75,000 in his wife’s name, and other investors also invested substantial amounts with the company during 2013-14. However, the company allegedly failed to pay the entire amount with interest since October 2015 and ceased further repayments, leading to the filing of the police report on February 5, 2018.

Advocate Pritesh Burad, along with Advocate Shriya Sandal from M/s. Pritesh Burad Associates, represented the applicant, while Ld. SPP Seema Deshpande appeared for the State/Respondent.

During the bail hearing, Advocate Burad argued that Tandon was the son of the main accused, Mr. Raj Tandon, who had already been granted bail. A crucial point raised by the defense was that the amounts due to the investors had been substantially repaid by the accused. A table of repayment, detailed in the bail application, was affirmed by the Investigating Officer. This indicated that no further recovery was pending against the applicant.

Furthermore, the defense argued that Tandon had no direct involvement in the alleged offense as he was pursuing education abroad during the relevant period. It was submitted that he played no active role in the commission of the alleged crime. Advocate Burad drew the court’s attention to a previous order passed by the Special MPID Court in Bail Application No. 1090 of 2020, which reportedly reflected that a prima facie case against the applicant and the main accused, suggesting an intention to cheat investors or commit fraudulent default, was not made out. Based on this, the main accused (Raj Tandon) was released on bail on October 19, 2020. The defense argued that Tandon was entitled to bail on the grounds of parity with his father.

The defense also emphasized that Tandon had no prior criminal record and was willing to abide by any conditions imposed by the court if granted bail.

After considering the submissions and the case records, Judge Aditee Uday Kadam allowed Tandon’s bail application, citing the repayment of dues and the principle of parity.

In the oral order, the court stipulated several conditions for Tandon’s release:

1. He must furnish a PR bond of ₹50,000 with one or more sureties of the same amount.
2. He is permitted to furnish a provisional cash bail of ₹50,000 for a period of three months.
3. He must complete the surety compliance before the concerned court.
4. He is required to surrender his passport to the Investigating Officer within one week of his release.
5. He must make himself available for interrogation by the Investigating Officer as and when required, under written intimation.
6. He is prohibited from leaving India without prior permission from the court.
7. He shall not alienate any movable or immovable property in his name or in the name of his wife/children, if any, without the court’s permission.
8. He must not tamper with the prosecution evidence or pressurize prosecution witnesses in any manner until the conclusion of the trial.
9. He is required to furnish his contact number and residential address to the Investigating Officer and keep him updated of any changes.
10. He must attend all dates of the trial regularly.

The order, pronounced in open court on January 24, 2024, signifies a potential turning point in the case, acknowledging the repayment of dues and the principle of equal treatment under the law. However, Tandon remains bound by the stringent conditions set forth by the court, pending the further course of the legal proceedings.