Mumbai, January 24, 2024 – A Mumbai Sessions Court granted bail to Krishna Bhagat Dalai, a 45-year-old businessman, involved in a high-profile forged cheque case. Judge Rajesh A. Sasne, presiding over Court Room No. 30, approved the bail application on January 22, 2024, ordering Dalai’s release from custody with a bail bond of ₹50,000.
Dalai was arrested on August 26, 2023, under sections 420 (cheating), 465 (forgery), 467 (forgery of valuable security), 468 (forgery for purpose of cheating), 471 (using forged documents), and 120B (criminal conspiracy) of the Indian Penal Code, alongside sections 66(c) and 66(d) of the Information Technology Act. He was detained after a ₹1.63 crore cheque, allegedly forged in favor of a business named YS Apparels, was flagged by Bank of Baroda’s clearing system. Investigation revealed a substantial amount of ₹1.15 crore had been transferred into Dalai’s account, linking him to the alleged fraud.
The bail application was contested by the prosecution, which argued that Dalai’s release could potentially hinder evidence collection and lead to witness tampering. However, the judge noted that Dalai had already been in custody for nearly five months, during which the investigation had concluded, and the charge sheet was filed. Emphasizing the principle that an accused cannot be detained indefinitely, the court allowed bail under specific conditions aimed at mitigating the risk of interference with the investigation.
As per the bail order, Dalai must adhere to several restrictions: he must appear at all court hearings unless formally excused, cannot tamper with evidence or witnesses, must keep the police updated on his contact information, and must remain within the country without prior court permission. Failure to meet these conditions could lead to forfeiture of the cash bail.
This decision underscores the court’s balance between due process and protecting the integrity of the judicial proceedings in financial fraud cases.
