Mumbai, March 12, 2024: The Sessions Court for Greater Bombay has granted bail to Sharad Dhondu Halde (33) and Dinesh Jaswant Bhalse (41), who were arrested in connection with the theft of diamonds worth a staggering ₹8,08,02,987. The order, issued by Additional Sessions Judge V.M. Sundale, comes in response to Criminal Bail Application No. 633 of 2024, filed under Section 439 of the Code of Criminal Procedure.

Halde and Bhalse were arrested in connection with Crime No. 148/2024, registered at BKC Police Station, Mumbai. They were charged under Sections 409 (criminal breach of trust) and 420 (cheating) read with Section 34 (acts done by several persons in furtherance of common intention) of the Indian Penal Code, for allegedly misappropriating diamonds belonging to the complainant.

The Allegations and Prosecution’s Stance:

The prosecution, represented by Additional Public Prosecutor V.C. Malankar, strongly opposed the bail application. They argued that the offence was serious, the investigation was in its preliminary stage, and the misappropriated diamonds were yet to be recovered. The prosecution also claimed that the accused were involved in similar fraudulent activities with other jewelers. They expressed concerns that granting bail would lead to similar offences, witness tampering, and flight risk.

Defense Arguments and Court’s Observations:

Advocate R.B. Mungekar, representing the accused, argued that the names of his clients were not mentioned in the First Information Report (FIR). Their involvement was based on the statements of co-accused. He emphasized that despite being remanded to police custody and having their residences and lockers searched, no diamonds were recovered from them.

Judge Sundale, after reviewing the case records and hearing both sides, noted that the accused had been in custody for over 25 days. He pointed out that the offences they were charged with were not punishable by death and that their presence was not required for further investigation. The judge also highlighted the absence of any prior criminal record and the accused’s willingness to cooperate with the investigating agency.

The court acknowledged the prosecution’s apprehensions but stated that they could be addressed through specific bail conditions. Considering the facts and circumstances, Judge Sundale concluded that it would be improper to keep the accused in custody indefinitely.

Conditions of Bail:

The court granted bail to Halde and Bhalse with the following conditions:

• Each accused must execute a Personal Recognizance (P.R.) Bond of ₹30,000 with one or two sureties of the same amount.
• The accused and their sureties must provide their mobile numbers, email addresses, and residential proof.
• They are prohibited from directly or indirectly influencing, threatening, or pressurizing any person related to the case.
• They cannot leave India without prior court permission.
• They must report to BKC Police Station every Monday between 11:00 AM and 1:00 PM until the charge sheet is filed and cooperate with the investigation.
• Provisional cash bail of the same amount is allowed, with a four-week deadline to furnish sureties, failing which the cash bail will be forfeited.
• Violation of any bail condition will result in the cancellation of bail.
• Bail proceedings are to be completed before the learned Metropolitan Magistrate Court.

Implications and Future Proceedings:

The granting of bail to Halde and Bhalse marks a significant development in this high-profile theft case. While the court has allowed their release, the investigation will continue, and the prosecution will have the opportunity to present its evidence. The court’s decision highlights the balance between the presumption of innocence and the need to ensure the integrity of the investigation. The case underscores the complexities of financial crimes and the challenges of recovering stolen assets.