Mumbai, April 8, 2024 – Dhvanik Atul Bhatt’s bail application has been rejected by the Sessions Court for Greater Bombay in a multi-crore bank fraud case. Additional Sessions Judge N.P. Tribhuwan (Court Room No. 23) issued the order on April 6, 2024.

Bhatt was arrested in connection with C.R. No. 135/2024, registered at the Gamdevi Police Station, for offenses under Sections 409 (criminal breach of trust by public servant, or by banker, merchant or agent), 420 (cheating and dishonestly inducing delivery of property), 465 (forgery), 467 (forgery of valuable security, will, etc.), 468¹ (forgery for purpose of cheating), 471 (using as genuine a forged document or electronic record), and 120B (criminal conspiracy) of the Indian Penal Code² (IPC).

Background and Allegations:

The complainant, Monika Wasudev Valecha, alleged that her elderly parents were defrauded of approximately Rs. 9.41 crore from their ICICI and Union Bank accounts. The primary accused, Ravi Sharma, a Relationship Manager at ICICI Bank, allegedly gained their trust and misappropriated the funds with the assistance of Bhatt.

Arguments Presented:

• Applicant’s Argument (Bhatt):
  • He is falsely implicated.
  • No prima facie case is made out against him.
  • He is not a public servant, agent, banker, or merchant, and was not entrusted with the property.
  • Bank statements show that the primary accused, Ravi Sharma, withdrew and transferred the funds.
  • He is not a beneficiary of the defrauded amount.
  • Remand papers of the primary accused do not mention any conspiracy with him.
  • He has cooperated with the investigation.
  • He and the primary accused are friends of two years, and Ravi Sharma claimed he had to meet bank targets.
  • Funds were transferred to his account and then immediately transferred to Ravi Sharma and others, making him a scapegoat.
  • He submitted a demand draft of Rs. 8 lakh to the complainant.
• Prosecution’s Argument:
  • Approximately Rs. 8.5 crore was transferred to Bhatt’s account and then to Ravi Sharma’s.
  • Bhatt had knowledge of these transactions through SMS and OTP but did not report them.
  • Bhatt and Ravi Sharma are close friends.
  • Ravi Sharma stated he gave Bhatt Rs. 25 lakh + Rs. 15,000 for using his bank account.
  • Bhatt played an active role in the conspiracy and cheating.
  • The investigation is ongoing, and releasing Bhatt could hinder the investigation.

Court’s Reasoning and Decision:

Judge Tribhuwan considered the arguments and the evidence. The court noted:

• A large sum of money was transferred from the complainant’s parents’ accounts to Bhatt’s account and then to Ravi Sharma’s account.
• Prima facie, Bhatt had knowledge of these transactions.
• Bhatt and Ravi Sharma appear to have conspired and cheated the complainants.
• Bhatt played an active role in the alleged fraud.
• The investigation is ongoing, and releasing Bhatt could hinder the collection of evidence.
• Granting bail in this type of offense would hamper effective investigation.

Therefore, the court rejected the bail application.

Order Details:

The order was dictated, checked, and signed on April 6, 2024, and uploaded on April 8, 2024, at 5:37 p.m.

This decision reflects the court’s consideration of the large sum of money involved, the evidence suggesting Bhatt’s knowledge and involvement in the transactions, the ongoing investigation, and the potential for Bhatt’s release to hinder the investigation.