Mumbai, May 9, 2023 (Gr. Bombay Special Court): The Designated Court under the Maharashtra Protection of Interest of Depositors (MPID) Act, situated at the City Civil & Sessions Court in Mumbai, has granted conditional bail to Ramdas Shankar Shedge, a 42-year-old finance business professional, who was arrested as Accused No. 1 in connection with an alleged ₹29.4 Lakh fraud involving Shubharambh Nagari Sahakari Sanstha Maryadit (said Patsanstha).

The order, dated May 9, 2023, was passed by His Honour Judge Shri S. M. Tapkire in Court Room No. 7, addressing Bail Application No. 353 of 2023. Shedge was booked under Sections 409 (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,¹ 1860, as well as Section 3 of the MPID Act, 1999.

Allegations Against the Applicant:

According to the informant, Rajesh Gavane, the applicant and other accused were directors of the said Patsanstha. Gavane alleged that one Naresh Kadam, acquainted with him, instigated him and his family to deposit ₹29,40,000 in the Patsanstha in 2016, promising a 15% annual interest rate. However, in 2018, when Gavane needed ₹13,00,000 for house renovation and approached the Patsanstha, the applicant and Naresh Kadam allegedly neglected him and failed to return his deposited amount. Gavane claimed that the applicant and 13 other directors transferred the deposited amounts to their personal bank accounts, misappropriating the funds and committing fraudulent default.

Applicant’s Defense:

Advocate Nitu Singh, representing the applicant, argued that despite the deposit in 2016, the FIR was lodged only in 2021, indicating a significant delay. Shedge claimed he had not committed any crime and, although a director, had not misappropriated any funds. He contended that substantial deposited amounts were provided as loans to members of the Patsanstha, and the financial crisis arose due to the non-recovery of these loans, leading to the inability to repay depositors. Shedge highlighted that he was arrested on January 31, 2023, despite the crime being registered on March 27, 2021. He also pointed out that only ₹94,000 was allegedly transferred to the Managing Director’s personal account, which was still with the Patsanstha. The defense argued that the addition of Section 409 IPC was an afterthought to bypass the requirements of Section 41A of the Cr.P.C. and that there was no reason for his continued custodial detention.

Prosecution’s Strong Opposition:

Ld. SPP V. C. Malankar strongly opposed the bail, labeling the applicant and Naresh Kadam as the masterminds behind the crime. The prosecution alleged that they, along with other directors, conspired to lure the informant and other depositors with an unrealistic 15% interest rate. The deposited amounts were allegedly given as loans to the directors themselves, with Naresh Kadam being a significant borrower who failed to repay. The prosecution further claimed that the applicant and other accused transferred and diverted substantial amounts of the Patsanstha’s funds to their personal accounts and those of other directors. Audit reports from 2016-2017 allegedly revealed serious allegations of default, improper transactions, and intentional mistakes against the applicant and other directors, indicating his active involvement in the crime.

Court’s Reasoning for Granting Bail:

His Honour Judge Shri S. M. Tapkire, after considering the rival submissions and the record, noted that 14 accused were involved in the crime. While the applicant was the Secretary of the Patsanstha and allegedly directed the transfer of ₹8 Lakhs to co-accused Naresh Kadam (which remained due), there were no serious allegations of significant personal financial gain against him, as no funds were directly transferred to his personal account. The court also highlighted that the charge sheet was submitted on March 26, 2023, after the applicant’s arrest on December 21, 2022. Importantly, two other accused directors, Kiran Bhosale and Pranali Kulkarni, had already been granted bail, and another director, Vishwas Govind Bhosale, was on anticipatory bail. The court acknowledged that the trial would likely take considerable time due to the substantial number of documents and witnesses involved. Furthermore, the allegations against the applicant were similar in nature to those against the directors who were already on bail. Based on the principle of parity, the court found the applicant entitled to bail.

The Bail Order:

His Honour Judge Shri S. M. Tapkire passed the following order:

1. The present Bail Application No. 353 of 2023 is hereby allowed, subject to the following conditions: i. The Applicant/Accused No.1 Ramdas Shankar Shedge shall be released on executing a PR Bond of ₹5,00,000/- (Rupees Five Lakhs Only) with furnishing one or two solvent sureties in the like amount in connection with C.R. No. 149/2021 registered with Ghatkopar police station. ii. The applicant shall not tamper or hamper the prosecution witnesses and evidence and shall not pressurize any prosecution witness in any manner. iii. The applicant shall attend every date of trial without fail. iv. The applicant shall not indulge in any criminal activity. v. The applicant shall cooperate in the investigation and shall be available for interrogation whenever required. vi. The applicant shall not leave India without prior permission of the Court. vii. The applicant shall submit his proper residential address proof as well as telephone and cell numbers to the Respondent/State for contact purposes. viii. The applicant shall submit his passport with the Respondent/State if he possesses one. ix. The applicant shall not alienate, transfer, sell, mortgage, or create any third-party interest over any movable and immovable properties in the name of his Financial Establishment, himself, and his immediate blood relatives in any manner. x. In case of disobedience or breach of any of the above conditions, this bail order will be liable to be canceled.
2. The Respondent/State shall take note of this order.
3. The present Bail Application No. 353 of 2023 stands disposed of accordingly.

The conditional bail granted to Ramdas Shankar Shedge signifies a development in the ongoing investigation of the alleged cooperative society fraud, with the court emphasizing the principle of parity and imposing stringent conditions to ensure the applicant’s cooperation and prevent any obstruction of justice.