Mumbai, Maharashtra: In a significant development in the Buxcoin scheme fraud case, 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 one of the accused, Prashantkumar Kamleshkumar @ Kamleshbhai Brhambhatt. The order, dated January 11, 2024, comes in connection with C.R. No. 166 of 2022 registered at the Pant Nagar Police Station, which pertains to allegations of cheating and economic loss amounting to ₹2,86,88,000/- (Rupees Two Crores Eighty Six Lakhs Eighty Eight Thousand only) caused to investors through the Buxcoin scheme.

Prashantkumar Kamleshkumar, a resident of Vadodara, Gujarat, was booked under Sections 406 (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,¹ 1860, as well as Sections 3 and 4 of the MPID Act. He sought regular bail under Section 439 of the Code of Criminal Procedure, 1973.

The prosecution strongly opposed the bail application, arguing that Prashantkumar’s name was mentioned in the First Information Report (FIR) and that three bail applications of other accused in the same case had been rejected. They further contended that his role was active and that he was introduced to investors as a Director, making him a key culprit.

However, after a thorough hearing involving the applicant’s advocate, Ali Kaashit Khan Deshmukh, the Special Public Prosecutor (SPP) Seema Deshpande, and the Investigating Officer, the court ruled in favor of granting bail.

In her order, Judge Kadam noted that the record revealed no direct concern of the applicant with the alleged offences. The primary allegations of inducing investments in the Buxcoin scheme were directed towards other accused individuals, namely Vikas Chavhan, Ranjeet Jadhav, Prakash Choudhary, and Afroz Shaikh. The court observed that while Prashantkumar’s name was mentioned as a Director and authorized person of the alleged company, no prima facie evidence to substantiate this claim was produced on record.

Furthermore, the court highlighted that the investigation papers and the say filed by the Investigating Officer did not reflect the direct involvement of Prashantkumar in the alleged financial wrongdoings. While acknowledging his presence in seminars conducted by the company in Dubai, where he explained the Buxcoin scheme to potential investors, the investigation agency could not trace any specific amount of misappropriated funds to him, nor was any money recovered from him.

A crucial factor in the court’s decision was the principle of parity. The court noted that another accused, Ganesh Shivkumar Sagar, who stood on a similar footing as Prashantkumar, had already been granted bail. Considering this, Judge Kadam deemed Prashantkumar also entitled to the same relief.

Consequently, the court allowed Bail Application No. 1103 of 2023, ordering the release of Prashantkumar Kamleshkumar @ Kamleshbhai Brhambhatt on the following conditions:

1. Furnishing a Personal Recognizance (PR) bond of ₹1,00,000/- (Rupees One Lakh) and one or more sureties of the like amount.
2. Permission to furnish a provisional cash bail of ₹1,00,000/- for a period of three months.
3. Completion of surety compliance before the concerned court, with the Registrar (S) authorized to accept it at the Additional Traffic Headquarters (ATH).
4. Surrender of his passport to the investigating officer within one week of his release.
5. Marking attendance at the concerned police station every second Saturday and Sunday of the month between 11:00 a.m. and 2:00 p.m. until the filing of the charge-sheet.
6. Full cooperation with the investigating authority and abstaining from tampering with evidence or influencing witnesses in any manner.
7. Not leaving India without prior permission from the court.
8. Refraining from alienating any immovable property in his name or the names of his wife/children without the court’s permission.
9. Not tampering with prosecution evidence or pressuring prosecution witnesses in any manner until the conclusion of the trial.
10. Not changing his current residential address without informing the Investigating Officer (IO) and the court.
11. Regular attendance at all trial dates.

The order, dictated and pronounced in open court on January 11, 2024, underscores the court’s emphasis on the lack of direct evidence linking Prashantkumar to the core financial fraud while acknowledging his promotional role. The conditions imposed aim to ensure his availability for the ongoing investigation and trial, as well as prevent any potential obstruction of justice. This bail grant offers a temporary respite for Prashantkumar in the complex legal proceedings surrounding the Buxcoin scheme.