Bombay High Court grants pre-arrest bail to accused in Rs 25 lakh fraud case

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The Bombay High Court, recently, granted pre-arrest bail to an accused, a businessman allegedly involved in a financial fraud case of Rs 25 lakh.

A case was registered at Khadakpada Police Station in Thane district of Maharashtra under sections 420 and 406 of the Indian Penal Code (IPC) and Sections 3 and 4 of the Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act, 1999, against the 33-year-old businessman identified as Prashant Bhoir.

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According to the FIR, co-accused Pooja and Vishant, operating under the business name M/s Sai Advisory and Investments, allegedly deceived the informant by enticing them to invest Rs 25 lakhs with a promise of a 10 per cent return. However, the accused failed to fulfill their financial obligations.

The applicant was accused of facilitating the introduction between the informant and the co-accused, his lawyer stated.

The applicant's lawyer, Advocate Sunil Pandey, argued that his client had been wrongly implicated in the matter, emphasizing that the applicant had no financial stake in the fraudulent transactions.

Sunil Pandey further pointed out that the co-accused had already been granted bail and that the charge sheet had been filed, indicating that the investigation was nearly complete. He assured the court that the applicant was willing to comply with any conditions imposed by the court.

On the other hand, the Additional Public Prosecutor, Supriya Kak, and the victim's lawyer, Jayendra Khairnar, opposed the bail application, arguing that the applicant had conspired with the co-accused to defraud the informant and other investors. They expressed concerns that the applicant might tamper with evidence or influence witnesses if granted bail.

After reviewing the case, the court noted that the applicant was not directly named in the FIR, and the primary allegations were against the co-accused, who had already been released on bail. The court found no direct evidence connecting the applicant to the fraudulent activities and determined that the investigation was nearly complete, with no further recovery required from the applicant. In light of these findings, the court granted the applicant pre-arrest bail under the following conditions:

In the event of arrest, the applicant will be released on bail upon furnishing a personal recognizance (PR) bond of Rs 25,000 and one or more sureties of the same amount.

The applicant shall attend the concerned police station as and when required and the applicant, himself or through any other person, shall not tamper with the evidence or influence the witnesses