V. G. Bisht, J
1 The present application has been moved by the applicant under Section 439 of the Code of Criminal Procedure in Crime No.624 of 2019 registered
with Police Station Shirur, for offences punishable under Section 420, 406, 465, 467, 471 of the Indian Penal Code (IPC) and under Section 3 and 4 of
the The Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act (MPID Act).
2 It is the case of prosecution that the informant and the applicant are acquainted with each other. The applicant is proprietor of Shri. Enterprises &
Contractors and doing business of purchase and sale of spare parts / scrap materials with Banglore based company, namely, Wadia Tools and
Kenametals India Ltd. The prosecution alleges that applicant posed that he is getting huge amount of funds and huge profit and required large capital
and thus demanded money from the informant and induced him to deposit and invest amount from time to time. The informant and his brother-in-law
invested Rs.42 lacs with interest at the rate of 10 to 15 % per annum. The prosecution further alleges that both of them demanded money back and
the applicant was unable to pay due to financial crisis. Although the applicant issued two cheques to them, the same were dishonoured. During the
course of investigation it revealed that the applicant had induced many other people and received amount totalling to Rs.10,29,85,200/-. The applicant
had even made forged stamp of the company situated at Banglore and also prepared letter heads of Kenametals India Ltd. and it was shown to
investors that he has to receive 53 crores from the said Company. Accordingly, First Information Report (FIR) came to be filed.
3 Mr.Rajiv Patil, learned senior counsel, invited my attention to the affidavit of the applicant filed on record for the limited purpose to submit ledger
accounts of his business to clarify in which the amount was credited and debited from time to time. Then there are payment details at page 226 to 242.
According to the learned senior counsel the applicant has no intention to cheat the investors and is duty bound to repay the invested amount.
Investigation is completed. No criminal antecedents are forthcoming. In such circumstances, the applicant deserves to be released on bail, argued
learned senior counsel.
4 Mr.Dedhia, learned APP, on the other hand opposed the submissions by contending that more than 10 crores amount of various investors have been
misappropriated by the applicant. There being no merit in the application, the same is liable to be rejected.
5 Perused the investigation papers. It appears that during the course of hearing on 29th September 2021 when applicant sought time to file affidavit so
as to explain the statement of accounts, this Court permitted him to file an affidavit and accordingly, an affidavit is filed on record which has already
been referred to by the learned senior counsel during the course of submissions. Annexed along with the affidavit is ledger account which clearly
shows the amounts debited and credited. Thus, the ledger accounts clearly go to show that whatever amount has been received and given by the
applicant appears to be properly maintained. These ledger accounts have not been disputed, in any manner, by the prosecution.
6 It is also not specific case of the prosecution that the applicant had induced the investors. Investigation is completed. No criminal antecedents are
forthcoming. In such circumstances and the fact that the trial may take a long time, the applicant deserves to be admitted on bail. Hence, I pass the
following order :
ORDER
(i) Applicant â€" Santosh Ganpat Mane shall be released on bail in Crime No.624 of 2019 registered with Police Station Shirur, on his executing
P.R.Bond in the sum of Rs.1,00,000/-with one or two sureties in like amount.
(ii) The applicant shall not tamper with prosecution evidence.
(iii) The applicant shall not leave the jurisdiction of the concerned police station without prior permission of the Court.
(iv) The applicant shall surrender his passport, if any, to the learned trial Court.
(v) The applicant shall attend the Court proceedings regularly.
(vi) Bail before the trial Court.
(vii)Parties to act on copy of this order duly authenticated by the Sheristedar of this Court.
(viii) It is made clear that the observations made herein are prima facie and the trial Court shall decide the case on its own merit, in accordance with
law, uninfluenced by the observations made in this order.
(ix) The application is allowed in the aforesaid terms and stands disposed off accordingly.
