(902) BA-2466.25.DOCX lgc IN THE HIGH COURT OF JUDICATURE AT BOMBAY CRIMINAL APPELLATE JURISDICTION CRIMINAL BAIL APPLICATION NO.2466 OF 2025 Ram Nivas Vengala : Applicant. Versus The State of Maharashtra & Anr. : Respondents. ---- Mr. Mithilesh Mishra for the Applicant. Mr. V. B. Konde-Deshmukh, APP for the Respondent/State. Mr. Dinesh Adsule a/w Mr. Vaibhav Bhole and Mr. Chinmay Bhole for Respondent No.2/Complainatn. API R. M. Parve, Crime Branch Unit -M 03, Navi Mumbai present. ------- CORAM : ASHWIN D. BHOBE, J. DATED : 10 JULY 2026 PC:- 1. Mr. Mithilesh Mishra, learned Advocate for the Applicant, submits that although leave was granted to add the Informant as Respondent No. 2, the amendment remained to be carried due to error on his part. He therefore seeks leave to carry out the amendment forthwith. This request is not opposed by Mr. V. B. Konde-Deshmukh, learned APP for Respondent No. 1/State, and Mr. Dinesh Adsule, learned Advocate for the original Complainant. In view of the no objection, leave is granted to carry out the amendment to join the Informant as Respondent No.2. Amendment be carried out forthwith. 1 LAXMIKANT GOPAL CHANDAN Digitally signed by LAXMIKANT GOPAL CHANDAN Date: 2026.07.10 20:48:46 +0530 (902) BA-2466.25.DOCX 2. Heard Mr. Mithilesh Mishra, learned Advocate for the Applicant, Mr. V. B. Konde-Deshmukh, learned APP for Respondent No.1 and Mr. Dinesh Adsule, learned Advocate for Respondent No.2. 3. By the present Application, the Applicant seeks bail in C.R. No. 206/2024 registered with Kalamboli Police Station for offences punishable under Sections 409, 420, 465, 467, 468, 471 and 120(B) of the Indian Penal Code. 4. There are 14 accused in the present crime. Applicant is Accused No.4. 5. The C. R. No. 206 of 2024 is registered as RCC No. 876 of 2024, and the same is pending before the Judicial Magistrate First Class, Panvel (“Magistrate”). 6. The case of the prosecution is that Suman S. Sharma (Accused No.1) falsely represented himself as the Branch Manager and official of the UCO Bank at Mumbai Mahanagar Pradesh Lokhand and Polad Bazar Samiti and gained the trust of various innocent investors. On the basis of false representations and promises, he induced innocent investors to invest huge amounts. Accused No.1 received various cheques and thereafter issued forged fixed deposit receipts prepared by him. The rest of the accused conspired with Accused No.1 and cheated investors. 7. Applicant was arrested on 19 June 2024. Bail Application No. 17 of 2025 filed by the Applicant before the Sessions Judge, Panvel, Raigad (“Sessions Court”) was rejected on 20 March 2025. 2 (902) BA-2466.25.DOCX 8. Mr. Mithilesh Mishra, learned Advocate for the Applicant, submits that the allegations of inducing investors in the present crime, by false promises of huge returns were made against Accused Nos. 1, 2, 3 and 5. He submits that, on the basis of inducement by the said Accused Nos. 1, 2, 3 and 5, the amounts were received by Accused No. 1. He submits that the only allegation against the Applicant is that the amounts received by Accused Nos. 1, 2, 3 and 5 were transferred by the Applicant to various other accounts after being credited to the bank accounts of Accused No. 1. He submits that the amount of Rs.1,92,40,000/- has been attached from the Applicant. He submits that Accused Nos. 1, 2, 3 and 5 have not been arrested. 9. Mr. V. B. Konde-Deshmukh, learned APP for the Respondent No. 1/State, submits that the Applicant has conspired with the co- accused. He submits that the Applicant has received Rs. 14,13,08,299/-. He submits that Accused No. 1, who has received Rs. 53,77,50,000/-, was arrested along with Accused Nos. 2, 3, and 5, but their arrests were declared illegal. 10. Mr Dinesh Adsule, learned Advocate for Respondent No. 2, submits that the Applicant, along with Accused Nos. 1, 2, 3 and 5, as well as other Accused named in the present crime, have systematically cheated the Respondent No. 2 / Investors. He further submits that Accused Nos. 1, 2, 3 and 5 are the persons who have lured and induced the Respondent No. 2 and other investors to part with their hard-earned money. 11. Perused the records with the assistance of the learned Advocates for the parties. 3 (902) BA-2466.25.DOCX 12. Mr. Mithilesh Mishra, learned Advocate for the Applicant, submits that the allegations of inducement and false promises of huge returns on investment made to Respondent No. 2/Investors are against Accused Nos. 1, 2, 3 and 5. Mr. V. B. Konde-Deshmukh, learned APP for Respondent No. 1-State and Mr. Dinesh Adsule, learned Advocate for Respondent No. 2, confirm the said position. 13. Perusal of the records does not indicate any allegations of inducement against the Applicant. The allegation against the Applicant, as submitted by Mr. V. B. Konde-Deshmukh, learned APP for the Respondent No.1/State, is that the Applicant distributed amounts received in the account of Accused Nos. 1, 2, 3 and 5. 14. Mr. V. B. Konde-Deshmukh and Mr. Dinesh Adsule were unable to point to any material on record showing that the Applicant induced or made false promises to Respondent No. 2 / Investors to part with their amounts. 15. Accused Nos. 1, 2, 3, and 5 were arrested in connection with the present crime. As submitted by Mr V. B. Konde-Deshmukh, learned APP for the Respondent No.1-State and Mr Dinesh Adsule, learned Advocate for the Respondent No.2, the arrest of Accused Nos. 1, 2, 3 and 5 was held to be illegal. 16. Mr. V. B. Konde-Deshmukh, learned APP for the Respondent No.1-State, submits that the Respondent No.1-State is in the process of taking appropriate steps available in law in the context of Accused Nos. 1, 2, 3 and 5. 17. Considering the above-mentioned facts, the absence of any allegation of inducement against the Applicant, the Accused Nos. 4 (902) BA-2466.25.DOCX 1, 2, 3 and 5 who are alleged to have lured and induced the Respondent No. 2/Investor to part with money not in custody and the fact that the Applicant has been in jail since 19 June 2024 (i.e. for more than two years), the further continuation of the Applicant's incarceration pending trial, in the facts and circumstances of this case, is not warranted. 18. Mr. V. B. Konde-Deshmukh, learned APP for Respondent No. 1-State and Mr. Dinesh Adsule, learned Advocate for Respondent No. 2, submit that the Applicant is a resident of Hyderabad. They express apprehension that if the Applicant is permitted to travel outside the State of Maharashtra, he would be a flight risk. They request the imposition of stringent bail conditions, including a condition that the Applicant, pending the trial in RCC No. 876 of 2024, should not leave the State of Maharashtra without prior permission from the Magistrate before whom the trial is pending. 19. Mr. Mithilesh Mishra, learned Advocate for the Applicant, on instructions, submits that the Applicant, upon his release on Bail, will not travel outside the State of Maharashtra without obtaining the prior permission of the Magistrate. 20. This Application is therefore allowed on the following terms: (a) Applicant is directed to be released on bail in connection with C.R. No. 206 of 2024 registered with Kalamboli Police Station, Raigad, upon furnishing a P.R. Bond in the sum of Rs. 5,00,000/- (Rupees Five Lakhs only) with one or two sureties, each in the like amount, 5 (902) BA-2466.25.DOCX to the satisfaction of the Judicial Magistrate First Class, Panvel in RCC No. 876 of 2024. (b) Applicant shall not, directly or indirectly, make any inducement, threat or promise to any person acquainted with the facts of the case to dissuade that person from disclosing the facts to the Court or any police officer and shall not tamper with evidence. (c) Applicant shall, within three (3) days of his release from jail, provide to the Investigating Officer, Crime Branch Unit-03, Navi Mumbai, his residential address, contact numbers, e-mail and must inform the Investigating Officer about any change in the same from time to time. (d) Applicant shall surrender his passport to the Court of the Judicial Magistrate First Class, Panvel, in RCC No. 876 2024 within 3 days of his release from jail. (e) Applicant shall report to the Investigating Officer, Crime Branch Unit-03, Navi Mumbai on the 2nd and 4th Saturday of each month from 11.00 am to 12.00 noon till conclusion of trial in RCC No.876 of 2024. (f) Applicant shall regularly appear before the Judicial Magistrate First Class, Panvel in RCC No.876 of 2024 as and when the matter is fixed, unless specifically exempted. (g) If the Applicant abstains from appearing before the Magistrate, then the same would be considered as a 6 (902) BA-2466.25.DOCX breach of conditions and the Magistrate would be at liberty to pass appropriate orders. (h) Applicant shall not leave the State of Maharashtra without prior permission from the Magistrate. 21. Observations made in this order are prima facie limited to consideration of the Bail and shall not be treated as findings on the merits. 22. Criminal Bail Application No.2466 of 2025 is disposed of. (ASHWIN D. BHOBE, J.) 7