MANOJ 901-BA-4565-2025.DOC IN THE HIGH COURT OF JUDICATURE AT BOMBAY CRIMINAL APPELLATE JURISDICTION CRIMINAL BAIL APPLICATION NO.4565 OF 2025 Jayesh Jagannath Sankhe …Applicant V/s. The State of Maharashtra …Respondent WITH INTERIM APPLICATION NO.1611 OF 2026 IN CRIMINAL BAIL APPLICATION NO.4565 OF 2025 Mr. Narendra Pradeep Awasthi IN THE MATTER BETWEEN :- Jayesh Jagannath Sankhe …Intervenor …Applicant V/s. The State of Maharashtra …Respondent Mr. Sudeep Pasbola, Senior Counsel a/w Adv. Chinmay Godse and Adv. Navkar Jain i/by Adv. Vivek Thakare, for the Applicant. Mr. P.P. Malshe, APP for the Respondent-State. Ms. Purva B., for the Intervenor. Mr.Dhanraj Shirsath, PSI, EOW, Palghar Boisar Police Station, present. CORAM: SHYAM C. CHANDAK, J. DATED : 7th JULY, 2026 P.C. :- 1. Present Application seeking release of the Applicant on bail in connection with C.R. No.403 of 2024 registered with Boisar Police Station, for the offences punishable under Sections 316(2) and 318(4) of the Bharatiya Nyaya Sanhita, 2023 (for short “BNS”) and Sections 3 and 4 of Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act, 1999 (for short “MPID Act”). Page 1 of 6 WAKLE MANOJ JANARDHAN Digitally signed by WAKLE MANOJ JANARDHAN Date: 2026.07.09 21:31:25 +0530 MANOJ 901-BA-4565-2025.DOC 2. Heard Mr. Pasbola, learned Senior Counsel for the Applicant, Mr. Malshe, learned APP for the Respondent-State and Ms. Purva B., learned Counsel for the Intervenor. 3. The prosecution case is that, in June 2022, Accused No.1 – Suryaji Bhivaji Kamble had started an investment Company namely M/s. Dipankar Fincap Investment Pvt. Ltd., of which he was Managing Director. Thereafter, A-1 floated various investment schemes in the name of said company. Further, A-1 and the Applicant called members of public to invest/deposit their money in the said schemes giving false promise that their investment will earn them guaranteed interest @ 10% per month. Falling prey to the allurement of attractive income, the investors named in the FIR and others like them invested their money in the said company. Initially, till November 2023, the company paid some amount to the investors towards their investment. Later on, the company stopped to pay them the money as assured. Thus, the A-1 and the Applicant cheated the investors and misappropriated their money. Therefore, informant Mr. Girish Dayaram Gajjar filed a Report dated 5th September 2024, pursuant to which, the present crime came to be registered. Thereafter, accused persons were arrested. On completion of investigation, charge-sheet came to be filed. Till filing of the charge-sheet, it was revealed that the fraud amount was more than Rs.9 crores. Further investigation revealed that, till date, the fraud amount is more than Rs.12 crores. The total investors are 503, as noted by the Sessions Court. 4. Mr. Pasbola, the learned Senior Counsel for the Applicant submitted that although the said company was started in June 2022, initially, the Applicant joined that company as an agent. The Applicant then become its Additional Director w.e.f. 11th January, MANOJ 901-BA-4565-2025.DOC 2024 as the earlier Director Mr. Khatau had resigned. After joining the company as an Additional Director, the Applicant has not played any important role in the conduct of the business of the company. Like other investors, the Applicant’s parents and brother have also invested Rs.19,00,000/- in the said company. If the Applicant was aware that the investment schemes were fraud, his family members would not have invested their money. As such, the Applicant is innocent and he himself is victim of the schemes. Therefore, he is entitled for bail. 5. In contrast, Mr. Malshe, learned APP has submitted that in all 112 investors have given their statement that they were induced by the Applicant to invest their money in the said company, assuring that, their investment will give good returns. Thereafter, the investors invested their money in the company. However, A-1 and the Applicant neither returned the principle amount to the investors nor paid them any profit. As such, there is a prima facie case against the Applicant of having committed the alleged offence. He submitted that since this Court had declined to release A-1 on bail, he withdrew his Application. Lastly, Mr. Malshe, learned APP submitted that the Applicant has one similar criminal antecedent. The said crime is registered with Rabodi Police Station, Thane in respect of the same company. Therefore, the Applicant is not entitled for bail. Ms. Purva B., learned Counsel for the Intervenor has adopted the submissions made by the learned APP. Additionally, she has submitted that the Intervenor has invested Rs.2,50,000/- in the said company at the instance of the Applicant. Therefore, she has submitted that the bail Application be rejected. Page 3 of 6 MANOJ 901-BA-4565-2025.DOC 6. I have considered these submissions. There is sufficient material on record which show that the Applicant was actively involved as an agent of the company to call the investment. Mr. Pasbola, the learned Senior Counsel has not denied that about 112 investors have stated that the Applicant induced them to invest their money by falsely representing that their investment would yield high returns. In the Affidavit-in-Reply it is stated that the Applicant has received more than Rs.47.35 Crores. However, not a single document is shown from the record to substantiate that claim. Record indicates that the Applicant’s parents and his brother had invested Rs.19,00,000/- in the said company. As stated in the Affidavit-in-Reply, almost equal amount has come to the bank account of the Applicant. In view thereof, prima facie it appears that except for playing the role of convincing the investors to invest their money in the said company, the Applicant has not received huge benefit out of misappropriated money of the investors. The investigation is over and further detention of the Applicant in jail will not serve any purpose. In so far as criminal antecedent is concerned, similar offence is registered against the same company in which the Applicant is shown as an accused. However, the Applicant is not named in that FIR and, till date, the police concerned has not arrested the Applicant in that crime. 7. In the wake of above, the Applicant is not likely to abscond and tamper with the prosecution evidence. Therefore, the Applicant is entitled for bail. Hence, following Order is passed:- (i) Applicant – Jayesh Jagannath Sankhe shall be released on bail in connection with C.R. No.403 of 2024 registered with Boisar Police Station, for the offences MANOJ 901-BA-4565-2025.DOC punishable under Sections 316(2) and 318(4) of the BNS and Sections 3 and 4 of MPID Act, on his furnishing P.R. Bond in the sum of Rs.2,00,000/- with one or two sureties in the like amount. (ii) The Applicant shall mark his attendance at Boisar Police Station, on the 1st day of each calendar month between 12:00 noon to 4:00 p.m., till the conclusion of the trial. (iii) The Applicant shall regularly attend the proceedings before the jurisdictional Court unless exempted by the said Court, for the reasons to be recorded in writing. (iv) The Applicant shall not tamper with the prosecution evidence and shall not directly or indirectly influence upon the prosecution witness to prevent them from deposing against him. (v) On being released from jail, the Applicant shall furnish his contact number and residential address to the Investigation Officer and shall keep him updated, in case there is any change. (vi) The Applicant shall not indulge in identical activities for which he has been arraigned in this case. (vii) By way of abundant caution, it is clarified that the observations made hereinabove are confined for the purpose of determination to the entitlement for bail and they may not be construed as an expression of opinion on the guilt or otherwise of the Applicant and the trial Court shall not be influenced by any of the observations made hereinabove. Page 5 of 6 MANOJ 901-BA-4565-2025.DOC (viii) Application stands disposed off in the aforesaid terms. 8. Since the intervention and hearing opportunity was granted to the victim, Interim Application No.1611 of 2026 seeking said relief, is disposed of, accordingly. (SHYAM C. CHANDAK, J.)