18.BA.774.2025.doc HARSHADA H. SAWANT (P.A.) IN IN THE THE HIGH HIGH COURT COURT OF OF JUDICATURE JUDICATURE AT AT BOMBAY BOMBAY CRIMINAL APPELLATE JURISDICTION CRIMINAL APPELLATE JURISDICTION BAIL APPLICATION NO.774 OF 2025 Asmita Sunil Patil .. Applicant Versus The State of Maharashtra .. Respondent ....................  Mr. Naushad Ahmed a/w. Mr. Adnan Khan, Advocates for Applicant.  Ms. Rajeshree V. Newton, APP for Respondent.  PSI – G. S. Shaikh, EOW, Raigad – Alibag. ................... CORAM : MILIND N. JADHAV, J. DATE : AUGUST 27, 2026 P.C. : 1. Heard Mr. Ahmed, learned Advocate for Applicant and Ms. Newton, learned APP for Respondent. 2. This is an Application under Section 483 of Bharatiya Nagarik Suraksha Sanhita, 2023 seeking Bail in connection with C.R. No.225 of 2024 registered with Alibag Police Station for offences punishable under Sections 406, 420, 465, 466 of the Indian Penal Code, 1860; Sections 3 and 4 of the Maharashtra Protection of Interest of Depositors Act, 1999; Sections 3, 4, 5, 21, 22 and 23 of the Banning of Unregulated Deposit Schemes Ordinance, 2019. 3. On 24.08.2026, after hearing Mr. Ahmed, following order was passed:- “1. Heard Mr. Ahmed, learned Advocate for Applicant and Ms. 1 of 5 18.BA.774.2025.doc Newton, learned APP for State. 2. Mr. Ahmed would submit that Applicant is in incarceration since 13.11.2024 in an offence registered under Sections 406, 420, 465 & 455 of IPC and under Sections 3 and 4 of the Maharashtra Protection of Interest of Depositors Act, 1999. He would submit that total outlay of funds attributed to the Applicant is approximately 1.55 Crore having been collected from more that 35 depositors. He would also in the same breath submit that according to his instructions 75% of the funds have already been refunded and returned back to the depositors and transactions to that effect are already there on record. He would submit that Applicant has cooperated with the prosecution fully and therefore he being in incarceration for more that 1 year and 10 months be considered by Court for his enlargement on bail. He would submit that there are two accused persons out of whom one has already secured anticipatory bail. Hence he would submit that no purpose will be served by keeping the present Applicant behind bars considering the ignominy suffered and the trial not even commenced. 3. Learned APP is directed to prepare an appropriate report with regard to ascertaining the veracity of the aforesaid submissions made regarding return of monies to depositors and accordingly apprise the Court as to whether monies have been refunded to the depositors or otherwise. If it is found that the aforesaid statement is true and correct, this Court will consider the present Application. 4. Stand over to 27th August, 2026 under the caption “First on Board”.” 4. Today, Ms. Newton , learned APP on taking instructions has placed before the Court a chart which is taken on record and marked ‘X’ for identification. This is a chart prepared by the prosecution pursuant to the aforesaid directions which has been prepared by the prosecution with regard to the ascertainment of legality and veracity of the statements which are recorded in the aforesaid order. It is prima facie seen that substantial amounts have already been returned to the Investors by the Applicant. 5. In some cases, entire amount has been returned. In many cases, very little amount has remained pending. The total outstanding amount which has remained pending as informed by Ms. Newton 2 of 5 18.BA.774.2025.doc according to prosecution’s own record contained in police report dated 27.08.2026 which is placed before me is approximately Rs.94,10,500/- out of the total outstanding amount of Rs.3.63 Crores. Ms. Newton also confirms the fact that aforesaid amount of Rs.94,10,500/- is the alleged proceeds of crime which was infact received which is outstanding from the Applicant whereas amount which is less returned is Rs.1.19 Crores. Considering the bonafides shown by Applicant it will be worthwhile if he is released on bail because once he is out on bail, he will be in a much better position to accumulate and return the balance amount and repay the same. 6. There are total 29 Investors who have complained about investments having been made with the Applicant with the hope of getting high returns. Most of the Investors have already been substantially paid their amount as reflected in the report placed before me. 7. Applicant is incarcerated for more than one year and ten months. He has disclosed all details to the prosecution and therefore his custody in my opinion in such facts and circumstances is no longer required. 8. Considering the aforesaid, Applicant has made out a case for grant of bail subject to following conditions:- (i) Applicant is directed to be immediately released from 3 of 5 18.BA.774.2025.doc prison in connection with Crime No. 225 of 2024; (ii) Applicant is directed to be released on bail on furnishing P.R. Bond of Rs. 50,000/- (Rs. Fifty Thousand only) with one surety of the like amount; (iii) Applicant shall report to the Investigating Officer at concerned Police Station, twice every month on the first and third Sunday of the month between 10:00 a.m. to 12:00 p.m.; (iv) Applicant shall co-operate with the conduct of trial and attend the Trial Court on all dates, unless specifically exempted and will not take any unnecessary adjournments, if she does so it will entitle the prosecution to apply for revocation of this order; (v) Applicant shall not leave the State of Maharashtra without prior permission of the Trial Court; (vi) Applicant shall not influence with any of the witnesses or tamper with the evidence in any manner; (vii) Applicant shall keep the Investigating Officer informed of her current address and mobile contact number and / or change of residence or mobile details, if any, from time to time, as applicable; and (viii)Any infraction of the conditions shall entail cancellation of bail granted to the Applicant. 4 of 5 18.BA.774.2025.doc 9. 4 of 5 18.BA.774.2025.doc 9. It is clarified that the observations made in this order are limited for the purpose of granting Bail only and I have not made any observations on merits of the case. The trial shall be adjudicated on the strength of the evidence led and strictly on its own merits being uninfluenced with any of the prima facie observations made hereinabove in this order. 10. Bail Application is allowed and disposed of in the above terms. H. H. SAWANT [ MILIND N. JADHAV, J. ] 5 of 5 HARSHADA HANUMANT SAWANT Digitally signed by HARSHADA HANUMANT SAWANT Date: 2026.08.27 15:21:02 +0530