11. BA 3578-2026.doc IN THE HIGH COURT OF JUDICATURE AT BOMBAY CRIMINAL APPELLATE JURISDICTION BAIL APPLICATION NO. 3578 OF 2026 Nitin Anil Khadse .Applicant Vs. The State of Maharashtra .Respondent Ms. Priyal G. Sarda a/w. Ms. Seema S. Dighe, Advocates, for the Applicant Mr. S. A. Karmakar, APP, for the Respondent – State Mr. Shreeniwas N. Magar, Advocate, for the Complainant CORAM : MILIND N. JADHAV, J. DATE : 23.09.2026 P. C. 1. Heard Mr. Sarda, learned Counsel for the Applicant and Mr. Karmakar, learned APP for the Respondent – State. 2. This Application is filed under Section 483 of the Bhartiya Nagarik Suraksha Sanhita, 2023 (for short “BNSS”) in connection with C.R.No. 946 of 2024 registered with Chaturshringi Police Station, Pune for offence punishable under Section 420 r/w. 34 of the Indian Penal Code, 1860 (for short “IPC”). 3. The Applicant is arraigned as an Accused along with his wife. They have been running a commodity investment firm, whereby they would accept deposits for investments in shares/commodity markets Anand 1 of 6 ANAND SUDHAKAR SUDAME Digitally signed by ANAND SUDHAKAR SUDAME Date: 2026.09.24 16:24:43 +0530 11. BA 3578-2026.doc with the consent of investors. Admittedly, the prosecution case reflects that from 2018 to 2024, the investors invested substantial amounts with the Applicant for further investment in share/commodity market and it also fetched handsome returns. It is the case of the Applicant, who failed to receive returns after 2024 that the Accused persons have cheated and therefore, FIR is filed on 30.11.2024. The Applicant is arrested on 25.03.2025. Though it is argued by the prosecution and also by the learned Advocate appearing for the Complainant/First Informant that the Applicant had induced the Complainant and others to invest the amount, such is not the case which is borne out from the material which is placed on record or the Charge-sheet placed before this Court. 4. Mr. Magar, learned Counsel for the Complainant/First Informant has, however, passionately persuaded the Court to reject the present Application on the premise that the Complainant/First Informant and many similarly placed investors have been duped by the Applicant and therefore, the Applicant should be denied bail. He would argue that pursuant to rejection of the Bail Application of the Applicant by the learned trial Court in the month of November, 2025, there has been no change in circumstances to enable the Applicant to approach this Court and seek bail. He would in his usual fair mindedness submit that the Anand 2 of 6 11. BA 3578-2026.doc Applicant has been discharged in MPID charges vide order dated 16.10.2025 and the matter has now been relegated to the Magistrate’s Court for trial and according to his instructions, the trial is prolonged and protracted by the Applicant. He would also persuade the Court to direct the Applicant to return the outstanding arrears amount to the Complainant/First Informant. 5. I have considered the submissions made by Mr. Sarda, Mr. Magar and the learned Prosecutor and with their able assistance perused the record of the case. Prima facie, I find that there is no material which is shown to the Court to charge the Applicant on inducement and/or the Applicant and his wife having lured the investors. The Applicant has no antecedents. His wife is already enlarged on bail. He has been discharged from MPID offences. In this case, on their own volition monies were invested with an expert firm/company with the hope of getting fabulous returns on such investments when invested in share/commodity market transactions. It is is prima facie seen that all the investors have shared a healthy relationship over a long period of time with Applicant. Hence, unless and until a strong prima facie case is made out for cheating under Section 420 of the IPC, the Court at this prima facie stage will have to consider bail. The matter is for bail and complicity of the Applicant in the crime would undoubtedly be proved Anand 3 of 6 11. BA 3578-2026.doc at trial. Mr. Sarda has made out an arguable case for grant of bail. The Application is granted. 6. It is also informed by the learned Prosecutor that revision proceeding to challenge the discharge order by the Special Court is pending before this Court. 7. Registry is directed to accept Vakalatnama from Mr. Magar, learned Counsel for the Complainant/First Informant within a period of two week from today. 8. Hence, in view of above prima facie observations and finding, Bail Application of Applicant is allowed subject to the following terms and conditions:- (i) Applicant – Nitin Anil Khadse is directed to be immediately released from prison in connection with CR. No. 946 of 2024; (ii) Applicant is directed to be released on bail on furnishing P.R. Bond of Rs. 25,000/- (Rs. Twenty Five Thousand only) with one surety of the like amount; (iii) Applicant shall report to the Investigating Officer at Chaturshringi Police Station, Pune, once every month, on the first Monday of the month between 10:00 a.m. to 12:00 p.m. until commencement of trial and thereafter Anand 4 of 6 11. BA 3578-2026.doc shall attend all dates of hearing before the Trial Court; (iv) Applicant shall cooperate with the conduct of the trial and remain present before the Trial Court on all dates, unless specifically exempted. Applicant shall not seek unnecessary adjournments. Any such conduct shall entitle the prosecution to apply for cancellation of bail; (v) Applicant shall not leave the State of Maharashtra without prior permission of the Trial Court; (vi) Applicant shall not influence any of the witnesses or tamper with the evidence in any manner; (vii) Applicant shall keep the Investigating Officer informed of his current residential address and mobile telephone number and shall forthwith inform the Investigating Officer of any change in his residential address or mobile telephone number, as and when such change occurs; and (viii)Any breach or infraction of any of the aforesaid conditions shall entail cancellation of the bail granted to the Applicant. 9. It is clarified that the observations made in this order are limited Anand 5 of 6 11. BA 3578-2026.doc 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 in the above terms. (MILIND N. JADHAV, J.) Anand 6 of 6