MANOJ 907-BA-886-2025.DOC IN THE HIGH COURT OF JUDICATURE AT BOMBAY CRIMINAL APPELLATE JURISDICTION CRIMINAL BAIL APPLICATION NO.886 OF 2025 Mukesh Bharat Bhoye …Applicant V/s. The State of Maharashtra …Respondent WITH INTERIM APPLICATION NO.375 OF 2026 IN CRIMINAL BAIL APPLICATION NO.886 OF 2025 Ritesh Narendra Badani IN THE MATTER BETWEEN:- Mukesh Bharat Bhoye …Intervenor …Applicant V/s. The State of Maharashtra …Respondent Mr. Aniket U. Nikam a/w Mr. Sumit Patil & Adv. Shivraj Dubele, for the Applicant. Ms. Veera Shinde, APP for the Respondent-State. Mr. Chudaman More, PSI, Manikpur Police Station, present. Mr. Yogesh Baburao Borse, (brother in law of the Applicant). CORAM: SHYAM C. CHANDAK, J. DATED : 23rd SEPTEMBER, 2026 P.C. :- 1. Heard learned counsel for the parties. Perused the record. 2. Applicant Mukesh Bhoye seeks his release on bail in connection with Cr.No.292 of 2024, registered with Manikpur Police Station, District - Palghar for the offence punishable under Sections 406, 409, 420 and 34 of the Indian Penal Code, 1860 (“IPC”) and Sections 3 and 4 of the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act, 1999 (“MPID Act”). Page 1 of 5 WAKLE MANOJ JANARDHAN Digitally signed by WAKLE MANOJ JANARDHAN Date: 2026.09.28 16:32:33 +0530 MANOJ 907-BA-886-2025.DOC Aforesaid I.A. No.375 of 2026 has been filed by original informant Ritesh Wadhani to seek permission to intervene. However, none present for said Ritesh Wadhani. 3. Prosecution case is that between April 2023 to March 2024, the applicant registered a company namely “M/s. M. Trade” (A1) to deal in for-ex. It is alleged that, the applicant along with A3, in furtherance of their common intention deceived the informant and certain other investors by making false promise that, if they invest their money in the said company, they will get monthly profit @ 14% for next 14 months and, if the investment amount is Rs.5 lakhs, they will get additional Rs.20,000/- as reward. Further the accused persons fraudulently/dishonestly induced in all 16 investors to invest more than Rs.97,00,000/- in the said company. However, the accused persons neither returned the principle amount nor paid the profit as promised. Thus, the applicant and his co-accused committed this offence of cheating and misappropriation. Therefore, aforesaid offence was registered and the accused persons were arrested. Investigation led to filing of charge-sheet. The trial Court rejected the applicant’s prayer for bail. 4. Mr.Nikam, learned counsel for the applicant submitted that, the applicant is innocent. On instructions from Yogesh Baburao Borse, who is brother-in-law of the applicant and present before the Court, Mr. Nikam stated that to show his bona fide, the applicant is ready to deposit Rs.15,00,000/- in the trial Court before his release and additional Rs.15,00,000/- in three monthly installments. Further, on instructions, from the brother-in-law he stated that, without prejudice, the applicant will not object to disburse that amount of Rs.30,00,000/- amongst the investors in proportion to their investment amount. He submitted that, as alleged, A3 has MANOJ 907-BA-886-2025.DOC played similar role in the crime, who is released on bail by this Court. He, therefore, urged to grant the bail. 5. Ms. Shinde, learned APP, on the other hand, submitted that there is a prima facie case against the applicant of having committed the alleged offence. Therefore, bail may be refused. 6. I have considered these submissions. Considering the material on record, there is a prima facie case against the applicant of having committed the said offence along with his co-accused. However, it cannot be ignored that A3, who is attributed similar role, is released on bail. The applicant is in jail for last two years. Although, charge is framed on 2nd January, 2026, the trial has not advanced. The prosecution cited 39 witnesses. The trial is not likely to conclude in the foreseeable future. Ms. Shinde, the learned APP submitted that, in the year 2025, one criminal case was registered against the applicant in Gujarat but its details are not supplied. The applicant is not likely to abscond and temper with the prosecution evidence. 7. In view thereof and, considering the said submission by Mr. Nikam, I am inclined to released the applicant on bail. Hence, following Order:- (i) Applicant – Mukesh Bharat Bhoye shall be released on bail in connection with Cr.No.292 of 2024, registered with Manikpur Police Station, District - Palghar, on his furnishing P.R. Bond in the sum of Rs.50,000/- with one or two sureties in the like amount. (a) As a voluntarily undertaken by the applicant through his relative Mr. Yogesh Baburao Borse, the applicant would deposit Rs.15,00,000/- in the trial MANOJ 907-BA-886-2025.DOC Court before his release from jail. Thereafter, the applicant shall deposit additional Rs.15,00,000/- in three monthly installments. (b) As suggested by Mr. Nikam, an Affidavit undertaking to pay the aforesaid amount and giving no no-objection for its distribution shall be filed by the applicant before his release on bail. The Superintendent of Thane Central Prison to permit the applicant to execute the necessary Affidavit before him. Thereafter, the said Affidavit shall be filed with the Trial Court with copy to this Court. (c) The trial Court will be at liberty to distribute the said amount of Rs.30,00,000/- amongst the investors in proportion to the amount of their investment. The applicant shall not take any objection for the disbursement of that amount of Rs.30,00,000/-. (d) However, it is clarified that the aforesaid deposit of Rs.30,00,000/- by the applicant shall be without prejudice to the rights, contentions and defence to be taken by the parties in the trial Court or other proceedings arising out of this crime. Further, the said deposit shall not be construed as an admission of this crime by the applicant. (ii) The applicant shall mark his attendance at Manikpur Police Station, District - Palghar, on 1st day of month in every two months, 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 MANOJ 907-BA-886-2025.DOC 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 leave the territorial jurisdiction of the trial Court without prior permission. (vii) The applicant shall not indulge in identical activities for which he has been arraigned in this case. (viii) It is clarified that any observation made in the present Order are for the purpose of deciding the present Bail application and should not influence the outcome of the trial and also not be taken as an expression of opinion on the merits of the case. 8. Application stands disposed of in the aforesaid terms. 9. In view of the disposal of the B.A. No.886 of 2025, I.A.No.375 of 2026 does not survive and, is disposed of, accordingly. (SHYAM C. CHANDAK, J.)