1 29-Cr.BA-920-2026 IN THE HIGH COURT OF JUDICATURE AT BOMBAY NAGPUR BENCH, NAGPUR. CRIMINAL APPLICATION [B.A.] NO. 920 OF 2026 Gaurav Prabhakar Ambuskar -- VERSUS -- State of Maharashtra __________________________________________________________________________ Office Notes, Office Memoranda of Coram, appearances, Court's orders of directions Court's or Judge's orders. and Registrar's Orders. Mr. D.M. Ailani, Advocate (appointed) for the Applicant. Mr. N.R. Rode, A.P.P. for the Non-applicant/State. CORAM : M.M. NERLIKAR, J. DATE : AUGUST 20, 2026. Heard. 2. The present application is filed seeking regular bail in Crime No.158/2025 for the offences punishable under Sections 420 read with Section 34 of the Indian Penal Code, 1860, and Sections 3 and 4 of the Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act, 1999, registered with Police Station Khadan, District Akola. 3. The crime is registered on the basis of the report lodged by the informant, Surekha Gautam Owe, alleging that the present applicant is her neighbour and that there were family relations between her and the present applicant. The present applicant induced her to invest an amount in Advice Piyush Mahajan 2026:BHC-NAG:10852 2 29-Cr.BA-920-2026 Alliance Finance Company on the promise that she would get handsome returns on the invested amount within a short span. Therefore, she invested a total amount of Rs. 14,00,000/-. However, she has not received any return, including the principal amount. On the basis of the said report, the police have registered the crime against the present applicant. 4. The learned counsel for the applicant submits that the applicant was an employee of Advice Alliance Consultancy Service and was working as the Chief Executive Officer (CEO) of the said company. It is alleged in the First Information Report that about 36 persons have been duped by this company. He further submits that the total amount which was duped was to the tune of Rs. 2,26,89,999/-. So far as the role of the applicant is concerned, the applicant is not involved in the misappropriation of the amount. During the investigation, the bank account of the applicant was seized and even his properties were searched, however, neither any amount was found in the bank account nor any property of the applicant was found. Even in the bank account, nothing was found. Even if the allegations are taken as it is to be true, the fact remains that the applicant was arrested on 24/03/2025. Now, more than one year and six months have already passed, however, till today, even Piyush Mahajan 3 29-Cr.BA-920-2026 the trial has not begun. Therefore, he submits that no purpose would be served by keeping the applicant behind bars, and therefore, he prayed to release the applicant on bail by imposing stringent conditions. 5. On the other hand, the learned A.P.P. vehemently opposes the application and submits that the misappropriated amount is to the tune of more than Rupees two crore. The applicant is the main accused, who was working as the C.E.O. of the said consultancy. In the F.I.R. as well as in the statements of the witnesses, the name of the applicant appears, since he is the main person who is responsible for the entire misappropriated amount. He further submits that the people were induced to invest in the stock market as well as in cryptocurrency, and accordingly, the general public was allured to invest for the said purpose. Therefore, he submits that, considering the seriousness of the application, the applicant may not be released on bail. 6. I have considered the rival submissions. Apparently, it appears from the perusal of the F.I.R. as well as the investigation papers that the applicant was working as a CEO. It further appears that the allegations against the applicant are serious in nature, however, the fact remains that, till today, though the charges are framed, the trial is yet not Piyush Mahajan 4 29-Cr.BA-920-2026 started. Under such circumstances, since the applicant is behind bars from 24/03/2025, I am of the considered opinion that no purpose would be served by keeping the applicant behind bars. Therefore, I am inclined to grant bail by imposing stringent conditions. Hence, the following order: O R D E R (i) The Criminal Application is allowed; (ii) The applicant/accused (Gaurav Prabhakar Ambuskar) be released on regular bail in connection with Crime No.158/2025 for the offences punishable under Sections 420 read with Section 34 of the Indian Penal Code, 1860, and Sections 3 and 4 of the Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act, 1999, registered with Police Station Khadan, District Akola, on his furnishing a P.R. bond of Rs.1,00,000/- (Rupees One Lakh) with two solvent sureties in the like amount; (iii) The accused shall not directly or indirectly make any inducement, threat or promise to any person acquainted with the facts of the case, as also shall not tamper with the evidence; Piyush Mahajan 5 29-Cr.BA-920-2026 (iv) The accused shall provide his residential address and cell number to the Police Station concerned and shall not change his place of residence without prior intimation to the Investigating Agency; (v) Once the trial commences, the accused shall attend each and every date of trial regularly. If he fails to attend the trial subject to genuine reason to the satisfaction of trial court, or fails to comply with the aforesaid conditions, his default would entail the State to ask for cancellation of bail; (vi) The observations of this Court are prima facie in nature. The Trial Court shall not be influenced by the same; (vii) Fees of the appointed counsel be quantified and paid as per ruled; (viii) Pending Misc. Application(s), if any, also stand disposed of. [ M.M. NERLIKAR, J ] Piyush Mahajan Signed by: Piyush Ramesh Mahajan Designation: PA To Honourable Judge Date: 20/08/2026 18:37:08