42.BA.1605.2026.doc Ajay 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. 1605 OF 2026 Saurabh Sanjay Kale and Anr. .. Applicants Versus State of Maharashtra .. Respondent ....................  Mr. Karan Rajput a/w. Mr. Tushar Sonawane, Advocates for Applicants.  Ms. Shilpa G. Talhar, APP for Respondent – State.  API – Mr. B.J. Shinde, EOW, Nashik (Rural) present. ......…........... CORAM : MILIND N. JADHAV, J. DATE : SEPTEMBER 01, 2026. P.C.: 1. Heard Mr. Rajput, learned Advocate for Applicants and Ms. Talhar, learned APP for 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.142 of 2024 registered with Lasalgaon Police Station for offences punishable under Sections 111(2), 318(4), 316(2), 316(5), 61(2) and 3(5) of the Bharatiya Nyaya Sanhita, 2023 (for short “BNS”) and Sections 3 and 4 of the Maharashtra Protection of Interest of Depositors Act, 1999 (for short “MPID Act”). 3. There are two Applicants before me in the present Bail Application. They are arraigned as accused Nos.5 and 7. The principal 1 of 8 42.BA.1605.2026.doc protagonist in the present matter is the accused No.1, who was running a company called ‘Star-Inspire Jewellers Private Limited’ whereby he and his associates invited investors to make substantial deposits and offered various schemes for higher returns. The returns included various forms of returns including jewellery as well as money returns. 4. In so far as the present Applicants before me are concerned, they are related to the principal accused person. They are indicted in the present crime which incidentally was made by the prosecution after a hiatus of 9 months when a supplementary charge sheet has been filed after filing of the first charge sheet. Applicants are not named in the FIR either nor it is prosecution's case that they are beneficiaries of the proceeds of crime. 5. Applicants are young offenders aged 24 and 26 years old and by profession, they are qualified engineers, but they have been caught in the crosswinds of the present offence in view of their nexus and relationship with the accused No.1. Merely having relationship with accused No 1 or for that matter any nexus will have to be established prima facie by the prosecution on the basis of prima facie material which is not made available before the Court. 6. Ms. Talhar, learned APP has vehemently persuaded the Court to consider the extent and gamut of the present crime. She 2 of 8 42.BA.1605.2026.doc would submit that the outlay of the present crime runs into more than 121 crores having been received by the accused persons, namely the principal accused persons from scores of investors. In her submission, she would submit that there are at least 6 statements which indict the present Applicants in the present offence. She would submit that the 6 statements of witnesses prima facie state that the Applicants were present in the office of Accused No.1, who is the principal accused person and they had made efforts to make the investors understand the value of their investments and had accordingly induced them to make investments. 7. She would, in her usual fairness submit that the principal case of the prosecution against the Applicants is that they were seen carrying the bags full of money which was deposited by the investors with the principal accused persons. 8. I have considered the submissions made by Mr. Rajput and Ms. Talhar, the learned Prosecutor on behalf of the parties. It is prima facie seen that there is no direct role established by the prosecution so as to persuade the Court to see the nexus of the Applicants in the management or administration or financial dealings of the concerned Company called ‘Star-Inspire Jewellers Private Limited’ run by Accused No.1 which collected the deposits from investors promising them high returns. 3 of 8 42.BA.1605.2026.doc 9. Once this is seen, Applicants deserve parity as argued by Mr. Rajput. Accused No.6 - Vaibhav Shinde is also similarly placed. He is also related to accused No.1 and the only charge against him by the prosecution is that he has been seen to have carried bags which were full of money which were deposited by the investors. Equally, Accused No.3, being the Manager of the aforesaid Company has been a direct beneficiary of Rs.1 crore and notwithstanding this fact, both Accused Nos.6 and 3 have been released on bail by orders of this Court dated 14.11.2025 and 03.12.2025. 10. Applicants are qualified engineers and young offenders. Considering Applicants age, if they are enlarged on bail the Court is hopeful that Applicants family will undoubtedly do their duty to make every effort and attempt to reform and aid the Applicants in leading a reformed life while on bail rather than keep them in prison and expose them to criminal outlook and life in prison. However on the flip side, if a chance is given to Applicants because of their young age by enlarging them on bail, there is a possibility that they will be remorseful and repent in retrospect. This is a chance required to be taken by the Court because punishment has to be believed to be inflicted for a reformative result rather than being punitive in nature. 11. Undoubtedly the trial will determine the complicity of Applicants in the offence. While considering Bail Application in such 4 of 8 42.BA.1605.2026.doc facts, Court feels that reform and rehabilitation of the under trial accused persons needs to be considered especially when age of the accused persons is young so that the accused persons gets an opportunity / or is given an opportunity to reform, rehabilitate and earn his livelihood honorably from the perspective of social integration. This is a chance which the Court must take considering the young age of accused persons. The age of Applicants are very young. If Applicants are incarcerated in prison further, there is every possibility that they might lose faith in the institution and society at large and may tread the path of criminality or would waste his life. Incarceration in prison incidentally exposes many youth to abuse as is shown statistically. 12. There are several harms of incarceration which are inflicted disproportionately on the youth. This is the reason why Court feels that any / every semblance of a chance towards a reformative approach in punishment should be adopted, especially in the case of young offenders. Hence every opportunity or to that extent risk should be constructively taken by the Court in the case of young offenders – accused before committing such accused to further custody and give such accused an opportunity to become a good citizen in the Society. These observations are only in the view of the young age of the Applicants before me and it is only a means to explore an alternative to incarceration so that the Applicants can become good citizens. 5 of 8 42.BA.1605.2026.doc 13. In view of the above and considering the prima facie role of the Applicants as emanating from the record of the present case, I am inclined to consider the case of the Applicants on parity before me. The Applicants arraigned as accused Nos.5 and 7 are directed to be released on bail. 14. Hence, in view of above prima facie observations and finding, Bail Application of Applicants is allowed subject to the following terms and conditions:- (i) Applicant – Accused No.5 – Saurabh Sanjay Kale is directed to be immediately released from prison in connection with CR. No.242 of 2024; (ii) Applicant – Accused No.7 – Gaurav Sanjay Kale is directed to be immediately released from prison in connection with CR. No.242 of 2024; (iii) Both Applicants are directed to be released on bail on furnishing P.R. Bond of Rs.25,000/- (Rs. Twenty Five Thousand only) each with one surety of the like amount; (iv) Both Applicants shall report to the Investigating Officer at Lasalgaon Police Station, once every month, on the first Monday of the month between 10:00 a.m. to 12:00 6 of 8 42.BA.1605.2026.doc p.m. until commencement of trial and thereafter shall attend all dates of hearing before the Trial Court; (v) Applicants shall cooperate with the conduct of the trial and remain present before the Trial Court on all dates, unless specifically exempted. Applicants shall not seek unnecessary adjournments. Any such conduct shall entitle the prosecution to apply for cancellation of bail; (vi) Applicants shall not leave the State of Maharashtra without prior permission of the Trial Court; (vii) Applicants shall not influence any of the witnesses or tamper with the evidence in any manner; (viii)Applicants shall keep the Investigating Officer informed of their current residential address and mobile telephone number and shall forthwith inform the Investigating Officer of any change in their residential address or mobile telephone number, as and when such change occurs; and (ix) Any breach or infraction of any of the aforesaid conditions shall entail cancellation of the bail granted to the Applicants. 15. It is clarified that the observations made in this order are 7 of 8 42.BA.1605.2026.doc limited for the purpose of granting bail only and I have not made any observations on the 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. 16. Bail Application is allowed and disposed in the above terms. [ MILIND N. JADHAV, J. ] Ajay 8 of 8 AJAY TRAMBAK UGALMUGALE Digitally signed by AJAY TRAMBAK UGALMUGALE Date: 2026.09.01 20:36:01 +0530