38. BA 581-2026.doc IN THE HIGH COURT OF JUDICATURE AT BOMBAY CRIMINAL APPELLATE JURISDICTION BAIL APPLICATION NO. 581 OF 2026 Raviraj Gajanan Joshi .Applicant Vs. The State of Maharashtra & anr. .Respondents Dr. Bhushan Mahadik a/w. Mr. Rohit Malpani, Advocates, for the Applicant Mr. Karmakar a/w. Ms. Shilpa Talhar, APP, for Respondent No. 1 - State Mr. Pratik Rajopadhye a/w. Mr. Ameya Ranade, Mr. Gaurav Lele & Ms. Shrawani Hatkar, Advocates, for Respondent No. 2 Mr. Chetan More, API, E.O.W., Pune City present CORAM : MILIND N. JADHAV, J. DATE : 03.09.2026 P. C. 1. Heard Mr. Mahadik, learned Counsel for the Applicant, Ms. Talhar, learned APP for Respondent No. 1 – State and Mr. Rajoypadhye, learned Counsel for Respondent No. 2. 2. The Applicant is indicted in Criminal prosecution and proceedings under Sections 316(2), 316(5), 318(4), 336(3), 3(5), 61(2) of the the Bhartiya Nagarik Suraksha Sanhita, 2023 (for short “BNSS”) and Sections 3 & 4 of the Maharashtra Protection of Interest of Depositors Act (for short “MPID”) in C. R. No. 78 of 2025. He is one of the four Accused persons and is arrested on 02.05.2025 and is in Anand 1 of 6 ANAND SUDHAKAR SUDAME Digitally signed by ANAND SUDHAKAR SUDAME Date: 2026.09.03 19:17:18 +0530 38. BA 581-2026.doc incarceration for more than 14 months. According to the prosecution case, four co-accused persons and more specifically the principal co-accused namely Accused No. 2 – Mr. Ajay Chaudhary and Accused No. 1 – Mr. Pravin Nahata promulgated a development scheme seeking investments claiming to be office bearers of the Maharashtra Rajya Bajar Samittee Sahkar Sangh and informed about investments in a Government approved Scheme called “MAGNET” (Maharashtra Agri- Business Network Project) and lured investors into making deposits. Several hand loans were taken from investors. They also simultaneously assured about floating a development scheme called “Gazania Shelters Private Limited”, whereby they executed Deal Agreements with the investors promising them handsome returns on the basis of running a Resort Scheme called “Gazania Gardens”.The land on which the said scheme appeared to be floated, prima facie, according to the Complainant belongs to the Bhogvatdar Varg III of Panchgani Devasthan Trust and it is the case of the prosecution that without obtaining permission from the concerned Pradhikaran as also from the Government, such scheme was floated and investments were obtained leading to non-return of the said amounts and a financial fraud on the investors. Charge against four Accused persons is for Criminal breach of trust, cheating and also misappropriation of monies. Anand 2 of 6 38. BA 581-2026.doc The provisions of the Special Act have also been foisted in view of at least four investors, who have come before the Court raising their grievances of having made substantial investments, but the investments having been dried out. Insofar the precise role of the Applicant is concerned, even according to the prosecution case, he has received an outlay of Rs.75,00,000/-, out of the total amounts which were received by the principal co-accused persons namely Accused No. 1 and Accused No. 2 in their Bank accounts. 3. Mr. Mahadik, learned Counsel for the Applicant draws my attention to the Order dated 24.03.2026 passed by this Court in the present matter which records the submission on behalf of the Applicant that the Applicant was ready to deposit a sum of Rs. 75,00,000/- before the Trial Court. Mr. Mahadik has placed on record the receipt of such deposit which is dated 10.04.2026 pursuant to the aforesaid Order. He would submit that the Applicant has shown his bonafides with regard to the highest possible prosecution case against him of the outlay of the amounts received by him and hence, the Applicant’s case should be considered for grant of bail. Since investigation is completed, the Applicant has participated in the investigation and co-operated with the investigation, his custodial interrogation would not be necessary. That apart, he has also placed on record substantial material which Anand 3 of 6 38. BA 581-2026.doc pertains to the wife of the Applicant having been diagnosed for serious medical ailments in view of which she was, in fact, hospitalized for more than six weeks in the month of April, 2026 in Deenanath Mangeshkar Hospital & Research Centre, Pune. 4. I have perused the hospital papers which are placed before me and prima facie, they having been given by Mr. Mahadik and I have no reason not to disbelieve them. Needless to state that a set of the said papers is also given to the prosecution. However, in view of the aforementioned twin issues which have been delineated by me, I am inclined to consider the request made by Mr. Mahadik for grant of bail, for Applicant having shown his bonafides by depositing the amount of Rs.75,00,000/- according to the previous order passed by this Court. 5. Mr. Karmakar, learned APP for Respondent No. 1 – State informs the Court that Charge-sheet has been filed only qua the two principal Accused persons namely Accused No. 1 and Accused No. 2 and investigation is on. In that view of the matter, the Applicant is directed to co-operate with the investigation as and when called for. 6. Hence, in view of above prima facie observations and finding, Bail Application of the Applicant is allowed subject to the following terms and conditions :- (i) Applicant – Raviraj Gajanan Joshi is directed to be Anand 4 of 6 38. BA 581-2026.doc immediately released from prison in connection with CR. No. 78 of 2025; (ii) The Applicant is directed to be released on bail on furnishing P. R. Bond of Rs.50,000/- (Rs. Fifty Thousand only) with one or two sureties in the like amount; (iii) The Applicant shall report to the Investigating Officer at Deccan 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 shall attend all dates of hearing before the Trial Court; (iv) The Applicant shall co-operate with the conduct of the trial and remain present before the Trial Court on all dates, unless specifically exempted. The Applicant shall not seek unnecessary adjournments. Any such conduct shall entitle the prosecution to apply for cancellation of bail; (v) The Applicant shall not leave the country without the prior permission of the Trial Court and shall deposit his passport with the Trial Court; (vi) The Applicant shall not influence any of the witnesses Anand 5 of 6 38. BA 581-2026.doc or tamper with the evidence in any manner; (vii) The 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. 7. 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. 8. The Bail Application No. 581 of 2026 is allowed and disposed of in the above terms. (MILIND N. JADHAV, J.) Anand 6 of 6