44.BA.945.2026.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. 945 OF 2026 Chetan Sanjay Mahajan .. Applicant Versus State of Maharashtra .. Respondent ....................  Mr. Ashok P. Mundargi, Senior Advocate a/w. Mr. Akshay H. Bankapur, Advocate for Applicant.  Ms. Gauri S. Rao, APP for Respondent – State.  PSI – Mr. Sanjay Mulak, Head Constable – Mr. Nitin Karad, EOW, Nashik City present. ......…........... CORAM : MILIND N. JADHAV, J. DATE : SEPTEMBER 08, 2026. P.C.: 1. Heard Mr. Mundargi, learned Senior Advocate for Applicant and Ms. Rao, learned APP for Respondent – State. 2. This is an Application under Section 439 of the Criminal Procedure Code, 1973 seeking bail in connection with C.R.No.63 of 2025 registered with Cyber Police Station, District Nashik for the offences punishable under Sections 318(4), 316(2), 61(2) and 62 of the Bharatiya Nyaya Sanhita, 2023 (for short ‘BNS’); Section 3 of the Maharashtra Protection of Interest of Depositors Act, 1999 (for short ‘MPID Act’) and Section 66(d) of the Information Technology Act, 2000 (for short ‘IT Act’). 1 of 4 44.BA.945.2026.doc 3. In the present case, Applicant is indicted as Accused No.3 in the present crime. The principal accused person and the protagonist of the investment scheme called ‘Open Hands’ was floated by Accused Nos.1 and 2. Insofar as role of attributed to Accused No.3 - Applicant is concerned, it is the prosecution case that he was part of the said syndicate run by Accused No.1 and was present and seen with them. 4. That apart, the total outlay of funds which has been amassed by the 3 accused persons when the FIR was filed was Rs.26.73 lakhs from 53 investors. However, the same has now been inflated on further complaints having been received to Rs.47.87 crores. Insofar as receipt of any of the funds collected by the accused persons is concerned, it is prosecution case that Applicant received an amount of Rs.7.85 lakhs in two tranches in his bank accounts namely of Rs.30,000/- and Rs.4.55 lakhs. The same has already been attached and retrieved by the prosecution. 5. The Applicant has already been arrested on 02.08.2025 and has been in custody for a little over 13 months. Charge sheet has been filed and further custodial interrogation of Accused No.3 - Applicant is therefore no longer required in the aforesaid facts and role which attributed to the Applicant. 6. Hence, in view of above prima facie observations and findings, Bail Application of Applicant is allowed subject to the 2 of 4 44.BA.945.2026.doc following terms and conditions:- (i) Applicant – Accused No.3 – Chetan Sanjay Mahajan is directed to be immediately released from prison in connection with CR. No.63 of 2025; (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 or two sureties in the like amount; (iii) Applicant shall report to the Investigating Officer at Cyber Police Station, 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) 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 3 of 4 44.BA.945.2026.doc tamper with the evidence in any manner; (vii) Applicant 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 (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. Bail Application is allowed and disposed in the above terms. [ MILIND N. JADHAV, J. ] Ajay 4 of 4 AJAY TRAMBAK UGALMUGALE Digitally signed by AJAY TRAMBAK UGALMUGALE Date: 2026.09.08 20:12:50 +0530