(1) crmab-21-2026.odt IN THE HIGH COURT OF BOMBAY AT GOA CRIMINAL APPLICATION (BAIL) NO.21 OF 2026 RAMESH JOSHI PRESENTLY LODGED IN JUDICIAL CUSTODY AT CENTRAL JAIL COLVALE VERSUS STATE OF GOA THR PUBLIC PROSECUTOR AND ANR. … Mr. Vaibhav Amonkar with Mr. Raj Chodankar, Advocates for Applicant. Mr. Preetam Talaulikar, Additional Public Prosecutor with Ms. Sara Desai, Advocate for Respondent Nos.1 and 2. … CORAM : S. G. CHAPALGAONKAR, J. RESERVED ON : 08th SEPTEMBER, 2026. PRONOUNCED ON : 11th SEPTEMBER, 2026. FINAL ORDER :- 1. The applicant seeks regular bail in connection with FIR No.3/2024 registered with EOC Police Station, North Goa for offence punishable under Sections 406, 409, 420, 120B of Indian Penal Code, Sections 3 and 5 of Goa Protection of Interests of Depositors (Financial Establishments) Act, 1999, Sections 4 and 5 of Prize Chit and Money Circulation Schemes (Banning) Act and Sections 3 and 4 of Banning of Unregulated Deposits Schemes Act, 2019. 2. The investigation was set in motion on the basis of information/complaint dated 30.10.2024 given by Mr. Ramesh N. Shirodker, Police Inspector, Economic Offences Cell, Police Station, Panaji-Goa alleging that accused persons who are Managing Directors, Directors and Agents of M/s. R. J. Papillon Nidhi Limited hatched 2026:BHC-GOA:1834 (2) crmab-21-2026.odt criminal conspiracy and induced investors/depositors to invest in company through various schemes in nature of Fixed Deposits, Monthly Recurring Deposits on promise of exponential returns. Upon receiving entrusted funds, accused persons dishonestly misappropriated money and converted them to their own use by investing in R. J. Papillon Multitrade Private Limited. The accused failed to repay promised returns/maturity amount to investors and fled by closing company/bank and cheated investors for amount of approximately Rs.2,37,96,622/-. 3. The aforesaid information culminated into registration of Crime No.3/2024. The applicant has been arrested on 27.01.2026. After completion of investigation, charge-sheet has been filed in Sessions Case (Ors.) No.11/2026, which is pending trial in Court of Principal Sessions Judge, South Goa at Margaon. The applicant moved application for grant of regular bail before Sessions Court, which came to be rejected vide order dated 08.07.2026 observing that offence is serious and applicant is not resident of State of Goa. 4. Mr. Vaibhav Amonkar, learned Advocate appearing for applicant submits that offence has been registered in year 2024. The applicant co- operated during course of investigation. He has submitted necessary details to Investigating Officer from date of registration of offence till date of his arrest. On completion of investigation, charge-sheet is filed. Further detention of applicant would not be necessary. (3) crmab-21-2026.odt 5. Per contra, Mr. Preetam Talaulikar, learned Additional Public Prosecutor vehemently opposes application for bail contending that applicant alongwith other accused defrauded general public for amount of Rs.2 crores by promising exponential returns on investment. The schemes run by applicant and his company were illegal. The applicant failed to co-operate during course of investigation. Till this date, investigation as to money trail is going on. The release of applicant may hamper smooth prosecution. The possibility of jumping bail cannot be denied. The financial offences are at rise. He, therefore, urges to reject applicant’s application for bail. In support of his contentions he relies upon observation of Supreme Court in case of Nimmagadda Prasad Vs. Central Bureau of Investigation1, Deepak Pandurang Dalvi Vs. The State of Maharashtra (Bail Application No.4460/2024 decided on 06.08.2025) and Rakesh Mittal Vs. Ajay Pal Gupta alias Sonu Chaudhary and Another2. 6. Having considered submissions advanced by learned Advocates appearing for respective parties, it can be observed that FIR has been registered on 30.10.2024. The applicant has been arrested on 27.01.2026. On 24.03.2026, upon completion of investigation, charge- sheet has been filed. The applicant moved application for grant of regular bail before Sessions Court, which came to be rejected on 08.07.2026. The sum and substance of allegation against applicant is 1 2013 (7) SCC 466. 2 2026 SCC OnLine SC 211. (4) crmab-21-2026.odt that accused persons being Managing Directors, Directors and Agents of company namely M/s. R. J. Papillon Nidhi Limited lured investors/depositors to invest in their company through various schemes promising high returns on investments. The investment worth Rs.2,37,97,622/- has been made by victims in various schemes. The accused persons operated through office at Vasco, Goa and attracted huge investments through advertisement of their scheme. 7. On arrest of applicant, it has been revealed that that Board of Director of M/s. R. J. Papillon Nidhi Limited violated provisions of Act, Rules and Bye-laws of company. They mismanaged affairs of company incurring huge losses to company and investors. 8. Perusal of statement of witnesses depicts that applicant had floated various schemes of R. J. Papillon Nidhi Bank and M/s. R. J. Papillon Nidhi Limited. The record indicates that some of investors were given returns through cheques. However, such cheques were dishonored and in many cases there is failure to return of money. The record indicates that applicant invested said amount in sister concerns and ultimately, failed to return amount to investors. 9. Although prima facie there is material against applicant depicting commission of offence alleged, fact remains that FIR has been registered in year 2024. The record indicates that applicant has been arrested in January 2026 and prior to that applicant continuously co- (5) crmab-21-2026.odt operated investigation machinery. The relevant record regarding receipt of money and its further investments, forms part of charge-sheet. Prima facie, collection of amount and its investment by applicant’s company was not barred by law. Although charge-sheet is filed in March 2026, except applicant no other accused has been arrested. The possibility of framing of charges and commencement of trial in near future is not discernible. There are no criminal antecedents except registration of Crime No.2321/2024 at Mumbra Police Station for similar transaction. The applicant is behind bar for approximately 8 months. Any Further detention of applicant would not be necessary. The interest of prosecution can be protected by putting necessary conditions. It is brought to notice of this Court that applicant has refunded amount of Rs.14,53,843/- after his arrest, which credits to his bonafides. In this backdrop, case is made out to grant regular bail. Hence, following order: ORDER a. Criminal Application is allowed on following conditions: (i) The applicant be released on bail in connection with FIR No.3/2024 registered with EOC Police Station, North Goa for offence punishable under Sections 406, 409, 420, 120B of Indian Penal Code, Sections 3 and 5 of Goa Protection of Interests of Depositors (Financial Establishments) Act, 1999, Sections 4 and 5 of Prize (6) crmab-21-2026.odt Chit and Money Circulation Schemes (Banning) Act and Sections 3 and 4 of Banning of Unregulated De- posits Schemes Act, 2019 on executing PR Bond in sum of Rs.1,00,000/- (Rs.One Lakh Only) with one or two local sureties in the like amount; (ii) The applicant shall attend Trial Court concerned on every date as fixed by Court unless exempted by orders of Trial Court concerned or as required by Investigating Officer; (iii) The applicant shall also attend Police Station concerned as and when required by written notice to do so by In- vestigating Officer; (iv) If applicant holds a passport, he shall deposit same with Police Station concerned; (v) The applicant shall not leave India without permission of Trial Court; (vi) The applicant shall not tamper or attempt to influence or contact complainant, witnesses or any person con- cerned with case; (vii) The applicant shall inform his latest place of residence and contact number immediately after being released and/or change of residence or mobile details, if any, (7) crmab-21-2026.odt from time to time to Court seized of matter and to In- vestigating Officer to Police Station concerned; (viii) The applicant to co-operate with conduct of trial; (ix) Any infraction of aforesaid conditions shall entail can- cellation of bail. (S. G. CHAPALGAONKAR) JUDGE Devendra/September-2026