[2026:RJ-JP:22106] HIGH COURT OF JUDICATURE FOR RAJASTHAN BENCH AT JAIPUR S.B. Criminal Misc. Stay Application No. 4352/2025 In S.B. Criminal Writ Petition No. 804/2025 Murli Manohar Naamdev S/o Shri Badri Lal Naama ----Accused Petitioner Versus State Of Rajasthan & Ors. ----Respondents For Petitioner(s) : Mr. Samarth Sharma, Advocate for Mr. Lalit Sharma, Advocate For Respondent(s) : Mr. Manvendra Singh Shekhawat, PP Mr. Vaibhav Pareek, Advocate (through VC) HON'BLE MR. JUSTICE BHUWAN GOYAL Order 22/05/2026 1. Pursuant to the order dated 19.12.2025 passed by the Hon’ble Supreme Court in Petition for Special Leave to Appeal (Crl.) No. 20954/2025, the arguments have been heard on the stay application filed by the petitioner and the same is being decided finally. 2. Learned counsel for the petitioner submits that multiple FIRs were lodged against the petitioner and other co-accused persons on the same set of allegations in different police stations, mainly for the offence under Sections 420, 406, 467, 468, 471 and 120B IPC. He further submits that in some FIRs, the petitioner was arrested and was granted bail. He further submits that since all the FIRs emanate from the similar incident, interim protection be granted to the petitioner. [2026:RJ-JP:22106] (2 of 3) [CRLSTAY-4352/2025] 3. On the other hand, learned PP appearing for the State submits that in the year 2012, the petitioner in collusion with co- accused persons got registered a partnership firm named ‘Apeksha Investment’, in which the petitioner is a partner. Thereafter in the year 2013, ‘Apeksha Credit Cooperative Society’ was formed by Apeksha group, in which the petitioner is a member. Subsequently in the year 2017, two companies named ‘Apeksha Associates, LLP’ and ‘Apeksharise Projects LLP’ were formed, in which the petitioner is the Chief Executive Director and in his wife’s company ‘Apkesharise Beauty and Fashion Pvt. Ltd.’ he is a Director. He further submits that till June, 2020, the petitioner and co-accused persons fraudulently got invested Rs. 1,94,75,68,600/- in Apeksha group from the investors and duped them that the invested money will be doubled and tripled with interest @ 40% p.a. From the invested money, the petitioner purchased properties in companies’ name, but neither the invested money was returned to the investors nor possession of property was handed over to them. He further submits that as many as 117 FIRs were lodged in the matter. In some of the FIRs, the investigation is pending and in some of the FIRs, after investigation, challan has been filed. He further submits that the petitioner has already been arrested in FIR No. 4/2022 and from the investigation conducted by the police, offence under Sections 420, 406, 467, 468, 471 and 120B IPC and Section 3, 4, 5 and 6 of Chit Fund Act and Money Circulation Schemes (Banning) Act, 1978 is found to have been made out against him and challan has been filed. He has submitted the factual report dated 22.5.2026 sent to him by Addl. SP, SIT, District Kota, City (Raj), which is taken on record. [2026:RJ-JP:22106] (3 of 3) [CRLSTAY-4352/2025] 4. Taking into consideration the facts and circumstances of the case, no case is made out to grant interim relief to the petitioner. Hence, the stay application filed by him is dismissed. (BHUWAN GOYAL),J DK/1