3. BA 3491-2026.doc IN THE HIGH COURT OF JUDICATURE AT BOMBAY CRIMINAL APPELLATE JURISDICTION BAIL APPLICATION NO. 3491 OF 2026 Jitendra Manohar Balladkar .Applicant Vs. The State of Maharashtra .Respondent Mr. Shubhankar Kulkarni i/b. Mr. Hrutwik S. Kate, Advocates, for the Applicant Ms. Sangeeta S. Phad, APP, for the Respondent – State CORAM : MILIND N. JADHAV, J. DATE : 21.09.2026 P. C. 1. Heard Mr. Kulkarni, learned Counsel for the Applicant and Ms. Phad, learned APP for the 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.122 of 2024 registered with Bhosari MIDC Police Station, Pune for offences punishable under Sections 406, 409, 420 r/w. 34 of the Indian Penal Code, 1860 (for short “IPC”) and under Section 3 of the Maharashtra Protection of Interest of Depositors Act, 1999 (for short “MPID Act”). 3. The Applicant before me indicted in a crime for cheating the investors from whom he had received deposits. There are two other Anand 1 of 4 ANAND SUDHAKAR SUDAME Digitally signed by ANAND SUDHAKAR SUDAME Date: 2026.09.21 21:43:01 +0530 3. BA 3491-2026.doc Accused persons in the crime, who have all been released on bail. According to the prosecution case, it is depicted from Exh. F page No.431 of the Charge-sheet appended to the Application that out of the total amounts which were received as deposits, the Applicant is yet to return an amount of Rs.5,60,40,501/-. It is seen that substantial amounts have been returned back to the investors in different denominations. This is prima facie seen from the said document. It is prima facie seen that the relationship between the First Informant and the Applicant as also other investors is governed by investment agreements between them. It is only when the returns had stopped that present Criminal case has been filed. Considering the investment agreements which are part of the Charge-sheet and on record, this would otherwise be a Civil dispute. Be that as it may, since even according to the prosecution case, at the highest, substantial amounts have been received over a period of time by most of the investors and the investigation having been completed, no further custody of the Applicant is required. 4. Hence, in view of above prima facie observations and finding, Bail Application of Applicant is allowed subject to the following terms and conditions:- (i) Applicant – Jitendra Manohar Balladkar is directed to Anand 2 of 4 3. BA 3491-2026.doc be immediately released from prison in connection with CR. No. 122 of 2024; (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 of the like amount; (iii) Applicant shall report to the Investigating Officer at Bhosari MIDC 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) 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 tamper with the evidence in any manner; (vii) Applicant shall keep the Investigating Officer informed Anand 3 of 4 3. BA 3491-2026.doc 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. 5. 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. 6. Bail Application is allowed and disposed in the above terms. (MILIND N. JADHAV, J.) Anand 4 of 4