The Bombay High Court reiterated the well-settled factors for considering a bail application, including the existence of a prima facie case, the nature and gravity of the accusation, and the danger of justice being thwarted. Applying these factors to the present case, and citing the decision of Lavesh vs. State (NCT of Delhi) [(2012) 8 SCC 730], the Court reasoned that an absconding accused who is not available for investigation is not entitled to the extraordinary remedy of pre-arrest bail.
Further, relying on Sumitha Pradeep vs. Arunkumar C.K. [(2022) 17 SCC 391], the Court held that filing of a charge-sheet is only one of the circumstances to be considered, and the absence of a need for custodial interrogation does not by itself become a ground to grant anticipatory bail, especially when a strong prima facie case exists.
Accordingly, the Court affirmed that anticipatory bail is an exceptional remedy that should not be granted routinely in serious cases, as it may hamper the investigation. Hence, no case was made out for the grant of pre-arrest bail.
A Single Judge Bench of Justice Madhav J. Jamdar observed that although the Applicant was not named in the FIR, his role was revealed during the investigation. It was noted that the Applicant’s own statement, recorded in a complaint he filed, shows he was acting in connivance with the main accused, Selvakumar Nadar.
The Bench found that prima facie, the Applicant is involved in a very serious crime, highlighting the huge sum of Rs. 8.33 Crores from 17 individuals that was transferred into his personal account. The transfer of high-value vehicles to the Applicant by the main accused after the FIR was lodged was also considered a significant factor.
Hence, the Bench characterized the offence as very serious, grave, and committed with complete pre-planning, which necessitates extensive and comprehensive investigation. The Bench also took note of the prosecution’s submission that the charge-sheet has not been filed against the Applicant because he is absconding.
Briefly, the Applicant filed an Anticipatory Bail Application for offences under Sections 405, 420 read with 34 of the Indian Penal Code, 1860, and Section 3 of the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act, 1999. The prosecution alleges that the Applicant, while working as a manager at “Ashtavinayak Investment Company” from February 2018 to October 2019, and even after leaving his job, lured investors by promising high returns. He allegedly compelled them to take personal loans from various banks, which were sanctioned illegally, and invested the amounts in the company.
The investigation revealed that an amount of Rs. 8.33 Crores from 17 investors was deposited into the Applicant’s personal bank account and subsequently transferred to the company’s account. Furthermore, after the FIR was lodged, the main accused, Selvakumar Nadar, and his wife transferred five vehicles, including two Mercedes and one BMW, to the Applicant’s name. The total cheating amount discovered from 144 witnesses has reached Rs. 75.09 Crores. The Applicant contended that he is a victim, the funds were immediately transferred from his account, and the vehicles were transferred to partly repay his own investments.
Appearances:
Advocate Hrishikesh Subhedar, for the Applicant
APP Savita M. Yadav, for the Respondent/ State
