The Bombay High Court, on September 22, 2025, rejected the bail plea of Sandip Chintaman Samant, director of A.S. Agri and Aqua LLP, in a large-scale investment fraud case. Justice Dr. Neeta Gokhale denied the bail on the grounds of the gravity of the fraud, the involvement of multiple victims, and the applicant’s past record of similar offences.
The case arose after the complainant was lured in by the advertisements of the accused company who promised double returns in 16 months and crores in subsequent years, investing Rs.1 crore. She went on to purchase land worth ₹1.1 crore and spent another
?60 lakhs on leveling it, but no farming agreement was executed at the time. It was only in May 2022 that a notarized agreement was finally signed. Soon after, the directors claimed to have resigned from the company, leaving the complainant to realize she had been duped. The applicant, as one of the directors, had even issued an e-receipt under his signature, adding to the impression of legitimacy. The applicant argued that the grounds of arrest were not communicated to him in writing, violating Section 50 CrPc and Article 22(1) and causing prejudice by denying a fair chance of defending himself. Furthermore he contended that since he had already undergone a 2 year incarceration while the trial had barely commenced therefore making him deserving of bail.The prosecution contended that the applicant and co-accused had defrauded 900 investors of Rs. 377.59 crores also noting the applicant’s prior five criminal antecedents of a similar nature. They also stated that the grounds of the arrest had been communicated orally and recorded in the remand report in compliance with Section 50 CrPC.
The Court noted that the applicant was arrested before the rules mandating written reasons for arrest came into effect, and this did not cause him any harm or disadvantage. Therefore, considering the seriousness of the large-scale fraud, the findings of the forensic audit, and the applicant’s past record, the Court consequently rejected the bail application.
Appearances:
For the Applicant : Adv. Mr. Satyavrat Joshi a/w Samay Pawar
For the Respondent : Adv. Ms. Megha S. Bajoria
