Mumbai, Maharashtra — In a notable development, a Designated Court under the Maharashtra Protection of Interest of Depositors (MPID) Act in Mumbai has granted bail to Arnav Kartik Sing Baghel, a 19-year-old accused in a significant financial fraud case involving an alleged unregistered foreign exchange trading scheme. The Oral Order was pronounced by His Honour Judge N. P. Mehta on November 13, 2024, and formally signed on November 14, 2024.

Baghel, residing in Virar, had sought regular bail under Section 439 of The Code of Criminal Procedure, 1973. He was implicated in C.R. No. 95 of 2024 registered with DCB, CID, Mumbai (which corresponds to C.R. No. 966 of 2024 at Kandivali Police Station). The charges against him include offenses under Sections 316(2), 318(4), 3(5) of the Bharatiya Nyaya Sanhita, 2023 (BNS), Section 66(C) of the Information Technology Act 2000, and Section 3 of The Maharashtra Protection of Interest of Depositors Act, 1999 (MPID Act).

The prosecution, represented by Ld. SPP Suryawanshi, had resisted the bail application, submitting their formal “say” at Exhibit No. 03.

According to the prosecution’s case, Baghel was employed by a company named “Spot Fixit Solution.” His role involved attracting Indian customers by calling them through a system called VICIdial, inducing them to invest in foreign exchange currency with promises of high returns. Customers were then asked to register on a website, ‘https://www.google.com/search?q=forexsp.com,’ and provide their bank account details, which the company allegedly used to withdraw money for “investment.”

However, customers later discovered that “Spot Fixit Solution” lacked a valid license to trade in foreign exchange currency. They realized they had been deceived, as the company had allegedly forged forex trading operations, accepted money from various customers, and then transferred these funds into its own accounts. The prosecution contended that the company never actually invested the customers’ money in foreign exchange trading, thereby defrauding them of their hard-earned savings.

During the bail proceedings, Ld. Advocate Kapil Dave, representing Arnav Kartik Sing Baghel, argued that the applicant’s role was limited to that of an employee of “Spot Fixit Solution.” He contended that Baghel had “no role to play in the alleged defrauding of money of Indian customers” and was merely “acting as per the directions of his masters.” The defense emphasized that no specific role was attributed to Baghel in inducing or deceiving customers, especially regarding the crucial aspect of the company operating without a Reserve Bank of India license for foreign exchange trading. Furthermore, it was argued that Baghel was not a beneficiary of the funds received from the Indian customers, asserting that all the alleged money was “pocketed by the main accused.”

Considering these submissions, Judge N. P. Mehta found merit in the defense’s arguments. The court noted the applicant’s limited role as an employee and the assertion that he was not a direct beneficiary of the defrauded funds. Consequently, the court decided to enlarge Arnav Kartik Sing Baghel on bail.

The bail has been granted subject to stringent conditions to ensure his cooperation with the ongoing investigation and legal proceedings:

1. Personal Recognizance (PR) Bond: Baghel must furnish a PR bond of ₹15,000/- (Rupees Fifteen Thousand only) with one or more sureties of the same amount.
2. Provisional Cash Bail: He is permitted to furnish a provisional cash bail of ₹15,000/- for a period of three months.
3. Surety Compliance: The applicant must complete the surety compliance before the concerned court.
4. Passport Surrender: Baghel is required to surrender his passport to the investigating officer within one week of his release.
5. Availability for Interrogation: He must make himself available for interrogation by the Investigating Officer as and when required, under written intimation.
6. Restriction on Leaving India: The applicant cannot leave India without prior permission from the court.
7. No Property Alienation: Baghel is prohibited from alienating any movable or immovable property in his name, or in the name of his wife or children (if any), without the court’s permission.
8. No Tampering with Evidence: He must not tamper with prosecution evidence or pressurize prosecution witnesses.
9. Contact Information: Baghel must furnish his contact number and residential address to the Investigating Officer and keep the officer updated on any changes.
10. Trial Attendance: The applicant must attend all trial dates regularly.

This order signifies the court’s assessment of the accused’s specific involvement in the alleged fraud, distinguishing between the primary perpetrators and an employee whose actions were, arguably, under direction and without direct financial benefit. The detailed bail conditions reflect a balance between protecting the integrity of the investigation and upholding the individual’s right to liberty.