Mumbai, July 19, 2024 – Devendra Ramnath Gaud, the 47-year-old chairman of Om Shreehari Co-operative Credit Society Ltd., has been granted bail by a Designated Court under the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act (MPID Act). The order was passed by HHJ Shri N.G. Shukla of the City Civil & Sessions Court, Greater Mumbai, in connection with Crime No. 380 of 2024 registered at Goregaon Police Station.

Gaud was arrested for offenses punishable under Sections 406 (criminal breach of trust), 409 (criminal breach of trust by public servant, or by banker, merchant or agent), and 420 (cheating and dishonestly inducing delivery of property) read with Section 34 of The Indian Penal Code (IPC), and Sections 3 and 4 of The MPID Act.

Allegations and Investigation

The prosecution’s case, presented by Ld. APP Mrs. Chaitrali Panshikar for the State/EOW, stated that the informant, Amol Gaikwad, was allegedly induced to invest ₹1 Crore in Om Shreehari Co-operative Credit Society Ltd. with the promise of receiving ₹1.70 Crores within 24 hours. The informant subsequently transferred ₹1 Crore in three installments on September 7 and 8, 2023, from his company’s account (Aadipa Marine and Service Private Ltd.) to the Said Society’s account. However, efforts to contact Amol Gaikwad and his colleague for the promised returns on September 9, 2023, went unanswered.

The prosecution alleged that Amol Gaikwad, the applicant (Devendra Ramnath Gaud), and other accused cheated the informant. Specifically, it was claimed that Gaud, as chairman of the society, had taken ₹15 Lakhs out of the invested amount. Of this, ₹10 Lakhs were reportedly transferred to the loan account of his firm “Devendra Vegetables,” ₹4 Lakhs were given to one Sanjay Jaiswal, and ₹1 Lakh remained in his society account.

Defence Arguments and Repayment

Ld. Adv. Mr. Advait Shukla, representing the applicant, highlighted that Devendra Ramnath Gaud’s name was not in the initial First Information Report (FIR) and he was subsequently arraigned and arrested. The advocate emphasized that Gaud’s role was limited to receiving ₹15 Lakhs from the invested amount. Crucially, during the course of the argument, the applicant’s advocate handed over two demand drafts totaling ₹15 Lakhs to the informant, who was present in court and acknowledged the receipt via an affidavit (Exhibit 3). Ld. Adv. Shukla argued that since the applicant was willing to refund the amount, bail should be granted.

Ld. APP Ms. Chaitrali Panshikar, while opposing the bail, reiterated that Gaud, as chairman, had utilized the ₹15 Lakhs for his personal benefit and that the investigation was still in progress.

Court’s Reasoning for Granting Bail

After considering the submissions and perusing the record, Judge N.G. Shukla noted that the applicant’s role was indeed limited to the transfer of ₹15 Lakhs into his account. The court acknowledged the immediate repayment of the full ₹15 Lakhs to the informant. The judge further observed, based on the police’s statement, that another accused, Nayan Singh Chavan, appeared to be the “main kingpin” who had wrongfully benefited from the major portion of the informant’s invested amount.

Considering these factors, the court was of the opinion that the applicant was entitled to bail with conditions.

Bail Conditions

The court ordered Devendra Ramnath Gaud’s release on bail, subject to the following conditions:

• Personal Bond: Execution of a personal bond of ₹50,000 (Rupees Fifty Thousand Only) with one or two sureties of the like amount.
• Police Station Attendance: The accused must attend Goregaon Police Station as and when required by the investigating officer, only upon written intimation/notice, until the charge sheet is filed.
• Address Information: The accused and surety must inform the police authorities and the trial court of any change in their residential address while the accused is on bail.
• No Tampering: The accused shall not threaten or influence prosecution witnesses and must not hamper the investigation.
• Passport Deposit: The accused must deposit his passport (or file an affidavit if he does not possess one) within seven days of release from jail and is prohibited from leaving the territory of India without prior court permission.
• Bail Before This Court: Bail is to be furnished before the designated court.

The Bail Application No. 527 of 2024 was accordingly disposed of.