Mumbai, November 14, 2024 – The Designated Court under the Maharashtra Protection of Interest of Depositors (MPID) Act today granted regular bail to Kishan Mukeshbhai Chauhan, 22, an employee implicated in an alleged foreign exchange investment fraud. Chauhan, accused as Accused No. 2 in C.R. No. 95 of 2024 (originally C.R. No. 966 of 2024 at Kandivali Police Station), was released on a PR bond of Rs. 15,000/- with one or more sureties of the like amount.
Presiding over the case, His Honour Judge N. P. Mehta noted that while Chauhan was employed with “Spot Fixit Solution,” the company at the center of the fraud allegations, he appeared to have “no role to play in the alleged defrauding of money of Indian customers.” The court observed that Chauhan was “acting as per the directions of his masters” and was “not a beneficiary of the money received from Indian customers.”
The case involves allegations under Sections 316(2), 318(4), and 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).
Allegations of Fraud
According to the prosecution, “Spot Fixit Solution” allegedly attracted Indian customers through VICIdial calls, inducing them to invest in foreign exchange currency with promises of high returns. Customers were reportedly asked to register on the website “https://www.google.com/search?q=forexsp.com” and provide their bank account details, which the company then allegedly used to withdraw funds for “investment.”
The prosecution stated that customers later discovered the company lacked a valid license to trade in foreign exchange currency, realizing they had been deceived. The company is accused of forging forex trading activities and diverting customer funds to its own accounts instead of actual investment.
Court’s Reasoning for Bail
After considering the allegations, Judge Mehta concluded that Kishan Mukeshbhai Chauhan’s role appeared to be limited to that of an employee following instructions, with no direct involvement in inducing or deceiving customers, nor any benefit from the defrauded money. “All alleged money received from customers have been pocketed by main accused,” the order stated.
Given these observations, the court was inclined to grant bail.
Bail Conditions
To ensure cooperation with the ongoing investigation and trial, the court imposed several conditions on Kishan Mukeshbhai Chauhan’s bail:
- Provisional Cash Bail: He is permitted to furnish a provisional cash bail of Rs. 15,000/- for three months, after which he must provide the required surety.
- Passport Surrender: He must surrender his passport to the investigating officer within one week of his release.
- Interrogation Availability: He must make himself available for interrogation by the Investigating Officer as and when required, with prior written intimation.
- Travel Restriction: He shall not leave India without the prior permission of the court.
- Property Alienation Ban: He shall not alienate any movable and immovable property in his name or in the name of his wife/children, if any, without the court’s permission.
- No Tampering: He is strictly prohibited from tampering with prosecution evidence or pressurizing prosecution witnesses.
- Contact Information: He must furnish his contact number and residential address to the Investigating Officer and keep them updated on any changes.
- Trial Attendance: He must attend the dates of trial regularly.
The order was dictated, drafted, and signed on November 14, 2024, by Judge N. P. Mehta and uploaded on the same day. This decision provides conditional relief to Chauhan while allowing the investigation into the broader alleged fraud to continue.