Mumbai Court Grants Bail to Vishal Sachelal Gupta Employee in MPID Act Case, Citing Limited Role in Alleged Forex Scam

Mumbai, Maharashtra – On November 16, 2024, the Designated Court under the Maharashtra Protection of Interest of Depositors (MPID) Act, City Civil & Sessions Court, Mumbai, granted bail to Vishal Sachelal Gupta, a 23-year-old employee accused in a large-scale alleged foreign exchange trading fraud. The order, issued by Judge N. P. Mehta (Court Room No. 7), noted that Gupta’s role was primarily limited to acting under the directions of his employers and that he was not a direct beneficiary of the defrauded money.

Gupta had moved a regular bail application under Section 439 of the Code of Criminal Procedure, 1973, in connection with C.R. No. 95 of 2024, registered with DCB, CID, Mumbai (which corresponds to C.R. No. 966 of 2024 at Kandivali Police Station). He faces charges under Sections 316(2), 318(4), and 3(5) of the recently enacted 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.

Prosecution’s Allegations: The “Spot Fixit Solution” Scam

The prosecution, represented by Learned SPP Suryawanshi, alleged that Gupta was employed by a company named “Spot Fixit Solution.” His primary task, according to the prosecution, was to attract Indian customers through VICIdial calls, inducing them to invest in foreign exchange currency with promises of high returns. Customers were then allegedly asked to register on the website “https://www.google.com/search?q=forexsp.com” and provide their bank account details, which the company then used to withdraw money as “investment.”

The prosecution stated that customers later discovered “Spot Fixit Solution” lacked a valid license from the Reserve Bank of India to trade in foreign exchange. It was further alleged that the company engaged in forged forex trading, transferring customer funds into their own accounts instead of actually investing them, thereby defrauding customers of their hard-earned money.

Court’s Rationale for Granting Bail

After considering the allegations in the First Information Report (FIR) and the prosecution’s resistance to the bail, the Court observed a critical distinction regarding Gupta’s alleged involvement.

“Applicant being employee of Spot Fixit Solution Company, has no role to play in the alleged defrauding of money of Indian customers. He was acting as per the directions of his masters,” Judge Mehta noted in the oral order.

The Court explicitly stated that “no role is attributed to him in inducing and deceiving Indian customers wherein they have invested their money in the alleged Foreign Exchange Currency, which have no license from Reserve Bank of India.” Furthermore, the order highlighted that “All alleged money received from customers have been pocketed by main accused. Applicant is not beneficiary of the money received from Indian customers for trading in Foreign Exchange Currency.”

Given these findings, the Court decided to enlarge Vishal Sachelal Gupta on bail.

Bail Conditions

Vishal Sachelal Gupta was released on a Personal Recognizance (PR) bond of Rs. 15,000/- with one or more sureties in the like amount. The Court also permitted him to furnish a provisional cash bail of Rs. 15,000/- for a period of three months.

The bail comes with several strict conditions to ensure his cooperation with the investigation and trial:

The applicant must surrender his passport to the investigating officer within one week of his release.
He must make himself available for interrogation by the Investigating Officer as and when required, with prior written intimation.
He is prohibited from leaving India without prior permission of the Court.
He cannot alienate any movable or immovable property in his name or in the name of his wife/children, if any, without the Court’s permission.
He must not tamper with prosecution evidence or pressurize prosecution witnesses.
He is required to furnish his contact number and residential address to the Investigating Officer and keep it updated in case of any change.
He must attend the dates of trial regularly.

This decision reflects a judicial assessment that while the overall fraud is significant, the specific role and alleged lack of direct financial benefit of an employee like Gupta warranted bail, particularly when his actions were seemingly under the direction of others.