BA No. 481/2024
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MHCC020033312024
Presented on
Registered on
Decided on
Duration
: 26-02-2024
: 26-02-2024
: 01-03-2024
: 3 days
IN THE COURT OF SESSIONS FOR GREATER BOMBAY AT BOMBAY
( Court No.17 )
(Presided Over by SHRI S.N.PATIL)
CRIMINAL BAIL APPLICATION NO. 481 OF 2024
Mr.Sandeep Jhaveri
Age: 44 years. Occ:Business
R/O: 302, Sea View Annex,
Ishwar Lal Garden,
Vile Parle(West),
Mumbai.

…Applicant/Accused.

V/s.
The State of Maharashtra.
( At the instance of Santacruz
P.Stn., C.R. No.539/2023)
…Respondents/State.

Appearance:Mr. Rishikesh Mundargi Advocate for the Applicant/Accused.
Mrs.Ashwini Rayakar Ld. APP for the State/respondent.
Ld. advocate Mr.Chittesh Manoj Dalmia for the intervenor
CORAM : H.H. THE ADDL. JUDGE
SHRI S.N.PATIL (C.R.17)
DATE : 01/03/2024.

BA No. 481/2024
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ORDER
1.

This is an application filed by applicant/accused for regular
bail under Section 439 of Cr.P.C.1973, in crime no.539/2023 under
Section 420 of IPC, registered at Santacruz Police Station.
2.

Facts in brief are as under :Informant and applicant/accused both are residing in the
same building and known to each other.

On 21/03/2021,
applicant/accused went to the house of informant and induced him to
invest some amount in cryptocurrency and lured him about the profit in
the said investment. Applicant/accused told informant that informant
should transfer the amount in the account of the applicant/accused and
applicant/accused would make the investment. Initially informant had
deposited an amount of Rs.5 lacs in the account of applicant/accused.
Applicant/accused informed the informant on whatsApp about the said
investment and told him to save the messages of the investment.
Thereafter
from
22/03/2021
to
04/04/2021,
applicant/accused
regularly sent messages on WhatsApp to the informant about the rates
in the cryptocurrency rates. On 04/04/2021, informant again invested
Rs.5 lacs in cryptocurrency.

Thereafter, from 06/04/2021 to
14/04/2021, applicant/accused regularly sent messages on WhatsApp
to the informant about the increased rates in the cryptocurrency.
On 13/04/2021, at about 4.00 p.m. applicant/accused told
informant that there is increase in the cryptocurrency and the
investment made by the informant reached to the tune of Rs.15 crores
and for withdrawal of the said amount, informant has to purchase
bitcoins worth of Rs.25 lacs. Informant was not having such big amount
BA No. 481/2024
and
he
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only
transferred
applicant/accused.

Rs.12
lacs
in
the
account
of
the
Thereafter, applicant/accused told that he will
arrange for the remaining amount of Rs.13 lacs.

Accordingly, on
20/04/2021, applicant/accused told informant to transfer an amount of
Rs.50,000/- as he had arranged for Rs.12.5 lacs. Informant transferred
an amount of Rs.50,000/- in the account of the applicant/accused.
Thereafter again applicant/accused told him to deposit Rs.5 lacs and
accordingly
informant
deposited
Rs.5 lacs
in the
account
of
applicant/accused.
Thereafter on 25/06/2021, informant transferred an
amount of Rs.50,000/- in the account of the applicant/accused.
Thereafter, informant met the applicant/accused and asked him about
the transaction in cryptocurrency.
evasive reply.

However, applicant/accused gave
In the month of January-2022, informant told
applicant/accused to return at least the amount of Rs.28 lacs which he
has given to the applicant/accused.

However, applicant/accused
refused to pay the amount and threatened the informant.
3.

On the report crime bearing No.539 of 2023 came to be
registered against the applicant/accused for the offence punishable
under Section 420 of the Indian Penal Code at Santacruz police station.
4.

Applicant/accused prayed for bail on following grounds:-
a-
Applicant/accused is falsely implicated in the present case.

b-
Applicant/accused himself has invested huge amount in
cryptocurrency. He also is a victim of fraudulent
transaction from his Binance account. An amount of
Rs.1,12,98,741/- is stolen from his Binance trading
BA No. 481/2024
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account.
c-
Applicant/accused never informed/promised the first
informant that the investment would be risk free and
informant would get a full refund of the said investment.

d-
The applicant/accused has filed complaint before Binance
for cheating dated 14/03/2022.

e-
The FIR is malafide and with dishonest intention and
is gross violation of law.

f-
One Charles William Whyte who was helping the
applicant/accused also cheated him.

g-
Applicant/accused is ready and willing to abide by the
conditions imposed upon by the Court.

h-
Applicant/accused is arrested on 15/02/2024 and since
then he is in custody.
By
making
these
submissions,
Ld.

Advocate
for
applicant/accused prayed to release him on bail.
5.

The informant/intervenor appeared and submitted that he
has settled the matter with applicant/accused and filed consent terms
which was marked as Ex.4. He submitted that he wants to withdraw the
allegations levelled against the applicant/accused. He has no harm if the
applicant/accused is released on bail. The informant/intervenor also
filed an affidavit to that effect at Ex.5.
6.

Considering all these aspects, the physical custody of the
applicant/accused is not necessary as the matter is settled between the
parties. The prosecution admitted the said fact.

Hence, the
applicant/accused is entitled to be released on bail. In the result, I
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proceed to pass the following order:ORDER
1.

Bail application No.481 of 2024 is allowed.

2.

The applicant/accused-Sandeep Jhaveri be released on furnishing
PB of Rs. 30,000/- with one surety of the like amount in CR No.539 of
2023 registered at Santacruz police station.
3.

The applicant/accused shall not directly or indirectly make any
inducement, threat or promise to any person acquainted with the facts
of the case so as to dissuade him from disclosing such facts to the Court
or to any Police Officer or tamper with the evidence.
4.

The accused/applicant shall not commit similar offence while on
bail.
5.

The accused/applicant shall not leave India without prior
permission of the Court.
6.

The accused/applicant be released on provisional cash bail of
Rs.30,000/- for a period of four weeks from today.
7.

Bail Application No.481 of 2024 is disposed of accordingly.

8.

Bail before Ld. Metropolitan Magistrate.

Dictated on
Transcribed on
Date of sign
: 01/03/2024
: 01/03/2024
: 01/03/2024
(S.N.Patil)
Addl. Sessions Judge
City Civil & Sessions Court,
Gr. Bombay.

BA No. 481/2024
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CERTIFIED TO BE TRUE AND CORRECT COPY OF THE ORIGINAL
SIGNED JUDGMENT/ORDER”
02.03.2024
UPLOAD DATE AND TIME
Name of the Judge (with Court
Room No.)

Mrs. T.C.KAMBLE
NAME OF STENOGRAPHER
HHJ SHRI.S.N.PATIL(C.R.No.17)
Addl. Judge.,City Civil & Sessions Court,
Date of pronouncement of /Order 01/03/2024
Order signed by P.O. on
01/03/2024
order uploaded on
02/03/2024