1
mpid BA-953/24
MHCC020174582024
BEFORE THE DESIGNATED COURT UNDER M. P. I. D. ACT
CITY CIVIL & SESSIONS COURT, Gr. BOMBAY.
MPID BAIL APPLICATION NO. 953/2024
(CR No.85/2024)
(Remand Appln. No.1187/2024)
Amar James Pereira
Age: 35 Occupation : Service,
Address: A 503 Anchal Building No.01,
Near Nityananad Complex,
Prem Nagar, Mira Road,
Dist Thane.
..Applicant/Accused.
V/s.
State of Maharashtra
(through DCB CID (CR 85/24) arising
out of Malad police station
(FIR No.846/24)
..Respondent
Appearance :Advocate Mr. Rahul Arote @ Mr. Jay Suryavanshi for the applicant.
APP Mrs Chaitrali Panshikar for the respondent/State.
CORAM : HHJ SHRI N.G. SHUKLA,
ADDITIONAL SESSIONS JUDGE,
COURT ROOM No. 20.
DATED : 2.12.2024.
ORDER
(Dictated and pronounced in open Court)
1.

By this application applicant/accused who is arrested in Crime
No.85/24 registered with DCB CID(CR 846/24 registered with Malad
police station) for the offences punishable under Sections 316(2), 316(5),
319(2), 318(4) of Bhratiya Nyana Sanhita,2023 (BNS), Sec. 25(c) or India
2
mpid BA-953/24
Telegraphic Act 2000 and Sec.3 of the Maharashtra Protection of Investors
of Depositors(in Financial Establishment) Act, 1999 (MPID), is seeking bail
u/s.439 of Cr.P.C.
2.

Prosecution filed reply at Exh.2 and opposed the application.

3.

I have heard Ld. Adv.Mr. Artote for applicant and Ld APP Mrs.

Palshikar for the prosecution.

4.

Case of the prosecution in nutshell is that, the applicant and
co-accused Bableshkumar Yadav are partners/directors of VFX Markets
Company- Financial Establishment (for short, УFEФ). They floated scheme
through website of the company and called upon various investors to
deposit 100 USD by visiting to the website of the company and once the
investors deposited the money, it was got transferred in bank account in the
name of Kailash Constructions. Initially, the FE was showing virtual profit
and thereafter, virtual loss to the FE and thereby they were cheating to the
investors by not giving money in return to the investors. There was another
bank account of one more company Quantik Infotech in the name of
applicant and co-accused Bablesh Kumar and the amount of Rs.76,10,824/deposited by the investors in the said bank account since 1.3.2021 to
29.3.2023. Subsequently police added Sec.111(2)(b) of BNSS against all
the accused.

5.

Ld. Advocate for the applicant submitted that, the applicant is
arrested on 11.10.2024. He was in police custody from 11.10.2024 till
19.10.2024. He was sufficiently interrogated. It is argued that, there is no
3
mpid BA-953/24
previous similar crime and no any charge sheet is filed against the
applicant. Hence, Sec.111 of BNSS would not attract against the applicant.
It is argued that,
on the website of the company, disclaimer clause is
published showing the risk of the investors that, they may cause loss in the
investment. Thus, there was no specific assurance to give returns on the
investment. Hence, the amount invested by the investors would not fall
within the definition of СdepositТ under sec.2(c) of MPID Act. People have
invested money for return of benefits and therefore, offence u/s.316(2) and
316(5) would not attract against the applicant. The applicant is ready to
cooperate in remaining investigation. His further detention is not required.
Hence, Ld. Advocate prayed to grant bail to the applicant.

6.

Ld. APP argued that, the applicant is director of VFX Markets
along with co-accused Bablesh Kumar and the applicant had grabbed huge
amount of investment. If released on bail, the applicant may tamper the
evidence and influence the witnesses. Hence, Ld. APP prayed to reject the
application.

7.

I have considered submissions and perused the same. The
applicant was arrested on 11.10.2024 and he was in police custody since
the date of arrest till 19.10.2024. Thus, the police had sufficient
opportunity to interrogate the applicant. Hence, further detention of the
applicant for the purpose of investigation is not required. Bank account of
the applicant has been debit freezed.

8.

Police had applied Sec.316(2) and 316(5) of BNS and
subsequently applied sec.111(2)(b) of BNS. As per the allegations against
4
mpid BA-953/24
the applicant and his company, they were inviting various persons to
deposit money in the form of USD by visiting to website of FE on assurance
to give handsome benefit. Thus, it is case of the luring and inducing the
investors for investment. Hence, prima facie, offence of criminal breach of
trust u/s.316(2) and 316(5) of BNS would not attract against the applicant.
To attract offence of organized crime u/sec.116(2)(b) of BNS, the essential
three conditions given in the Explanation of Sec.111(1) needs to be
complied. There must be continuing unlawful activity and more than one
charge-sheet has been filed before competent court. There is no material
showing compliance of these conditions. Clause(iii) of the explanation
speaks about economic offence which includes criminal breach of trust and
not cheating. As noted above, the offence of criminal breach of trust would
not attract against the applicant. At the most, offence of cheating would
attract against the applicant for which punishment of imprisonment upto
7 yrs. is provided. In view of disclaimer clause, disclosed on the website of
the FE, attracting sec.3 of MPID Act is also questionable.

9.

From the above noted reasons and as custody of the applicant
for remaining investigation is not required. Considering the punishment of
imprisonment upto 7 yrs., for the offence of cheating which only would
attract against the applicant, he is entitled for bail. Conditions can be
imposed to avoid tampering of evidence and influencing the witnesses.
Hence, I pass the following orderORDER
1.

MPID Bail Application No.953/2024 is allowed.

2.

Applicant namely Amar James Pereira be released on bail on
executing personal bond of Rs.1,00,000/- (Rs. One lakh Only) with one or
5
mpid BA-953/24
two solvent sureties of the like amount in CR No.85/24 registered with
DCB CID(CR 846/24 registered with Malad police station) for the offences
punishable under Sections 316(2), 316(5), 319(2), 318(4) of Bhratiya
Nyana Sanhita,2023; Sec. 25(c) or Indian Telegraphic Act 2000 and Sec.3
of the Maharashtra Protection of Investors of Depositors(in Financial
Establishment) Act, 1999.
3.

Applicant shall attend the office of investigation agency as and when
called and cooperate in remaining investigation.
4.

Applicant shall not leave India without prior permission of the Court.

5.

The applicant shall deposit his passport and if not having passport,
file affidavit in that regard with the Investigating officer within two weeks
after release from jail.
6.

Applicant shall not tamper with the evidence and influence the
witnesses.
7.

Applicant shall submit proof of his residential address and his contact
mobile numbers as well as residential address and contact mobile numbers
of his two closed relatives to the investigating officer within two weeks
after his release from jail and update the same time to time whenever it
will be changed.
8. The Bail Application stands disposed of accordingly.
Digitally signed by NITIN
GANGADHAR SHUKLA
Date: 2024.12.03 12:59:57 +0530
Dt. 2.12.2024
Dictated (direct) on 2.12.2024
Signed by HHJ on 3.12.2024
( N.G. SHUKLA )
Designated Judge under MPID Act,
C.R.NO.20
City Civil & Sessions Court,
Gr. Bombay.

6
mpid BA-953/24
CERTIFIED TO BE TRUE AND CORRECT COPY OF THE ORIGINAL SIGNED
JUDGMENT/ORDER
Name of Steno
: N.V Ubale (SG Steno.)
Upload date and time : 3.12.2024 (At 1.00 pm.)

Name of the Judge
H.H.THE ADDL. SESSIONS JUDGE
SHRI N. G. SHUKLA (C.R.No.20)
Date of Pronouncement of Order
2.12.2024
Order signed by P.O. on
3.12.2024
Order uploaded on
3.12.2024