O-B.A.527.2024
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Dt.19.07.2024
MHCC020101592024
BEFORE THE DESIGNATED COURT UNDER M. P. I. D. ACT
CITY CIVIL & SESSIONS COURT, Gr. BOMBAY.
BAIL APPLICATION NO. 527/2024
IN
REMAND APPLICATION NO.741 OF 2024
IN
CRIME NO. 380 OF 2024
Devendra Ramnath Gaud
Age: 47 years: Occu: Business:
R/o: Room No. 60, Gyaneshwar Nagar,
Near BEST Nagar,
Motilal Nagar, Goregaon (W),
Mumbai 400 104
…Applicant
Versus
State of Maharashtra
(At the instance of Goregaon police
station)
…Respondent
Coram : HHJ SHRI N.G. SHUKLA,
(Court No. 20)
Date
: 19.07.2024
Appearance:
Ld. Adv. Mr. Advait Shukla sfor Applicant/accused.
Ld. APP. Mrs. Chaitrali Panshikar for the Respondent/State-EOW.
ORDER
(Dictated and pronounced in open court)
01.

By way of this application, applicant/accused for grant of bail
under Section 439 of the Code of Criminal Procedure, 1973 (here in after
referred as “Cr.P.C.” ) in connection with Crime No. 380 of 2024 registered
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with Goregaon Police station for the offence punishable under Sections
406, 409 and 420 r/w Section 34 of The Indian Penal Code (hereinafter
referred as “IPC”) r/w Section 3 and 4 of The Maharashtra Protection of
Interest of Depositors (in Financial Establishments) Act (here-in-after
referred as “MPID Act”).
02.

I have heard Learned Advocate Mr. Advait Shukla for applicant
and learned APP Ms. Chaitrali Panshikar for State/EOW.
03.

The case of prosecution in brief is that, one Amol Gaikwad
contacted informant and insisted to invest Rs. One Crore in Om
Shreehari Co-operative Credit Society Ltd. (hereinafter referred as “Said
Society”) and within 24 hours the informant would receive Rs. One
Crore Seventy lakhs and Rs. Twenty lakhs out of Rs. Seventy lakhs
would have to be given to Amol and his colleagues. Accordingly
informant transferred Rs. One Crore in three installments on
07.09.2023 and 08.09.2023 from the account of his Company Aadipa
Marine and Service Private Ltd. into account of Said Society. Thereafter,
on 09.09.2023, informant was repeatedly making phone calls to Amol
Gaikwad and his colleague to demand amount with benefits, but they
were not giving reply. It is further alleged that, Amol Gaikwad, present
applicant/accused and other accused cheated to informant by insisting
to deposit Rs. One Crore in said Society. Applicant/accused is chairman
of the said society. He had taken Rs. 15,00,000/- out of the said
invested amount. Out of that, Rs. 10,00,000/- has been transferred to
loan account of his firm” Devendra Vegetables” and Rs. 4,00,000/- given
to one Sanjay Jaiswal and Rs. 1,00,000/- is lying in his account in the
society.
04.

Ld. Advocate Advait Shuka for applicant accused submitted that,
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applicant is chairman of the society. His name is not mentioned as
accused in the FIR. He is arraigned as accused subsequently and
arrested by police. Role attributed to the applicant is only for taking Rs.
15,00,000/- out of the amount invested by informant. Applicant is
ready to refund Rs. 15,00,000/- to the informant. Hence, ld. Adv.
prayed to grant bail to applicant/accused.
05.

Ld. APP submitted that, applicant/accused is chairman of the
society. He has taken Rs. 15,00,000/- and used for his own benefit.
Investigation is in progress. Hence, Ld APP prayed to reject the
application.
06.

I have considered submissions and perused the record. It is not in
dispute that, applicant/accused is chairman of Om Shree Hari Cooperative Society Ltd. As per say of the police, applicant has taken Rs.
15,00,000/- out the amount of Rs. One Crore invested by informant.
Out of said amount, he transferred Rs.10,00,000/- in loan account of
his firm “Devendra Vegetables” and Rs. 4,00,000/- given to Sanjay
Jaiswal and Rs. 1,00,000/- is lying in his account is the society. Thus,
the role of applicant/accused is limited to the extent of getting transfer
of Rs. 15,00,000/- in his account. In the course of argument advocate
for applicant handed over two demand drafts total of Rs. 15,00,000/-to
the informant present in the court. Informant acknowledged the same
by way of affidavit (Exh.3). It appears from say of police that another
accused Nayan Singh Chavan is the main kingpin who has taken
wrongful benefit of major amount invested by informant. Considering
all this, I am of the opinion that, applicant/accused is entitled for bail
with conditions. Hence, I proceed to pass following order.

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ORDER
1. The Bail Applicatin 527 of 2024 is allowed.
2. The applicant/accused Devendra Ramnath Gaud be released
on bail on executing personal bond of Rs. 50,000/- (Rs. Fifty
Thousand Only) with one or two sureties of the like amount
arrested in Crime No.380/2024 registered at Goregaon
Police Station for the offences punishable under Sections
406, 409 and 420 r/w 34 of the IPC and Sections 3 and 4
of The MPID Act.
3. The accused shall attend the Goregaon Police Station as and
when required by the investigating officer only on his
written intimation/ notice till filing of the charge sheet.
4. The accused and the surety shall inform the police
authorities as well as the trial court, the change of their
residential address while the accused is on bail.
5. The accused shall not threaten or influence the prosecution
witnesses and hamper investigation.
6. The accused shall deposit his passport and if not have
passport file affidavit to that effect within seven days from
release from jail and not to leave territory of India without
prior permission of the court.
7. Bail before this court.
8. The Bail Application No. 527 of 2024 stands disposed of
accordingly.
Digitally signed by NITIN
GANGADHAR SHUKLA
Date: 2024.07.22 16:25:34 +0530
( N.G. SHUKLA )
Designated Judge under MPID Act, C.R.NO.20
City Civil & Sessions Court,
Gr. Bombay.

Dt. 19/07/2024
Dictated on
Transcribed on
Signed on
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19.07.2024
19.07.2024
20.07.2024
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CERTIFIED TO BE TRUE AND CORRECT COPY OF THE ORIGINAL
SIGNED JUDGMENT/ORDER”.
19.07.2024
Mrs. R. R. Hate
Name of the Judge
HHJ Shri N.G. SHUKLA
Date of Pronouncement of
judgment/order
19.07.2024
Judgment and order signed by 20.07.2024
P.O.
Judgment/order uploaded on
20.07.2024