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Order in BA no. 108/2023
MHCC020018692023
BEFORE THE DESIGNATED COURT UNDER M.P.I.D. ACT
CITY CIVIL & SESSIONS COURT, MUMBAI
BAIL APPLICATION NO. 108 of 2023
Pranali Ashok Kulkarni.
Age : 49 years, Occ : Business
residing at Ward No.5, Makan No.145, Chhriya (np),
Rajnandgaon, Chhattisgarh­ 491558 (presently
retained in custody at Arthur Road Central Prison,
Mumbai)
]
]
]
]
]
]
] Applicant/
]… Accused No.7
Versus
The State of Maharashtra
]
(At the instance of EOW, Unit ­3 General
]
Cheating­1, Mumbai)
]… Respondent
Appearances:­
Ld. Advocate Niranjan Mundargi for applicant present for the Applicant.
Ld. SPP V. C. Malankar for the State/ Respondent.
CORAM : HIS HONOUR JUDGE
SHRI S. M. TAPKIRE
(Court Room no. 7)
DATED : 10th March, 2023.
ORAL ORDER
1.

This is an application under Section 437 of The Code of
Criminal Procedure, 1973 preferred by the applicant/accused No.7 to
have liberty to her in connection with the crime vide C.R. No. 149/2021
dated 27.03.2021 registered with Ghatkopar police station for the
offences punishable under Sections 409, 420 r/w Section 34 of the
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Order in BA no. 108/2023
Indian Penal Code, 1860 (hereinafter referred as “IPC”) and Sections 3
of The Maharashtra Protection of Interest of Depositors (In Financial
Establishments) Act, 1999 (hereinafter referred as “MPID Act”).
2.

The Respondent/EOW has strongly opposed to the bail plea
of applicant by filing their written objection at Exhibit No.02.
3.

Perused the application, plea, grievance, submissions raised
therein coupled with respondent’s say, documents placed reliance by the
rival parties and especially copy of charge­sheet and documents
annexed with it. Heard, Ld. Advocate Niranjan Mundargi for applicant
and Ld. SPP V. C. Malankar for State/ Respondent.

4.

Taking into consideration rival submissions, contentions
and record availed it inclined initially impugned crime raised against in
all three accused. They all are arrested. It is alleged by the informant
Rajesh Gavane that the applicant and other accused are directors of
Shubharambh Nagari Ram Sanstha Maryadit (hereinafter referred said
Patsanstha). The person namely Naresh Kadam was acquainted to him.
He instigated to him and his family members for depositing their
amount in said Patsanstha by giving assurance that they would get 15%
p.a. interest. Thereby, they have invested in all amount Rs. 29,40,000/­
in the name of him and his father and mother. When, in the year 2018
as he had required Rs. 13,00,000/­ for the purpose of renovation of his
residence thereby he approached to the Patsanstha, applicant and
Naresh Kadam also. However, they started to neglect him and failed to
provide his deposited amount. He has inclined that applicant and other
13 persons were directors of Patsanstha they all have get transferred the
deposited amount of said Patsanstha in their personal bank account and
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Order in BA no. 108/2023
by cheated them misappropriated their huge deposits amounts and also
committed fraudulent default thereby raised the impugned crime.

On
relying it, he has registered the impugned crime against all the directors
and managing directors of said Patsanstha.
5.

The applicant with regard to the alleged plea, grievance,
contentions raised against her in FIR come with the case that though
the informant allegedly deposited amount in the year 2016, however,
the impugned crime raised in the year 2021. Thereby huge delay in
lodging FIR is there. In fact she has not committed any crime. Though,
she was director however she has not misappropriated any amount or
committed fraudulent default.

The substantial deposited amount in
said Patsanstha provided by loan to the members of said Patsanstha.
Only due to not recovered the loan amount from concerned borrower,
financial crisis arise.

Therefore, the amount of depositors/account
holders could not repay. Till now just three accused are arrested. The
substantial material allegations are just raised against the managing
director Shankar Shedge. She is arrested on 31.01.2023. Against her
just plea, grievance, accusations raised that in her personal account in
all Rs. 12,55,800/­ has been transferred. However, upon gone through
the record it would reveal the applicant and her relatives have
deposited more that Rs. 15,00,000/­ amount in Fixed Deposit Accounts
of said Patsanstha.

The said amount is still not laying with said
Patsanstha. In view of raised plea, grievance, allegations and thereby
saddled charge of offence under Sections 420 r/w 34 of Indian Penal
Code under Section 3 and 4 of MPID Act, till now chargesheet is not
submitted. The offence punishable under Section 409 is subsequently
added by investigating agency.

However, the same is added after
thought and just for giving by pass for mandate compliance under
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Order in BA no. 108/2023
Section 41 A of Cr.P.C. In such eventualities, no any reason, cause,
ground remained for her further custodial detention for indefinite
period. She also raised general grounds.

6.

The respondent/State has strongly opposed to the bail plea
of the applicant principally on the ground the Ramesh Shendge, Naresh
Kadam are master mind, author and architect of impugned crime. They
along with other directors by conspired instigate lured to informant and
other depositors for depositing their huge amount in said Patsanstha by
giving promise, assurance to provide the interest amount at the rate of
15% p.a. which was not viable to provide the depositors. The accepted
deposit amount given as on loan to the directors of said Patsanstha.
The director Naresh Kadam is one of the borrower of Patsanstha. He
has obtained huge loan amount. The same is not repaid by him. The
applicant and other accused have get transferred divert rooted huge
amount of Patsanstha in their personal account and also in account of
other directors. While the audit for the period of 2016­2017 against
the applicant and other directors serious in natures plea in regard to
default, improperness in transaction and distribution of loan, other
considerable intentional mistakes inclined. Therefore, as the applicant is
also involved, participated to commit the impugned crime thereby she
does not deserve to have the liberty. They also raised general
objections.

7.

In above such eventualities, cautiously having into
consideration, rival submissions, contentions and record availed it
inclined the impugned crime is raised against in all 14 accused allegedly
who are managing directors and directors of said Patsanstha.

It is
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Order in BA no. 108/2023
alleged that applicant was one of the director and was actively involved,
participated in impugned crime. Against the applicant principally raised
allegations that as per her consent huge loan amount disbursed to the
directors but the same did not repay by them. Also alleged that in her
personal account in all amount Rs. 12,55,800/­ has been transferred
without reason and cause. In that regard, the applicant submitted that
in her account, no any such amount transferred without any reason and
cause. She is neither borrower nor beneficiary of the alleged amount.
Moreover, in that regard, no any considerable evidence is collected and
seized by investigating agency. Considering the same coupled with
availed record it transpires that though the impugned crime raised on
27.03.2021, however, the applicant and other two accused arrested on
or about 31.01.2023. The /record shows that the substantial material,
grievance, allegations are just raised against Ramdas Shendge, Naresh
Kadam and Shankar Shandge. Against the applicant just alleged that
she was one of the director and in her personal account in all Rs.
12,55,000/­ amount get transferred.

The Fixed Deposits, Receipts
placed reliance by the applicant clarifying that the applicant and her
relatives have deposited huge amount in said Patsanstha. Though the
applicant arrested on 31.01.2023 however, chargesheet is not
submitted. In view of raised allegations, plea, grievance prima facie
revealed the certain relevant material, facts and circumstances in
regard to plea, grievance, accusations raised against the applicant are
already investigated. Furthermore, as per nature of allegation, plea,
grievance raised against applicant by informant and investigating
agency prima facie does not incline any seriously considerable,
cognizable reason, cause for further custodial detention of applicant.
Moreover, I felt that in view of levelled allegations, seriousness, gravity
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Order in BA no. 108/2023
of crime and alleged role attributed by applicant by saddling stringent
conditions it would be proper to have the liberty to her. Hence, I am
inclined to have liberty to applicant subject to following conditions.
With this passed following order :­
ORDER
1.

The present Bail Application No. 108 of 2023 is hereby allowed,
subject to following conditions by applicant /accused no.7­
i. The Applicant/Accused No.7 Pranali Ashok Kulkarni
be released on
executing a PR Bond of Rs. 5,00,000/­
(Rupees Five Lakhs Only) with furnishing one or two
solvent sureties in the like amount in crime vide
C.R.No.149/2021 dated 27.03.2021 registered with
Ghatkopar police station, Mumbai for the offences
punishable under Sections 409, 420, r/w Section 34 of
Indian Penal Code, 1860 a/w under Sections 3 of The
Maharashtra Protection of Interest of Depositors Act, 1999.
ii.

The applicant shall not tamper or hamper the prosecution
witnesses and evidence as well as pressurize to any of the
prosecution witness by any manner.

iii.

The applicant shall attend the Respondent/ I.O. on every
Wednesday at 11.00 a.m. to 2.00 p.m. till filing of the
charge­sheet.

iv.

The applicant shall not indulge in any criminal activity.

v.

The applicant shall co­operate in investigation, as and
whenever she required for interrogation, she shall avail for
the same.

vi.

The applicant shall not leave India without prior
permission of Court.

Vii.

The applicant shall submit her proper considerable
residential address proof as well as telephone and cell
numbers with respondent/State in view of her contact.

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Order in BA no. 108/2023
Viii.

The applicant shall submit her passport with respondent
/State if any availed with her.

ix.

The applicant shall not alienate transfer or create any third
party interest over the movable and immovable properties
in the name of her own and blood relatives.

x.

In case of disobedience or breach of any saddled condition
by applicant, this order will liable to be canceled.

2.

Accordingly, respondent/EOW to take the note of this order.

3.

The present Bail Application No. 108 of 2023 stands disposed of
accordingly.

(Dictated and pronounced in the open Court.)

Date : 10.03.2023.

Dictated on
: 10.03.2023.
Transcribed on : 28.03.2023.
Signed on
: 01.04.2023.

( S. M. Tapkire)
Designated Judge & Addl. Sessions Judge,
City Civil & Sessions Court, Mumbai.

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Order in BA no. 108/2023
“CERTIFIED TO BE TRUE AND CORRECT COPY OF THE ORIGINAL SIGNED
JUDGMENT /ORDER”
On 06.04.2023 at 11.36 am
UPLOADED DATE AND TIME
Mrs. Poonam Y. Pawar
NAME OF STENOGRAPHER
Name of the Judge (with Court Room no.)

H.H.J. S. M. Tapkire
C.R. No.07
Date of Pronouncement of Judgment/Order
10.03.2023
Judgment /Order signed by P.O. on
01.04.2023
Judgment/Order uploaded on
06.04.2023